Tax & Accounting Acronyms Explained

Don’t you loathe it when you get a letter from the Australian Tax Office (ATO), and there’s just a bunch of random letters on there? If you feel like you’re looking at gibberish, stick with me as we go over tax and accounting acronyms.

For business owners, you need to know these acronyms:

  1. Tax File Number (TFN)
  2. Australian Business Number (ABN)
  3. Goods and Services Tax (GST)
  4. Business Activity Statement (BAS)
  5. Pay As You Go Installments (PAYG Installment)
  6. Instalment Activity Statement(IAS)

For a business owner who employs people, you need to know the following:

  1. Pay As You Go Withholding (PAYG Withholding)
  2. Single Touch Payroll(STP)
  3. Superannuation Guarantee (SG) and Superannuation Guarantee Charge (SGC)
  4. Fringe Benefits Tax (FBT)

For business owners who trade through a company, we’ll be covering:

  1. Australian Company Number (ACN)
  2. Australian Security and Investments Commission (ASIC)

Too many? If you own a business, you should become acquainted with these terms because they are critical to your success.

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