The four steps to changing your ABN business name

Changing business names on your ABN is more common than most would expect. There are several reasons why business owners go through the process of changing their business name. Some include:  

• Business rebranding: A business decides to refresh its identity to better align with its target audience or stand out in a crowded market.  
• Legal reasons: Some businesses choose to change their name for legal reasons, such as existing trademark conflicts, or to avoid confusion with a similar company.  
• Ownership changes: Another reason for changing a business name can be to reflect an ownership change or a new direction for the business.  

Whatever the reason, changing a business name can significantly impact the overall success of a business, and it's vital to ensure that your new name is reflected correctly across all of your business's online and offline channels. To rebrand your business, you can follow these steps:

Step 1. Check eligibility

‍Before you update your business name, you should ensure that you can use the new name. To get started, check the Australian Trademarks register, ASIC business name register, and domain sites such as GoDaddy to see if anyone else is using the name. It pays to consult a trademark lawyer if you need clarification. Before you invest in a rebrand, you'll want to ensure that your name is unique, different and unlikely to cause any legal problems or customer confusion.

Step 2: Register a new business name

‍Once you have determined that your new business name is available, you can register a new business name with ASIC. ASIC, which regulates business names, does not allow you to change the name on an existing ABN. However, it does allow you to add multiple business names to a single ABN. To lock your name in, you should register a new business name with ASIC by selecting the Business Name registration option (not the ABN registration option). While applying for a new business name, you'll be asked to confirm if an existing ABN will be used, and you can then enter it.

Step 3: Confirm the ABN application is complete

Now that you have completed your application for a new business name, you should receive confirmation from ASIC that the process is done. You can search for your business on the ABN Lookup portal to confirm everything has been set up correctly. Once you find your business, you should see that your ABN has two business names associated with it, the original name and your new name. It's important to note that changing your business name does not affect your ABN, and it will remain the same. The change will only be reflected in the business name section of the ABR register. You can continue to add other business names as required.

Step 4: Notify your customers and suppliers  

Once your business name change is complete, you'll need to notify your customers and suppliers of the update. This can be done through email or text, and it's also a good idea to update your website and social media profiles with the new name. Because you are using the same ABN, any existing registrations, such as GST, will automatically apply. On invoices or purchase orders, you can retain the original ABN and update the business name to keep things simple.

What Happens to Your Existing Business Contracts?

One of the most common concerns when changing your business name is the impact on existing contracts and agreements. The good news is that changing your business name on your ABN does not automatically invalidate your existing contracts, provided your ABN remains the same.

Here's what you need to know about your contracts:

• Contracts remain valid: Since your ABN stays the same, most contracts will continue to be legally binding under your new business name. The ABN serves as the primary identifier for your business entity.
• Review contract terms: Check your existing contracts for any clauses that specifically mention business name changes. Some contracts may require notification of name changes within a certain timeframe.
• Inform contracting parties: While not always legally required, it's good business practice to notify your contract partners of the name change. This prevents confusion and maintains professional relationships.
• Update future contracts: Ensure all new contracts use your updated business name while keeping the same ABN.

For high-value contracts or those with specific legal requirements, consider consulting with a business lawyer to ensure compliance with all terms and conditions.

Timeline for ABN Business Name Change Approval

Understanding the timeline for your business name change helps you plan your rebranding activities effectively. Here's what to expect:

Immediate steps (Day 1):

• Business name availability check: 5-10 minutes online
• ASIC business name application: 15-30 minutes to complete
• Payment processing: Immediate

ASIC processing time:

• Standard processing: 1-3 business days
• Peak periods may extend to 5-7 business days
• You'll receive an email confirmation once approved

ABR update timeline:

• ABN Lookup portal update: Usually within 24-48 hours of ASIC approval
• Full system synchronisation: Up to 28 days (though typically much faster)

Planning tip: Allow 2-3 weeks total from application to full implementation across all systems. This gives you buffer time for any unexpected delays and allows for proper notification of customers and suppliers.

Costs Involved in Changing Your Business Name

Changing your ABN business name is surprisingly affordable, especially compared to other business registration processes. Here's a breakdown of the costs involved:

ASIC Business Name Registration:

• 1 year registration: $45
• 3 year registration: $105 (most popular - saves money)

Additional costs to consider:

• Domain name registration: $15-50 per year (depending on domain extension)
• Website updates: $0-500 (depending on complexity and whether you DIY or hire help)
• Business cards and marketing materials: $50-500 (varies by quantity and quality)
• Legal consultation (optional): $200-500 for contract review
• Signage updates: $100-2,000 (depending on business type and locations)

Money-saving tips:

• Register for 3 years to get a better rate per year
• Update digital materials first (website, social media) as these are often free
• Phase your rebranding over time rather than changing everything at once
• Use existing marketing materials until they need reprinting naturally

The total cost for most small businesses ranges from $100-1,000, with the majority spending around $200-400 for a complete transition.

