Home Supplier assessment criteria Cloudfloat Supplier Payment Criteria

Cloudfloat Supplier Payment Criteria

1. Active ABN (Australian Business Number)

Suppliers must have an active ABN, which is essential for conducting business in Australia. This unique identification number helps identify your business for tax and other governmental purposes. It is mandatory for all businesses operating in Australia to have an ABN.

  • Why is this important? Having an active ABN helps verify that the supplier is a legitimate business entity registered with the Australian Government, ensuring compliance with the legal and regulatory requirements. If your business does not have an active ABN you are not eligible to pay or be paid out by Cloudfloat.
  • How to check or apply for an ABN? If you do not have an ABN or need to verify its status, visit the Australian Business Register (ABR) website or apply for one directly through the Australian Government's online services.



2. Australian Bank Account

Suppliers must provide an Australian bank account for payments. This ensures that Cloudfloat can transfer funds securely and efficiently within the Australian banking system.

  • Why is this important? Having an Australian bank account facilitates quicker and more reliable payments. It also ensures compliance with the Australian financial system.

Required details: Suppliers must provide their bank account details, including:

  • Bank Name
  • BSB Number
  • Account Number
  • Account Name



3. Registered for GST (Goods and Services Tax)

Suppliers must be registered for GST. Businesses with a turnover of $75,000 or more per year are required to register for GST.

  • Why is this important? GST registration ensures that suppliers comply with Australian tax laws and allows Cloudfloat to process payments correctly, including handling GST amounts appropriately.
  • Eligibility for Payment: If your business turnover is below the GST registration threshold of $75,000, you are not eligible to be paid out by Cloudfloat. Suppliers must be GST-registered to receive payment.
  • How to check or register for GST? If your business exceeds the turnover threshold or you are unsure of your obligations, you can register for GST through the Australian Taxation Office (ATO) website.



Summary of Supplier Payment Criteria

  • Active ABN: Ensure your business is registered with an active ABN.
  • Australian Bank Account: Provide valid bank account details for payment transfers.
  • Registered for GST: Ensure your business is registered for GST.

By meeting these essential criteria, suppliers can ensure timely payments and maintain a strong working relationship with Cloudfloat. Should you have any questions or need assistance with any of the above requirements, please contact our support team.



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