16 Apr 2019 Business industry codes can change
The ATO advises that agents check their client’s industry codes is up to date, and make sure it describes the main activity of the clients’ current business.
Agents can use the Business industry code tool to help check clients’ business industry codes are still correct. If clients have multiple businesses, select the code for the activity that results in the highest gross income or smallest loss.
Using the correct industry code helps to:
- prevent delays in the processing of clients’ tax returns
- stop the ATO contacting agents unnecessarily about their clients
- reduce the risk of clients being incorrectly selected for compliance activities
- ensure agents receive information relevant to their clients’ business types.
More information is available here.