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  • Business industry code reporting

    If a client's business has changed purpose over time, update the business industry code when lodging their tax return.

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    Updating a business industry code

    Many businesses change purpose over time. This tax time, take the opportunity to check that your clients' business industry codes are correct and update if necessary.

    Use the Business industry code tool to check what your client's business industry code should be. If it needs updating:

    Operating multiple businesses

    For clients operating more than one type of business:

    • select the main business activity
    • indicate they operate multiple businesses at the relevant label in their tax return.

    Do not use information from multiple businesses. This could mean the business is incorrectly classified as outside the benchmarks.

    Keeping codes current

    Having the right code in your clients' tax returns can:

    • stop us contacting you and your clients unnecessarily
    • prevent delays in processing tax returns
    • ensure your clients are not incorrectly identified for compliance activities
    • ensure businesses receive the information and advice relevant to their business activity.

    Once you have the correct codes, you can use the small business benchmarks to see how your clients' businesses compare against their competitors.

    If your client’s industry is not represented in our benchmarks, you can use the information in Taxation statistics.

    Last modified: 01 Jul 2023QC 45704