A
AAMOF – As a Matter Of Fact
AAS – Australian Accounting Standard
AAT – Administrative Appeals Tribunal
AASB – Australian Accounting Standards Board
ABN – Australian Business Number
ABR – Australian Business Register
ABS – Australian Bureau Statistics
ACA – Associate (Member) Chartered Accountant
ACA – Australian Consumer Association
ACCC – Australian Consumer and Competition Commission
ADF – Approved Deposit Fund
AND – Any Day Now
AFAIC – As Far as I’m Concerned
AFK – Away From Keyboard
AFS – Australian Financial Services
Agenda – a list, plan, outline, or the like, of things to be done, matters to be acted or voted upon
AKA – Also Known As
AMGST – Australian Master GST Guide (CCH)
AMSG – Australian Master Superannuation Guide (CCH)
ANZ – Australian New Zealand
AOC – Australian Olympic Committee
APESB – Accounting Professional and Ethical Standards Board
APRA – Australian Prudential Regulation Authority
ASAP – As Soon As Possible
ASIC – Australian Securities and Investment Commission
ASRB – Accounting Standards Review Board
ASX – Australian Securities Exchange
ATC – Australian Tax Cases
ATO – Australian Taxation Office
AUASB – Auditing and Assurance Board
AWOL – Absent Without Leave
AWOTE – Average Weekly Ordinary Time Earnings
B
B2B – Business To Business
BAC – Back At Computer
BAS – Business Activity Statement
BAS Agent
Beneficiary – a person or group that receives benefits, profits, or advantages
BOM – Bill of Materials
BOM – Bureau of Meteorology
Bookkeeper – the work or skill of keeping account books or systematic records of money transactions
BOT – Back On Topic
BRB – Be Right Back
BTW – By the Way
C
CBA – Commonwealth Bank of Australia
CEO – Chief Executive Officer
CFA -Chief Financial Analyst
CFC – Controlled Foreign Company
CFO – Chief Financial Officer
CGT – Capital Gains Tax
Chattel mortgage – a mortgage on household, movable, or other personal property
CIA – Central Intelligence Agency
COLA – Cost of Living Adjustment
Company – a number of individuals assembled or associated together; group of people
COO – Chief Operating Officer
CPA – Certified Practicing Accountant
Creditors – people you owe money to
Cost Centre – a unit, such as a department of a company, to which costs may be allocated for cost accounting purposes
D
DBA – Doing Business As
DCF – Discounted Cash Flow
Debtors – people that you (or your business) money, usually because you have made sales on credit
Debtor finance – a form of finance that uses sales invoices as security for advances of funds
Direct debit – Compare standing order an order given to a bank or building society by a holder of an account, instructing it to pay to a specified person or organization any sum demanded by that person or organization
Director – one of a group of persons chosen to control or govern the affairs of a company or corporation
DIY – Do It Yourself
DND – Do Not Disturb DNT – Do Not Touch
DSR – Debt Service Ratio
DSS – Digital Satellite System
DTA – Double Taxation Agreement
E
EBIT – Earnings before Income Tax
EDP – Electronic Data Processing
EFT – Electronic Funds Transfer
EOD – End of Discussion
EOQ – Economic Order Quantity
EOS – End of Story
EPS – Earnings per Share
Equitable mortgage – a loan secured by assets of an entity other than bricks and mortar
EST – (Australian) Eastern Standard Time
ETP – Eligible Termination Payment
EU – European Community
F
Factoring – the business of purchasing and collecting accounts receivable or of advancing cash on the basis of accounts receivable
FAQ – Frequently Asked Questions
FBT – Fringe Benefits Tax
FBTAA – Fringe Benefits Tax Assessment Act 1986
FC of T – Federal Commissioner of Taxation
FIF – Foreign Investment Fund
Finance – the management of revenues; the conduct or transaction of money matters generally, especially those affecting the public, as in the fields of banking and investment
FITR – Australian Federal Income Tax Reporter (CCH)
FOC – Free Of Charge
FOCL – Falling Off Chair Laughing
FOFL – Falling On Floor Laughing
FOI – Freedom Of Information FORTRAN – Formula Transfer FRC – Financial Reporting Council
FRLI – Federal Register of Legislative Instruments
FRSB – Financial Reporting Standards Board
FTR – Australian Federal Tax Reporter
FTA – Free Trade Agreement
FYI – For Your Information
G
G2G – Got To Go
GFC – Global Financial Crisis
GIC – General Interest Charge
GL – General Ledger
GMTA – Great Minds Think Alike
GST – Goods & Services Tax
GST G – Australian GST Guide (CHH)
H
Hire purchase – a system of payment for a commodity in regular instalments while using it
I
IAAA – I Am an Accountant
IAASB – International Audity & Assurance Standards Board
IAS – Installment Activity Statement
IASB – International Accounting Standards Board
ICA – Institute of Chartered Accountants (ACA/FCA) ICC – International Chamber of Commerce
ICC – International Cricket Council ID – ATO Interpretative Decision
IKR – I Know Right
Interest – a sum paid or charged for the use of money or for borrowing money
IP – Intellectual or Industrial Property
IPA – Institute of Professional Accountants
