One poetic Australian taxpayer wrote to the ATO: 'Spring is sprung, the grass is riz, I wonder where my return iz. My "rego’s" due, my cash is nil, a cheque from you would pay the till'.
- Balance sheet
A document summarising the assets, liabilities and net worth (or owner’s equity) of a business.
A medium to long-term investment issued by governments and companies that pay the holder a regular and fixed interest rate for the term of the investment.
- Business / enterprise
A business is any activity where goods or services are sold with the intention of making a profit. If the activity has not been set up with the aim of making a profit then it is considered to be a hobby. A business does not include:
- private recreational activities and hobbies
- activities carried on as an employee, labour hire worker, director or office holder
- activities carried on by individuals (other than the trustees of charitable funds) or partnerships without a reasonable expectation of profit or gain.
- Business activity statement (BAS)
A single form used by businesses registered for GST to report their business tax entitlements and obligations including GST, PAYG instalments, PAYG withholding and FBT instalments. See also instalment activity statement.
- Business plan
A document that sets out in detail all aspects of how a business will be run.
An expense incurred in the course of earning income that can be used to reduce assessable income. Allowable deductions are sometimes simply referred to as deductions.read more glossary terms