Has your business grown or changed?

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Every business (no matter how big or small) has an industry code they need to put on their tax return, and it’s really important to use the right one.

The industry code describes the main activity of your business, which can change over time as your business grows, diversifies or adapts to the market. For example, your code will be different if you:

  • catch oysters
  • farm oysters
  • farm shellfish other than oysters
  • manufacture canned oysters.

Using the correct industry code for your business helps to:

  • prevent delays in the processing of your return
  • stop us contacting you unnecessarily
  • reduce the risk of being incorrectly targeted for compliance activities
  • make sure you receive information relevant to your business type.

Check if you’re still using the right code before you lodge your tax return. You can do this in a few quick steps with our business industry code tool.

If it has changed:

  • use the new code on your return (or let us know)
  • update your Australian business number (ABN).

You can also use small business benchmarks to see how well you’re performing compared to competitors in your industry.

Next steps:

For more information please contact us on (02) 4628 9555.

Reproduced with the permission of the Australian Tax Office. This article was originally published on www.ato.gov.au/newsroom/smallbusiness/ 

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