Do Australian business number (ABN) obligations apply to bartering transactions?
Yes, to the same extent as for any other business transaction. Example: tax invoice Harvey and Carol are registered for GST. Harvey uses his Better Bartering credits (BBs) to acquire a new computer from Carol for his bookkeeping business. The rules of the exchange specify that one BB equals $1, and the market value of the computer is actually calculated in BB credits on this basis. Carol issues Harvey with a tax invoice, showing the price of the computer in BBs and the GST payable in Australian currency converted at the rate of one BB equalling one Australian dollar. If Carol did not quote an ABN, Harvey would be required to withhold 48.5% of the payment and remit that amount to us.
