Accountants often seem to abbreviate their thought process in their speech or written words, often leaving clients second guessing meanings. No more! – Have a look at the most common abbreviations and their usage.
ATO – no explanation needed for the Government’s principal revenue collection agency.
HELP (formerly HECS) – A loan available to eligible students enrolled in Commonwealth supported places. A HECS-HELP loan will cover all or part of the student contribution amount. Compulsory repayments commence where your adjustable taxable income is above $44,912 in the 2010/11 financial year.
With thanks to Leanne Berry of The Numbers Game for adding to my initial posting!
Any missing from this list? Please ask or add to the list via the comments section below.