Glossary

accrual accounting an accounting system where income and expenditure are recognised when the transaction occurs, not when the cash is received or paid. The transaction is accrued in the accounts.

annual leave a period of paid time off work that permanent employees are legally entitled to. In Australia most full-time employees are entitled to four weeks’ annual leave after being employed for 12 months.

Australian Business Number (ABN) the business identifier allocated by the ATO. All businesses should register for an ABN even though they may not be required to register for GST.

Australian Taxation Office (ATO) the government’s principal revenue collection agency.

bad debt money owed to a business that is unlikely to be recovered.

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