As mentioned earlier, the industry code is a critical element of the data provided to the ABS for use in their economic surveys and in the preparation of the National Accounts. It follows that for the benefits to Government and the business community (through a reduction in the need for ABS surveys) to be realised, it is essential that the industry description and code provided in tax returns be as accurate as possible.
Within the Tax Office there have been instances where, as a result of inaccurate industry coding, some taxpayers have unnecessarily either received Tax Office instructional material or been subjected to some scrutiny. Improved accuracy in the industry code will improve Tax Office service delivery and increase the accuracy of the National Accounts.