Employers must use the correct business industry code on their tax returns to ensure their return is lodged in the correct category.
Using the correct business industry code reduces the risk of being incorrectly targeted for compliance activities, helps to avoid processing delays and ensures employers receive services and information relevant to their business type.
The business industry code describes the main activity of the business – this can change over time if your business diversifies its products and services. For example, your code will be different if your business:
– makes bread
– makes cakes and pastries
– makes bread, cakes and pastries and you sell them in your shop.
Employers who have changed their business’ products and services can use the ATO’s business industry code tool to check their code before lodging their tax return. If your code has changed, please inform your accountant before lodging.
Contact our office if you have any queries regarding your business’ industry code.