DIFFERENCE BETWEEN AN ABN AND AN ACN

New business owners continue to get confused over the difference between an Australian Business Number (ABN) and an Australian Company Number (ACN).

The two unique identification numbers are actually issued by separate Government bodies. The Australian Company Number (ACN) is issued by the Australian Securities and Investment Commission (ASIC) when new companies are formed, and is clearly identifiable by its unique nine-digit layout. As well as helping to monitor the money that passes through companies from the perspective of the ASIC, the ACN also offers a number of trading benefits for the company itself.
The Australian Business number (ABN) is issued to all business entities by the Australian Tax Office (ATO). The ABN has eleven unique digits and can be used to verify information about the business that it is registered to. Any communications with government agencies will also be made easier and business bank accounts can be opened once an ABN has been secured.
Once an ABN or ACN has been issued, companies and businesses are required to add it to any documentation used for trading. This might include invoices, letterheads, receipts, promissory notes and order forms. Where the nine digits of an ACN are used sequentially within the eleven digits of an ABN, a company can use the ABN as an alternative to the ACN on all type of business documentation.

ABN and ACN Key Points

1. Despite their similarities, the ABN and ACN are intrinsically different. ABN is an acronym of Australian Business number while ACN is used as an acronym of Australian Company Number. An ABN can be issued to all business types including sole trader and partnership registrations, but an ACN can only be assigned to a business that registers as a company
2. An ACN is issued by the Australian Securities and Investment Commission (ASIC) when a business completes a company registration. The Australian Tax Office is responsible for the issue of an ABN
3. An ACN is easily identified as a unique nine-digit number whereas an ABN can be recognised as a unique eleven-digit number. A company can use an ABN in place of an ACN so long as the ABN contains the nine digits of the ACN in sequential order
4. The ACN is more widely used to identify the company as a business entity through the exclusive nine-digit number and helps that company to trade more effectively. The ABN also carries key trading benefits but it also serves to highlight and verify the credibility of a business operation. This not only makes the ABN valuable to the business that it relates to but also provides fringe benefits for consumers and other organisations who might want to carry out transactions with that particular business
5. Once a company has been issued with an ACN through the Australian Securities and Investment Commission (ASIC), they are under no further obligation to obtain an additional ABN. The ACN will suffice for all trading purposes. However, due to the various benefits of having an ABN, most Australian companies secure an ABN.

http://abn.com.au/difference-between-an-abn-and-an-acn/

THE TRUTH IS OUT: MONEY IS JUST AN IOU, AND THE BANKS ARE ROLLING IN IT

The Bank of England's dose of honesty throws the theoretical basis for austerity out the window

David Graeber theguardian.com, Tuesday 18 March 2014 

'The central bank can print as much money as it wishes.' Photograph: Alamy

 

Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn't know how banking really works, because if they did, "there'd be a revolution before tomorrow morning".

Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.

To get a sense of how radical the Bank's new position is, consider the conventional view, which continues to be the basis of all respectable debate on public policy. People put their money in banks. Banks then lend that money out at interest – either to consumers, or to entrepreneurs willing to invest it in some profitable enterprise. True, the fractional reserve system does allow banks to lend out considerably more than they hold in reserve, and true, if savings don't suffice, private banks can seek to borrow more from the central bank.

The central bank can print as much money as it wishes. But it is also careful not to print too much. In fact, we are often told this is why independent central banks exist in the first place. If governments could print money themselves, they would surely put out too much of it, and the resulting inflation would throw the economy into chaos. Institutions such as the Bank of England or US Federal Reserve were created to carefully regulate the money supply to prevent inflation. This is why they are forbidden to directly fund the government, say, by buying treasury bonds, but instead fund private economic activity that the government merely taxes.

It's this understanding that allows us to continue to talk about money as if it were a limited resource like bauxite or petroleum, to say "there's just not enough money" to fund social programmes, to speak of the immorality of government debt or of public spending "crowding out" the private sector. What the Bank of England admitted this week is that none of this is really true. To quote from its own initial summary: "Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits" … "In normal times, the central bank does not fix the amount of money in circulation, nor is central bank money 'multiplied up' into more loans and deposits."

In other words, everything we know is not just wrong – it's backwards. When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There's really no limit on how much banks could create, provided they can find someone willing to borrow it. They will never get caught short, for the simple reason that borrowers do not, generally speaking, take the cash and put it under their mattresses; ultimately, any money a bank loans out will just end up back in some bank again. So for the banking system as a whole, every loan just becomes another deposit. What's more, insofar as banks do need to acquire funds from the central bank, they can borrow as much as they like; all the latter really does is set the rate of interest, the cost of money, not its quantity. Since the beginning of the recession, the US and British central banks have reduced that cost to almost nothing. In fact, with "quantitative easing" they've been effectively pumping as much money as they can into the banks, without producing any inflationary effects.

What this means is that the real limit on the amount of money in circulation is not how much the central bank is willing to lend, but how much government, firms, and ordinary citizens, are willing to borrow. Government spending is the main driver in all this (and the paper does admit, if you read it carefully, that the central bank does fund the government after all). So there's no question of public spending "crowding out" private investment. It's exactly the opposite.

Why did the Bank of England suddenly admit all this? Well, one reason is because it's obviously true. The Bank's job is to actually run the system, and of late, the system has not been running especially well. It's possible that it decided that maintaining the fantasy-land version of economics that has proved so convenient to the rich is simply a luxury it can no longer afford.

But politically, this is taking an enormous risk. Just consider what might happen if mortgage holders realised the money the bank lent them is not, really, the life savings of some thrifty pensioner, but something the bank just whisked into existence through its possession of a magic wand which we, the public, handed over to it.

