Tax and Accounting Glossary

ABN (Australian Business Number)

An 11-digit number that identifies your business to the government and to other businesses.

Assessment

The ATO's calculation of the tax you owe, or the refund you are due, after you lodge your return.

BAS (Business Activity Statement)

The form many businesses use to report and pay amounts such as GST and PAYG withholding to the ATO.

Deduction

A cost you may be able to subtract from your income to reduce the tax you pay. Rules apply, so keep records.

GST (Goods and Services Tax)

A tax of 10% on most goods and services. Businesses registered for GST collect it and report it through their BAS.

Instalments (PAYG instalments)

Regular prepayments towards your expected income tax, usually for people with business or investment income.

Lodgement

Submitting a tax return or statement to the ATO.

Notice of assessment

The document from the ATO that shows the outcome of your return, including any tax payable or refund.

PAYG (Pay As You Go)

The system of paying tax in advance, including tax your employer withholds from wages and instalments for others.

STP (Single Touch Payroll)

A way for employers to report payroll and super information to the ATO each time they pay their employees.

Super (superannuation)

Money paid into a fund for your retirement. Employers generally have to pay super for their eligible employees.

TFN (Tax File Number)

A personal number from the ATO that identifies you for tax and super. Keep it private: we never ask for it through this website.

These are general explanations, not advice about your own situation.

Related: bookkeeping and BAS, payroll and super, key dates.