Do You Need to Notify Customers and Suppliers?

While there's no legal requirement to notify customers and suppliers of your business name change, it's considered essential for maintaining good business relationships and avoiding confusion.

Who to notify and when:

Priority 1 - Immediate notification (within 1 week):

• Key clients and major customers
• Primary suppliers and vendors
• Banking and financial institutions
• Insurance providers
• Accountant and legal advisors

Priority 2 - Standard notification (within 2-4 weeks):

• All existing customers via email newsletter
• Professional networks and industry contacts
• Business partners and referral sources
• Government agencies you regularly deal with

How to communicate the change:

• Email template: Send a professional email explaining the change, emphasising that your ABN and services remain the same
• Website banner: Add a temporary notice on your website homepage
• Social media posts: Announce the change across your social platforms
• Invoice notes: Add a note to invoices for the first few months
• Phone message: Update your voicemail greeting to mention the name change temporarily

Sample notification message:
"We're excited to announce that [Old Business Name] is now operating as [New Business Name]. Our ABN ([Your ABN]) remains the same, and you can expect the same quality service you've come to rely on. All existing contracts and arrangements continue unchanged."

Having one ABN with multiple business names has many benefits:  

• Flexibility: A business can operate under different names depending on the context or target audience. This is useful for companies that offer different products or services or that want to appeal to different demographics or markets.  
• Branding: Having multiple business names can help a business establish different brands, increasing its visibility and appeal to different market segments. This can be especially useful for businesses that want to expand into new markets.  
• Cost-effective: By having one ABN but multiple business names, a business can avoid the cost and administrative burden of obtaining multiple ABNs for each business name. Having a single ABN makes it easier to invoice clients or create purchase orders.  
• Legal protection: Having multiple business names can help a business to protect its intellectual property and avoid confusion with similar businesses.

Join Thriday for Free

Once your ABN business name is sorted, the next thing you'll want to finalise is your banking, accounting and tax software. Thriday is an all-in-one financial management platform that automates your business back-office using AI. When you sign up with Thriday, you get access to a $0 monthly business bank account* and Visa Debit card. From there, as you earn money and spend money, all your accounting and tax is taken care of it. Thriday eliminates the over 6 hours a week small business owners waste on financial admin.

With Thriday, you get access to everything you need in one place:

• Receipt scanning and reconciliation
• GST reconciliation
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• Income statement, cash flow statement and balance sheet reports
• Tax YTD and EOFY predictions
• BAS lodgment
• Automated accounts payable
• Pay via bank account or BPAY

You can join for free today.

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ABN Business Name FAQs

Can I change my business name on my ABN?

Yes, you can change your business name on your ABN. However, it's important to ensure that the new name is not already registered and that you follow the proper process to update your ABN details.

Do I need to register a new ABN if I change my business name?

You do not need to register a new ABN if you change your business name. You can update your ABN details with the Australian Business Register (ABR) to reflect the new name.

How do I change my business name on my ABN?

You can change your business name on your ABN by logging into the ABR website and updating your details online. Alternatively, you can contact the ABR by phone or email to request a change.

Are there any fees for changing my business name on my ABN?

No, there are no fees associated with changing your business name on your ABN.

How long does it take to update my business name on my ABN?

It can take up to 28 days for your new business name to be updated on your ABN. You should ensure that all relevant parties, such as the Australian Taxation Office (ATO), are notified of the change.

Will my old business name still be visible on my ABN record after I change it?

Your old business name will still be visible on your ABN record, but it will be shown as a previous name. This ensures that historical information is preserved and can be accessed if necessary.

Do I need to update my business name with other government agencies if I change it on my ABN?

You may need to update your business name with other government agencies if you have registered with them, such as the Australian Securities and Investments Commission (ASIC) or state-based business registration offices.

Can I change my business name on other business documents at the same time as changing it on my ABN?

You can change your business name on other business documents simultaneously by switching it on your ABN. This may include updating your business name on your website, business cards, and marketing materials.

Changing the name of your business can be a big step, but it doesn't have to be complicated. Once you decide on a new brand, you must make sure that your ABN reflects this change. Remember to check your new business name is available, add a new business name to your existing ABN, and finally, notify your customers and suppliers. By following these steps, you can ensure the process is smooth and hassle-free.