ABN: Australian Business Number. This is a unique 11-digit number issued by the Australian Business Register (ABR). This number identifies a business for tax and other business purposes.

ACN: Australian Company Number. This is a unique 9-digit number issued by the Australian Securities and Investments Commission (ASIC).

Annual leave: an entitlement for most full-time and permanent part-time (pro-rata) employees to four weeks of paid leave per year.

Apprenticeships: apprenticeships allow a person to study for a trade qualification, for example as a carpenter, chef or hairdresser. It takes approximately three to four years to complete an apprenticeship.

BAS: Business Activity Statement. A form used to report business tax entitlements and obligations, including Goods and Services Tax (GST) and Pay As You Go (PAYG).

Business plan: a guide for your business that outlines goals and details how you plan to achieve those goals.

Cashflow: the net amount of cash and cash-equivalents being transferred into and out of a business.

Cost control: the practice of identifying and reducing business expenses to increase profits.

Cost management: the process of planning and controlling the budget of a project or business.

Cost reductions: the process used to reduce costs and increase profit. 

GST: Goods and Services Tax. A tax of 10% on most goods and services

FBT: Fringe Benefits Tax. Tax employers must pay on certain benefits they provide to their employees.

Modern awards: regulations which state the conditions of work for employees in specific occupations and industries, including minimum wages, hours worked, and more.

Overheads: also known as operating expenses which refer to those expenses associated with running a business.

PAYG: withheld tax from employee pay.

Personal leave:  an entitlement for all Australian employees to paid days off when the employee or their immediate family member is unwell.

PTY LTD: short for Proprietary Limited. This is a company structure that operates privately and has not offered shares to the general public. Proprietary Limited.

Small business: the ATO defines a small business as one that has an annual revenue turnover of less than $2 million (excluding GST). Fair Work Australia defines a small business as one that has less than 15 employees.

Superannuation: also known as ‘super’ for short. Money put aside by an employer and invested in a fund for the employee’s retirement.

TFN: Tax File Number. It is a unique 8- or 9-digit identifier issued by the ATO.

Workers’ compensation: a compulsory form of insurance for all employers in Australia. It provides protection to workers if they suffer a work-related injury or disease.

WPN: Withholding Payer Number. This is a number issued to employers who have PAYG withholding obligations.