ANZSIC code lookup: How to find your code

What is an ANZSIC code?

The Australian and New Zealand Standard Industrial Classification (ANZSIC) code is a four-digit numerical system that classifies businesses based on their primary activities. The Australian Bureau of Statistics (ABS) and Statistics New Zealand developed this system to provide a standardised framework for analysing and grouping businesses across industries.

The structure of ANZSIC codes enables both broad and detailed classification. For example:

• Division: The first digit represents a broad industry category, such as Manufacturing, Retail Trade, or Education.
• Subdivision: The second digit refines the classification within the division.
• Group and Class: The third and fourth digits narrow the scope further to define specific activities.

For instance:

• Division G (Retail Trade)
  • Subdivision 47 (Retail trade, except motor vehicle and fuel retailing)
    • Group 471 (Supermarket and grocery stores)
      • Class 4711 (Supermarkets and grocery stores).

This hierarchical structure makes it easy to categorise businesses, supporting consistent data collection, regulatory compliance, and economic analysis.

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Why does Thriday need your ANZSIC code?

Thriday uses your ANZSIC code to identify your industry and customise its services to suit your business needs. Here are some specific reasons why Thriday requires this information:

1. Tax compliance: Different industries are subject to specific tax rates, reporting requirements, and potential exemptions. By knowing your ANZSIC code, Thriday ensures accurate tax calculations and compliance with relevant laws.
2. Industry-specific insights: Thriday tailors financial reports, benchmarks, and recommendations based on your industry. Accurate categorisation improves the relevance and usefulness of these tools.
3. Regulatory adherence: Certain sectors have unique compliance obligations. Providing the correct ANZSIC code ensures that Thriday can guide you in meeting these requirements.

By accurately providing your ANZSIC code, you can unlock the full potential of Thriday's automated accounting and tax services.

How do you nominate your ANZSIC code?

Nominating your ANZSIC code involves identifying your business's primary activity. This step is typically required during the business registration with the Australian Business Register (ABR). Follow these steps:

1. Determine your primary business activity: Reflect on the activity that generates the most income for your business. For example, if you manage a café selling packaged coffee beans, the café operations likely constitute your primary activity.
2. Use the ANZSIC code search tool: The ABR provides an online lookup tool to search for codes by entering keywords related to your business activity.
3. Select the most accurate code: Carefully review the search results and choose the code that best aligns with your primary operations. Consult the detailed descriptions in the ABS's official ANZSIC manual when in doubt.
4. Submit the code during registration: When prompted during your ABN application or business registration process, enter the selected code.

Choosing the correct code ensures accurate tax reporting and compliance with industry-specific regulations.

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Where can I find the ANZSIC code?

Whether you're registering a new business or updating your existing details, several resources can help you locate the correct ANZSIC code:

1. Australian Business Register (ABR): The ABR website includes an ANZSIC code search tool to find the most suitable code based on your business activities.
2. Australian Bureau of Statistics (ABS): The ABS provides a comprehensive ANZSIC manual, which includes detailed definitions, examples, and explanatory notes for each code.
3. Thriday platform: Thriday offers tools and support to help you identify and update your ANZSIC code. If you’re unsure, contact Thriday's support team for assistance.
4. Accountants and advisors: A professional accountant or business advisor can guide you in selecting the correct ANZSIC code for your business.

What happens if I enter the wrong ANZSIC code?

Providing an incorrect ANZSIC code can have significant implications for your business:

• Tax errors: Your ANZSIC code determines which taxes and levies apply to your business. Using the wrong code could result in overpaying taxes, missing deductions, or triggering underpayment penalties.
• Misaligned reporting: Financial reports and industry benchmarks rely on accurate classification. An incorrect code may distort your performance metrics and lead to misleading insights.
• Compliance risks: Regulatory requirements often vary by industry. An inaccurate code might cause you to miss critical obligations, such as specific reporting deadlines or industry licenses.

If you suspect that your ANZSIC code is incorrect, correct it immediately to avoid these risks.

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How do you change your ANZSIC code?

Business activities can evolve; you may need to update your ANZSIC code to reflect these changes. Here's how to do it:

1. Log in to the ABR portal: Use your MyGovID credentials to access your business's registered information.
2. Locate your business profile: Navigate to the section displaying your registered details.
3. Search for the correct ANZSIC code: Use the ANZSIC code lookup tool to find a code that matches your current primary business activity.
4. Update your industry classification: Enter the new code and save your changes.
5. Confirm the update: Ensure your updated details are accurate and consistent with your business activities.

Regularly reviewing your ANZSIC code ensures that your business remains compliant and benefits from accurate tax and regulatory guidance.

Final thoughts

Understanding and correctly nominating your ANZSIC code is crucial to managing a successful small business in Australia. It affects tax compliance, financial reporting, and industry-specific obligations. Thriday's platform simplifies this process, helping you find and maintain the correct code while providing tailored financial solutions.

Take the time to verify your ANZSIC code today. If you need guidance, Thriday's tools and support team are ready to help you stay on track and focused on growing your business.