ANZSIC Codes - What are they?
By Tim Kennedy- EIAChair.
In a recent meeting with the Premier’s Office and the Department of Small Business, we dedicated some discussion to the lockdown grants, their effectiveness/reach, and what could be done to improve them if further lockdowns occur.
A practical observation that came out of the discussion was that one of the key metrics’s revolved around an Applicant’s ANZSIC Code, with that code going a long way to determining eligibility.
What is an ANZSIC Code?
The Australia and New Zealand Standard Industrial Classification (ANZSIC) system classify businesses based on their main business activity. When registering your business, applicants will be prompted to enter their four-digit ANZSIC (industry class) code.
Often businesses enter their ANZSIC Code and never revisit it again. This means that over time, as an event business matures and pivots, a business may be misclassified.
Why is it important to check my ANZSIC Code?
This is relevant because when the SBDC considers lockdown grants applications, one of the most important metrics is a business’ ANZSIC Code which helps the SBDC determine eligibility which specific categories are being approved easier than others.
Therefore, we suggest that all members check their current ANZSIC code and if necessary update it, to ensure that members put themselves in the best possible position to obtain lockdown grants in the unfortunate event we go back into lockdown.
How do I check/change my ANZSIC Code?
As a starting point, speak to your accountant failing which we suggest that you use this helpful guide which was published by the Victorian Government.