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Getting Started as a Self-Employed Participant: ABNs and Bank Accounts

Taking the leap into self-employment is an exciting step for any Participant. However, before you start trading, buying supplies, or advertising your services, you need to lay down two crucial pieces of financial groundwork to keep Centrelink happy and your taxes simple.

Taking the leap into self-employment is an exciting step for any Participant. However, before you start trading, buying supplies, or advertising your services, you need to lay down two crucial pieces of financial groundwork to keep Centrelink happy and your taxes simple.

Step 1: Apply for an ABN (Australian Business Number)

An ABN is a unique 11-digit number that identifies your business to the government and the community. You need it to operate legally, and you will need to provide it to Centrelink when you register as self-employed.

  • It is free: Applying for an ABN through the official Australian Business Register (abr.gov.au) is completely free. Do not fall for third-party websites that charge you $80 to submit the exact same free form.
  • Keep it safe: Your ABN goes on all your invoices so your clients know you are a legitimate business.

Step 2: Set Up a Separate Business Bank Account

This is the single most important piece of advice for a self-employed Participant. Never mix your personal money with your business money.

  • Open a new, separate bank account with your bank. It doesn't necessarily have to be an expensive "Business" account with high fees; a basic, fee-free everyday account is fine when you are starting out, as long as it is only used for business.
  • Get a (free) separate debit card for this account and use this card for all purchases
  • Why it matters: Every 3 months, Centrelink will ask you to complete an SU580 Profit & Loss statement. If you buy your groceries and your business supplies on the same debit card, untangling those expenses will take hours and lead to stressful reporting errors.

Step 3: Automate Your Reporting

Once your ABN is active and your bank account is open, you need a system to track your receipts.

With the All Sorted App, you don't need a filing cabinet. Just forward your digital receipts and upload photos of your physical receipts directly into your secure Document Vault. When it comes time to report to Centrelink, our system will read the text, do the adding up, and generate your official Profit & Loss report in seconds.

Don't let compliance slow down your new business.

👉 Try the All Sorted 4-Scan Test Drive Today