IRL – In Real Life
IRR – Inter-range Ratio
IRS – Inland Revenue Service (USA)
IT – Information Technologies
ITA – Australian International Tax Agreements (CCH)
ITAA36 – Income Tax Assessment Act 1036
ITAA97 – Income Tax Assessment Act 1997
ITFA – In the Final Analysis
ITR36 – Income Tax Regulations 1936
ITR97 – Income Tax Regulations 1997
ITTPA – Income Tax (Transitional Provisions) Act 1997
J
JAM – Just a Minute
JAS – Just a Second
JPEG – Joint Photographic Experts Group
K
KPI – Key Performance Indicator
KRA – Key Results Area
L
LAM – Leave a Message
LC – Library of Congress
Lease – a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation
Leverage – the use of a small initial investment, credit, or borrowed funds to gain a very high return in relation to one’s investment, to control a much larger investment, or to reduce one’s own liability for any loss
LIFO – Last In First Out
LIMH – Laughing In My Head
Line of credit – an agreement specifying the maximum amount of credit allowed a borrower
LL&P – Live Long And Prosper
LOL – Laugh Out Loud
LVR – Loan to Valuation Ratio
LWOP – Leave With Out Pay
M
MED – Ministry of Economic Development
Minutes – minutes, the official record of the proceedings at a meeting of a society, committee, or other group
Mortgage – a conveyance of an interest in property as security for the repayment of money borrowed
MOU – Memorandum Of Understanding
MVE – Motor Vehicle Expenses
MYOB – Mind Your Own Business
N
NAB – National Australian Bank
NIA – National Institute of Accountants (Member NIA/ Fellow NIA)
NM – Nothing Much
NPV – Net Present Value
NSA – National Security Agency
NSA – National Shipping Authority
NSA – National Standards Association NSA – National Student Association NYSE – New York Stock Exchange
NZICA – New Zealand Institute of Chartered Accountants
O
OBU – Offshore Banking Unit
Offset account – an account that reduces the gross balance of another account to yield a net balance.
OHS – Occupation Health & Safety
OIC – Oh I See
OMG – Oh My Gosh
OPI – Open to Public Inspection OSR – Office of State Revenue OTC – Over the Counter
Overdraft – Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write cheques or make withdrawals
P
PAYGW – Pay As You Go Withholding
PAYG – Pay As You Go
PDF – Pooled Development Fund
PDF – Portable Document Format
P/E – Price Earnings Ratio
Personal loan – Consumer loan granted for personal (medical), family (education, vacation), or household (extension, repairs, purchase of air conditioner, computer, refrigerator, etc.) use, as opposed to business or commercial use
PI – Professional Indemnity
Part IVA – The area of the tax act that deals with tax avoidance and evasion
POS – Point Of Sale
PST – Pooled Superannuation Trust
Q
QC – Quality Control
QR – Queen’s Regulations
R
R&B – Rhythm & Blues
R+D – Research & Development
RAM – Random-Access Memory
RBA – Reserve Bank of Australian
RBL – Reasonable Benefit Limit
RFT – Request For Tender
ROFL – Rolling On Floor Laughing
ROFLOL – Rolling On Floor Laughing Out Loud
ROM – Read Only Memory
RSA – Retirement Savings Account
S
SAB – Spontaneous Abortion
SAP – Standard Assessment Procedure
SEC – Securities Exchange Commission (USA)
Shareholder – An individual, group, or organisation that owns one or more shares in a company, and in whose name the share certificate is issued
SLP – Australian Superannuation Law and Practice
SME – Small to Medium Enterprise
SMSF – Self Managed Superannuation Fund
Sole trader – sole owner of a business; a self-employed person such as a grocer, plumber, or taxi driver. He or she directs the affairs of the enterprise, bears its risks and losses, and takes the profits and benefits
SPAM – Stupid Persons’ Advertisement
STCT – Small Taxation Claims Tribunal
STS – Simplified Tax System
SYSOP – System Operator
T
TAA – Taxation Administrative Act 1953
Tax – Compulsory monetary contribution to the state’s revenue, assessed and imposed by a government on the activities, enjoyment, expenditure, income, occupation, privilege, property, etc., of individuals and organizations
Tax avoidance – Lawful minimization of tax liability through sound financial planning techniques such as phasing the sale of assets over a period long enough to effect maximum exemption from capital gains tax. Whereas tax avoidance is legal, tax evasion is not
Tax evasion – An unlawful attempt to minimize tax liability through fraudulent techniques to circumvent or frustrate tax laws, such as deliberate under-statement of taxable income or willful non-payment of due taxes. Whereas tax evasion is an offense (punishable by both civil and criminal penalties), tax avoidance is not
TFN – Tax File Number
TGIF – Thank God it’s Friday
TIA – Taxation Institute of Australia
Trust – Legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor’s assets or property for the benefit of a third party (the beneficiary)
TTAASAG – Trans Tasman Accounting and Audit Standards Advisory Group
TTFN – Ta Ta for Now
TTYL – Talk to You Later
U
Unit holder – same as shareholder but the investment is a trust
