Anja Chapman

Are there any tax-code changes this year that small business owners should be aware of?

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ITP .

ITP . ,

Not quite sure what codes you may be referring to specifically however there are no changes to accounting codes. One issue that many businesses have when lodging returns is getting their business industry code correct. The ATO have a limited number of business industry codes which relate to the type of business you run. For instance if you are running a Physiotherapy service you would use code 85330. If you find that your business type is not listed then you need to find the code that is closest to what your business does. The reason for this is that the ATO has audit checks on these industry codes and if your figures look totally different to other businesses using that code then you are more likely to be audited by the ATO.

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