Australian and New Zealand Standard Industrial Classification (ANZSIC) - definition & overview
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What is the Australian and New Zealand Standard Industrial Classification or ANZSIC system?
ANZSIC stands for the Australian and New Zealand Standard Industrial Classification. It's a system used in both Australia and New Zealand to classify businesses based on their main industry.
What it does for small businesses:
- Helps government agencies track industry trends and economic activity, including those relevant to small businesses.
- Provides a common language for businesses to identify their industry sector, which can be useful for reporting and benchmarking.
- The Australian Taxation Office (ATO) uses a simplified version of ANZSIC codes (called Business Industry Codes or BICs) for tax purposes.
Here's why it's important for small businesses to be aware of ANZSIC:
- You may need to identify your ANZSIC code for government forms or grant applications.
- Knowing your industry code can help you find relevant industry statistics and resources.
- It can connect you with other businesses in your sector.
Finding your ANZSIC code:
The Australian Bureau of Statistics (ABS) website provides a handy tool to help you find your code: ABS Business Industry Code Tool.
Remember: ANZSIC is a broad classification system. There may be more specific industry associations or groups that cater to your particular type of small business.
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