USB – Universal Serial Bus
USP – Unique Selling Proposition
V
VAT – Value Added Tax – similar to our GST but used in other countries e.g. England
W
WHO – World Health Organisation
WIP – Work In Progress
WTO – World Trade Organisation
X
XYZ – Examine your zipper
X-Ray – a medical procedure used to see if you have a heart
Y
Y2K – Year 2000
Z
Z Reading – the final till taper print out from your cash register for the day – you need to keep these and
reconcile them to your banking on a daily basis
Finance and Banking Specific
Bank charge – a fee rendered by the bank to operate your account
Chattel mortgage – a mortgage on household, movable, or other personal property
Debtor finance – similar to factoring – see below
DSR – Debt Service Ratio
Factoring – the business of purchasing and collecting accounts receivable or of advancing cash on the basis of accounts receivable
Finance – the management of revenues; the conduct or transaction of money matters generally, especially those affecting the public, as in the fields of banking and investment
Hire purchase – a system of payment for a commodity in regular instalments while using it
Interest – a sum paid or charged for the use of money or for borrowing money
Lease – a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation
Leverage – the use of a small initial investment, credit, or borrowed funds to gain a very high return in relation to one’s investment, to control a much larger investment, or to reduce one’s own liability for any loss
Line of credit – an agreement specifying the maximum amount of credit allowed a borrower
LVR – Loan to Valuation Ratio
Mortgage – a conveyance of an interest in property as security for the repayment of money borrowed
NPV – Net Present Value
Offset account – an account that reduces the gross balance of another account to yield a net balance.
Overdraft – Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write cheques or make withdrawals
Periodical payment – a payment made normally monthly to satisfy a debt or loan repayment schedule
Personal loan – Consumer loan granted for personal (medical), family (education, vacation), or household (extension, repairs, purchase of air conditioner, computer, refrigerator, etc.) use, as opposed to business or commercial use
Tax Specific
ATO – Australian Taxation Office
AAT – Administrative Appeals Tribunal ABN – Australian Business Number ABR – Australian Business Register BAS – Business Activity Statement
BAS Agent – Similar to a Tax Agent but can only deal with BAS lodgments
Beneficiary – a person or group that receives benefits, profits, or advantages
Bookkeeper – the work or skill of keeping account books or systematic records of money transactions
CGT – Capital Gains Tax
DTA – Double Taxation Agreement ETP – Eligible Termination Payment FBT – Fringe Benefits Tax
FBTAA – Fringe Benefits Tax Assessment Act 1986
FC of T – Federal Commissioner of Taxation
Franking credit – The amount of tax appended to a dividend which has been paid by the company paying the dividend
GIC – General Interest Charge
GST – Goods & Services Tax
GST G – Australian GST Guide (CHH)
ID – ATO Interpretative Decision
ITA – Australian International Tax Agreements (CCH)
ITAA36 – Income Tax Assessment Act 1036 ITAA97 – Income Tax Assessment Act 1997 ITR36 – Income Tax Regulations 1936
ITR97 – Income Tax Regulations 1997
ITTPA – Income Tax (Transitional Provisions) Act 1997
OSR – Office of State Revenue
PAYGW – Pay As You Go Withholding PAYG – Pay As You Go
R+D – Research & Development
Registered Tax Agent – a person by virtue of studies and experience is licensed by the Tax Agents Board to assist taxpayers in preparing returns and bale to charge a fee for the service.
RSA – Retirement Savings Account
SME – Small to Medium Enterprise
SMSF – Self Managed Superannuation Fund
Sole trader – sole owner of a business; a self-employed person such as a grocer, plumber, or taxi driver. He or she directs the affairs of the enterprise, bears its risks and losses, and takes the profits and benefits
STCT – Small Taxation Claims Tribunal
STS – Simplified Tax System
TAA – Taxation Administrative Act 1953
Tax – Compulsory monetary contribution to the state’s revenue, assessed and imposed by a government on the activities, enjoyment, expenditure, income, occupation, privilege, property, etc., of individuals and organizations
Tax avoidance – Lawful minimization of tax liability through sound financial planning techniques such as phasing the sale of assets over a period long enough to effect maximum exemption from capital gains tax. Whereas tax avoidance is legal, tax evasion is not
Tax evasion – An unlawful attempt to minimize tax liability through fraudulent techniques to circumvent or frustrate tax laws, such as deliberate under-statement of taxable income or willful non-payment of due taxes. Whereas tax evasion is an offense (punishable by both civil and criminal penalties), tax avoidance is not
TFN – Tax File Number
VAT – Value Added Tax – similar to our GST but used in other countries e.g. England