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Closing Entries
Journal entries made at the end of an accounting period to reset temporary accounts like revenue and expenses to zero. These balances are transferred to retained earnings or capital accounts. Closing entries prepare the books for the next period and ensure accurate financial reporting.
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Concessional Contributions
Pre-tax superannuation contributions in Australia, including employer contributions, taxed at a concessional rate.
CGT (Capital Gains Tax) Discount
An Australian tax concession allowing individuals to reduce a capital gain by 50% if the asset was held for over…
CIS (Construction Industry Scheme)
A UK HMRC scheme requiring contractors to deduct tax from payments to subcontractors in the construction sector.
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