The practical answer
An ACN is the nine-digit identifier ASIC assigns to a registered company. Search the ASIC company register by company name, or check a recent ASIC notice, company extract or invoice. An ACN identifies a company; an ABN identifies a business for tax and other dealings, so confirm which number an application asks for.
What to check in practice
- Find the exact legal company name on an ASIC company extract, annual statement or incorporation document.
- Search the ASIC register and check that the name, status and nine-digit ACN match your records.
- If you operate through a trust, identify the corporate trustee as well as the trust. Your trading name alone may not identify the legal borrower.
An ACN is not the same thing as a director ID. The director ID identifies an individual director; the ACN identifies the company.
Before using property equity
Confirm the genuine business purpose, available property equity, the complete cost of finance and a credible repayment plan. Equity Tap assesses business facilities from $50,000 to $5 million, secured by acceptable Australian real estate, for terms of one to twelve months. Eligibility and timing depend on the full scenario.
Official reference: Australian Securities and Investments Commission.
General information only, not legal, tax or financial advice.