Glossary of Bookkeeping & Accounting Terms

DEFINITIONS Activity Statement You use an activity Statement to report your business tax entitlements and obligations, including GST, PAYG instalments, PAYG withholding and FBT instalments.  You can offset tax payable against tax credits to arrive at a net amount. Australian Business Number (ABN) The Australian business number (ABN) is your identifier for certain dealings with […]

ATO Bookkeeping Acronyms

Bookkeeping Acronyms and their full description. ABN – Australian business number AIIR – Annual investment income report FBT – Fringe benefits tax GIC – General interest charge GST – Goods and services tax PAYG – Pay as you go SAP – Substituted accounting period SGC – Superannuation guarantee charge TFN – Tax file number

Accounting Abbreviations – What do all those letters mean?

We all see them but do you actually know what the following accounting abbreviations mean ? A/C                  Account Acc                   Account A/R                  Accounts receivable A/P                  Accounts payable B/S                  Balance sheet c/d                  Carried down b/d                  Brought down c/f                   Carried forward b/f                   Brought forward Dr                    Debit Cr                    Credit G/L                 General ledger; (or N/L – nominal ledger) P&L                Profit and loss; (or […]

5 Signs of a good Bookkeeper

A bookkeeper is a bit like a GP – there’s one on every corner but great ones are hard to find. And when you do find one, you should never let them go. But how do you know if your bookkeeper is good or even better, a great bookkeeper? Let’s start with what every bookkeeper […]

Explaining Different Business Structures

One of the key decisions you’ll make when starting a business is which legal structure to use. Because it’s such an important decision, you should get advice from a qualified independent business, financial or legal advisor. Sole Trader A sole trader is the simplest form of business structure and relatively easy and inexpensive to start […]

Stealing from the boss – the unpunished crime!

Did you know that stealing in the workplace is a huge burden on business finances and it is a crime that often goes unpunished? Statistics obtained by the Australian Federal Police indicate that 70% of business fraud losses are from staff and former staff, costing businesses over $1.5 billion a year. The Australian Retailers Association […]

10 Tips for Marketing in a Downturn

Marketing is often the first thing to go when tough economic times put the squeeze on cash flow, but experts say that those who maintain spending often emerge the strongest when things pick up again. Here are our Ten Tips for avoiding the pitfalls and how to get the biggest bang for your buck in […]

Business Name vs Trading Name

What’s the difference? According to (What’s the difference between a business name a trading name and a legal name)…….. Nothing! Excerpts from the above explain as follows “Trading Name” is an old term used interchangeably with “Business Name” “Business Name” is the correct term and is the title you trade under. You can link […]

Registering a Business Name

Registering a Business Name A business name is a trading name that helps customers recognise your business. There are legal requirements that come with having a business name. You must register your business name with the Australian Securities and Investments Commission (ASIC). You must then adhere to several legal obligations to avoid fines and the […]

SuperStream Changes for Self Managed Super Funds

SuperStream changes for SMSFs The ATO is calling on self-managed superannuation fund (SMSF) trustees to be aware of changes to the way they receive super contributions. Starting from 1 July 2014, SMSFs will be required to receive contributions electronically from employers. Employers have a year to make this change so SMSFs should check with their […]

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