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Accrued Income
Accrued income represents revenue that has been earned but not yet received in cash or recorded in the accounts. Common examples include interest income or services provided but not invoiced. Recognizing accrued income ensures financial statements reflect actual earnings for the period, even if the cash inflow occurs later.
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Annual GST Return (BAS)
The periodic Business Activity Statement Australian businesses lodge to report GST and other tax obligations.
ATO (Australian Taxation Office)
Australia's federal revenue collection agency, responsible for tax administration and compliance.
ABN (Australian Business Number)
A unique 11-digit identifier businesses use for tax and invoicing purposes in Australia.
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