Historically, the Bank of England has tended to be a bellwether, staking out seeming radical positions that ultimately become new orthodoxies. If that's what's happening here, we might soon be in a position to learn if Henry Ford was right.

 

http://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity  

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CALL TO ARMS TO PREVENT BANKING EVICTION ON THE BOONWURRONG (MELBOURNE, AUSTRALIA)

By Sno Sno,

                                    *****HELP NEEDED*****

 
On the 28th of this month, we have the sheriffs coming around to try to evict us from this home. 

It is being done unlawfully so we have made treaty with the original peoples and the land is now under Boonwurrong tribal jurisdiction.  

The Australian Government has NO lawful claim on the land, or dwellings on it, as it is proceeds of theft.  We, Kylie, Imogene and myself, are asking for help as witnesses on this day they intend on trying to evict us. 

ALSO, i would be expecting any brothers or sisters from the O.S.T.F. that can, to make it."

PM Sno on facebook for details of address or email themikiverse@gmail.com ONLY if you do not interact with facebook and wish to support.

HOW LOANS AND CREDIT CARDS REALLY WORK BY WHITE RABBIT

LIMITED LIABILITY DEATH MACHINE

12 BANKER SUICIDES LINKED TO JP MORGAN INVESTIGATION FOR FOREX MANIPULATION

BITCOIN EXPLAINED

Bitcoin Explained from Duncan Elms on Vimeo.

VALUE OF DIGITAL CURRENCY BITCOIN SOARS 1000 PERCENT SINCE START OF THE YEAR

April 10, 2013
 

Bitcoins. Picture: Zach Copley, Flickr Source: Herald Sun

 
IT'S a currency tied to no country, under the control of no central bank and you won't find it minted on plastic, paper or metal. 

Its value has also surged more than 1000 per cent from about $15 to just shy of $170 since the start of the year.

They are called bitcoins, a digital currency that has sparked an online trading frenzy in recent weeks, as well as growing warnings of a new asset price bubble.

Bitcoin Explained from Duncan Elms on Vimeo.
A US citizen reportedly purchased a used Porsche Cayman last month using 300 bitcoins.

That's a far cry from what has been dubbed the most expensive pizza purchase in history when in May 2010 a US programmer swapped 10,000 bitcoins -- then worth less than a cent each -- for two pizzas. At yesterday's price the pizzas cost him about $1.7 million.

Bitcoins, an online currency now totalling $1.8 billion, was launched by an anonymous computer programmer amid the fallout of the global financial crisis in 2009. The goal was to create a non-fiat currency that could not be devalued by governments or central banks.

The digital currency is rooted in a highly complex computer algorithm, which can theoretically only produce 21 million coins -- a volume that is estimated to be hit in 2140.

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WHAT IS BITCOIN?

Bitcoin is a digital currency that can be exchanged for traditional currencies such as the Australian Dollar and Euro.

The currency is kept in a digital wallet on a computer or mobile phone, and can be sent to friends or businesses in a process similar to email.

Unlike traditional currencies, Bitcoin's value is not regulated by a central bank and it is not available in physical form. A peer-to-peer trading network determines its value.

Despite being accepted by many online retailers, Bitcoin is not recognised by major financial institutions as a real currency.

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Ozcoin Pooled Mining, a Perth-based miner, bills itself as the third-largest bitcoin miner in the world.

Online currencies are not new. 

The difference with bitcoin, says Cameron Garnham, the founder of an online Australian Bitcoin forum, is that this one is controlled by an algorithm, not a central organisation.

"Bitcoin is the first decentralised digital currency," said Mr Garnham, a Melbourne-based computer programmer.

"Previously, you had to trust an issuer to perform a transaction or not create money out of the blue.

With bitcoin every single person in the network becomes the auditor."

Mt Gox is the largest online exchange site for bitcoins. Marketing manager Gonzague Gay-Bouchery said interest in the digital currency had surged since the financial meltdown in Cyprus, with the number of new accounts rising from 10,000 per month in December to 60,000 last month.

"After what happened in Cyprus a lot of people are upset," he said. "Bitcoins are easy to buy, easy to store and many of our customers are using them as in investment. They would have bought gold and silver in the past. Now they are saying, 'why not buy some bitcoin on top of that?'."

A small but growing number of Australian retailers are beginning to accept Bitcoins for payment.

john.dagge@news.com.au

http://www.news.com.au/technology/gadgets/bitcoin-fervour-goes-viral/story-fnda1lbo-1226615233325

BITCOIN SITE ANNOUNCES IT'S GOING OUT OF BUSINESS AFTER EVERY SINGLE ONE OF ITS COINS GETS STOLEN IN A SINGLE THEFT

Joe Weisenthal1 Mar 4, 2014

Another Bitcoin site disappears.

This time Flexcoin - which called itself a Bitcoin bank - has announced that it's going out of business after a huge theft that has wiped it clean.

This is the announcement. There's no sugarcoating it. Somehow all the Bitcoins were just taken.

On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC, dividing them into these two addresses:

1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu

1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6

As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.

Users who put their coins into cold storage will be contacted by Flexcoin and asked to verify their identity. Once identified, cold storage coins will be transferred out free of charge. Cold storage coins were held offline and not within reach of the attacker. All other users will be directed to Flexcoin's "Terms of service" located at "Flexcoin.com/118.html" a document which was agreed on, upon signing up with Flexcoin.

Flexcoin will attempt to work with law enforcement to trace the source of the hack.

Updates will be posted on twitter as soon as they become available.

http://www.businessinsider.in/Bitcoin-Site-Announces-Its-Going-Out-Of-Business-After-Every-Single-One-Of-Its-Coins-Gets-Stolen-In-A-Single-Theft/articleshow/31414294.cms