Australian Business Terms & Acronyms: A Glossary for International Companies

ABN	Australian Business Number (related, but not an ACN, i.e. not necessary to have a Pty Ltd)	The Australian Business Number is a unique 11-digit number, issued by the Australian Business Register, that identifies your business or company to the government and community.
ACN	Australian Company Number	A number issued to every company in Australia when registered, issued by ASIC.
ABS	Australian Bureau of Statistics	The Australian Bureau of Statistics is an Australian Government agency that collects and analyses statistics on economic, population, environmental, and social issues to advise the Australian Government.
ACCC	Australian Competition and Consumer Commission	Australian statutory authority responsible for ensuring compliance with the Competition and Consumer Act 2010.
AFSL	Australian Financial Services Licence	The Australian financial services (AFS) licence required to conduct a financial services business. ASIC assesses applications for AFS licences as part of this role as regulator of the financial services industry.
ARBN	Australian Registered Body Number	An Australian Registered Body Number is a unique, nine-digit number issued by ASIC when a body is registered with them other than as an incorporated Australian company. For example, foreign companies wishing to register with the ASIC as a branch office will receive an ARBN instead of an ACN.
ACL	Australian Consumer Law	The principal consumer protection law in Australia (Competition and Consumer Act 2010). Consumers have the same protections and expectations about business conduct and businesses have the same obligations and responsibilities wherever they operate in Australia.
ATO	Australian Tax Office	Australian Government agency responsible for revenue collection and management of tax, excise and superannuation systems.
B2B	Business-to-Business	B2B (business-to-business) is the exchange of products, services or information between businesses, rather than between businesses and consumers.
BAS	Business Activity Statement (GST + PAYG)	The Business Activity Statement is a “form” submitted to the ATO by registered business entities to report their tax obligations, including goods and services tax (GST), pay as you go withholding (PAYG), pay as you go instalments (PAYGI), and other taxes, except FBT.
CBD	Central Business District	The commercial and business centre of a city or large town.
CGT	Capital Gains Tax	Income tax that is paid on profits from disposing of assets.
CoLo	Co-location hosting services	Co-location hosting services offer a secure environment for hardware and access to network connectivity that enables reaching customers worldwide.
CTR	Company Tax Return	In a CTR, the company reports its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on that income or the amount that is refundable.
DIN	Director Identification Number	A unique identifier a director applies for once and keeps forever – which will help prevent the use of false or fraudulent director identities.
EMDG	Export Market Development Grant	Grant program for global marketing and promotional activities.
FBT	Fringe Benefits Tax	A tax that employers pay on benefits paid to an employee (or their associate, such as a family member) in addition to their salary or wages. FBT is calculated on the taxable value of the benefits you provide.
FTE	Full Time Equivalents	Measures the total amount of full-time employees working at any one organisation. It is a way of adding up the hours of full-time, part-time and various other types of employees into measurable 'full-time' units.
GST	Goods & Services Tax	A broad-based tax of (currently) 10% on most goods, services and other items sold in, into or consumed in Australia.
ISP	Internet Service Provider	An organization that provides services for accessing, using, managing, or participating in the Internet.
KYC	Know Your Customer	Process of identifying and verifying client’s identity when opening a bank account or other financial or professional services.
OSB	Online Services for Business	(previously the ATO portal) OSB is a platform to access the ATO for businesses.
PAYGI	Pay As You Go (Companies) Instalments	PAYGI is the regular prepayments of the expected tax on your business and investment income.
Pty	Proprietary (as in Pty Ltd; shorthand for local Australian-incorporated entity)	Proprietary means that as a business structure, a limited number of shareholders own the shares in the company and the company cannot offer its shares to the public.
RA	Registered Agent	Acts as a company’s link with ASIC to represent and make lodgements on behalf of the company.
R&DTI	Research and Development Tax Incentive	Tax rebate or offset for companies conducting eligible R&D activities in Australia.
RTA	Registered Tax Agent	Registered Tax Agent is an individual or an accountant authorised by the ATO and TPB to complete and lodge Company Tax Returns (CTRs).
SAP	Substituted Accounting Period	A Substituted Account Period is a financial year that is not the standard tax year of 1 July to 30 June. Entities can apply to the ATO for a SAP.
TFN	Tax File Number	A tax file number is a unique private identifier issued by the Australian Taxation Office to each taxpaying entity—an individual, company, superannuation fund, partnership, or trust.
TPB	Tax Practitioners Board	A quasi-autonomous statutory organisation which registers and allows tax practitioners (accountants or Registered Tax Agents) to practice.
SG	Superannuation Guarantee	Minimum employer superannuation (pension) contributions for eligible employees.
WCI	Workers’ Compensation Insurance	A form of insurance payment to employees if they are injured at work or become sick due to their work. Regulated as mandatory at a federal level, it is administered at a state level.

Business Glossary

Australian Business Terms & Acronyms: A Glossary for International Companies

Key terms and acronyms for doing business in Australia

Resources and Further Reading

Need help navigating the Australian business environment? Contact us for tailored advice