Accounting Terminologies
India | Australia |
TDS | PAYG With Holding |
Salary | PAYG Summary |
Advance Tax | PAYG Instalment |
Perquisite | Fringe Benefit Tax (FBT) |
ESI | Work Cover Insurance |
Employer Contribution and Employee Contribution | Employer Contribution |
ROC Fee | ASIC Fees |
GST Report + TDS Report | BAS Report |
Employee Share Scheme | ESOP |
26 AS | Prefill |
Accountant | Book Keeper |
Insurance | Ins |
Registration | Rego |
Motor Vehicle | MV |
PF | Super Annuation |
FY 1st April to 31st March | FY 1st July to 30st June |
Other Accounting Terminologies | |
Meanings | |
Owed to ATO (Australian Taxation Office) | Tax Payable to ATO |
Owed by ATO (Australian Taxation Office) | Tax Refundable from ATO |
GST Collected | Means GST on Sales |
GST Paid | Means GST on Purchase |
Total Sales | Means Sale Including GST |
Net Sales + GST on Sales | |
Gross Sales | |
Primary Production | Agriculture |
Non-Primary Production | Other than Agriculture |
Other Terminologies | |
Meanings | |
Post Address | Tax Agent Address |
Home Address | Australia Client Resident Address |
De facto | Means Live in a Relationship |
Reports | Purpose |
Integrated Client Account (ICA) | BAS GL |
ITA | Tax GL |
IAS | PAYG Withheld, PAYG Instalment, Fringe Benefit Tax |
Individual Tax Return (ITR) | Year End Return |
Company Tax Return (CTR) | Year End Return |
Trust Tax Return (TTR) | Year End Return |
Business Activity Statement (BAS) | GST Return PAYG Withheld, PAYG Instalment, Fringe Benefit Tax |
