Heritage bank business credit card. The limits, fees and need-to-knows
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
There are many Australian business acronyms and terminologies, and ANZSIC is one of these.
In this quick article, you’ll find out what ANZSIC stands for, what it means, and how to find and read one. Learn how to update and add one for your business. Let’s jump right in.
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The Australian and New Zealand Standard Industrial Classification (ANZSIC) was developed jointly by the Australian Bureau of Statistics (ABS) and Statistics New Zealand in 1993.
The ANZSIC code is a four-digit number derived from the activities of the business. It’s used by government bodies between the two countries and globally to compare industry statistics. It identifies the classification of the industry of that business.
Revisions to ANZSIC were made in 2006 to capture new and emerging activities and to fix minor errors and omissions.¹
An ANZSIC code can be up to four levels deep. The first level is the broad division, which is a limited number of 40 categories used to provide an overall picture of the Australian economy.
The next level is the subdivision, followed by groups and then classes.²
For example, a retail shoe shop has an ANZSIC code of 4252. The complete steps are:
With the broad range of business activities in Australia, providing statistical data efficiently requires classifying these activities.
Having an ANZSIC code broken down by each business activity, and sub-activities, makes the gathering and reporting of statistics more straightforward.
ANZSIC codes are widely used by researchers, industry organisations and government agencies for taxation, research, regulation and administrative purposes.²
Read more: Learn how to start your own business in Australia |
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Here are some examples of some ANZSIC codes demonstrating the broad range:
There are two ways to locate an ANZSIC code.³
The easiest way to view and update your ANZSIC is via the Australian Business Register (ABR) website.⁴
You’ll need your Australian Business Number (ABN) and your MyGov ID.
If they need adding or updating, proceed with the following steps
Alternatively, you can call the Australian Business Register on 13 92 26 and answer some ID questions — then, they can assist.
Do you operate a business in Australia and wish to make international payments or provide customers with a local account number? Wise may be able to help.
The Wise Business account lets you make international transfers in over 40 currencies to 80 countries. Each transfer has a small upfront fee and is made using the transparent mid-market rate as you’d see on Google.
You also get local account details in 10 major currencies, including AUD.
Find out if Wise can help your business save money today.
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Sources:
Sources checked on: 29 May 2023
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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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