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Acronym Buster

Below are a range of acronyms to help you keep abreast of the industry jargon:

ABN

Australian Business Number.  An 11-digit entity identifier introduced on 1st July 2000 with the introduction of the GST. It is often the ACN preceded by 2 additional digits.

 

XBRL

eXtensible Business Reporting Language.

 

ACN

Australian Company Number.  An 8 and more commonly 9-digit company identifier.

 

ACNC

Australian Charities & Not-For-Profits Commission.

 

ASIC

Australian Securities & Investment Commission.

 

ATO

Australian Taxation Office.

 

BAS

Business Activity Statement.

 

DGR

Deductible Gift Recipient.

 

FBT

Fringe Benefits Tax. This is reportable annually for some businesses and operates on a 31 March year-end cycle.

 

GST

Goods & Services Tax.

 

KPA

Key Performance Area.

 

KPI

Key Performance Indicator.

 

NSCOA

National Standard Chart of Accounts.

 

PAYG

Pay As You Go.

 

PESTLE

Political – Economic – Social – Technological – Legal – Environmental.

 

PSI

Personal Services Income.

 

SMART Objectives

Specific – Measurable – Achievable – Realistic – Timeframed.

 

SWOT Analysis

Strengths – Weaknesses – Opportunities – Threats.

 

VCFO

Virtual CFO (Chief Financial Officer).

 

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