Asset: - An asset stands for an item of value owned and controlled by an organization which can generate revenue for the organization or can help in generating the organization revenue. So, assets are the resources which are owned by the organization for doing its business. Example includes cash, plant and machinery, building, receivables, inventory etc. Assets are classified in two categories viz. current assets and fixed assets.
Liabilities:- Liabilities are the amounts owned by the organization from external parties. Liabilities include the financial obligation or debt of the organization and include the claims which the other parties have from the organization. It includes bank overdraft, accounts payable, loans, provisions etc. Liabilities are divided in two categorties viz. current liability and noncurrent liability.
Equity: - Equity stands for the net worth of the company which is the residual interest in assets of the owners. Residual assets stand for assets net of liabilities. In the nut shell, we can say that equity = assets-liabilities. In a balance sheet it includes the investment made by owners, retained earnings and reserves.
Income:- Income stands for all inflow of economic benefits into the business which may consist of sale of its products and services or through sale of assets or receipt of interest.
Expense:- Expense is all outgoing during a particular period but excludes the amount paid for owning a new fixed asset or distribution of income to its owners. Example of expense includes purchase of inventory, payroll payment, finance charges etc.
Pay as you go (PAYG):- Pay as you go is made for withholding income tax. An organization which is making payments to its employees as well as to its contract employees need to withhold tax from their payment at the rates and way specified as per the Australian Taxation system and pays it to the Australian Taxation Office.
Goods and Service Tax:- Goods and Service Tax stands for the taxes payable on sale of goods or services. In Australia, most of the goods and services are covered under this tax and any sale of such products or services attract goods and service tax.
Fringe Benefit Tax:- Employer provides certain benefits to the employees in place of salary and wages. These are normally the non monetary benefits or the gratuities or other services offered to employees. Organizations need to pay taxes on this, which is termed as Fringe Benefit Tax.
Business Activity Statement:- This is a form to be submitted by all the businesses to the Australian Taxation Office for reporting their obligations related with the taxation. The taxation obligation includes pay as you go, pay as you go installments, fringe benefits tax, wine equalization tax and luxury car tax (LCT).
Superannuation Guarantee Scheme:- In Australia, all the employees are covered under the legislation of Superannuation Guarantee. In this case the employer needs to contribute for the fund for all the eligible employees at least once every quarter. The fund has a purpose of ensuring sum of money to the employees superannuating.
Work Cover:- Work cover is a cover provided to the employees in case they suffer from any injury at the work place. This cover rehabilitates and compensates the employees and tries to restore them to their original position.