Business Basics
Tangible items that can be seen and touched, such as clothing or electronics.
What are Goods
The 10% tax added to the price of most goods and services sold in Australia.
What is the Goods and Services Tax (GST)
Money put aside by an employer during your working life to support you financially when you retire.
What is Superannuation (or Super)
The paper notes and shiny metal coins you use to pay for things at the store.
What is Cash (or Money)
A person who takes on the financial risk to start and operate a new business.
What is an Entrepreneur
The difference between a business's total revenue and its total costs.
What is Profit
The tax individuals must pay to the government based on the money they earn from their job
What is Income Tax
The minimum age at which you can legally access your superannuation savings, usually between 60 and 65.
What is the Preservation Age (or Retirement Age)
Putting some of your pocket money into a piggy bank or account instead of spending it right away.
What is Saving
The initial money or assets required to start a business.
What is Startup Capital
Things essential for survival (like water and shelter) versus things people desire but do not need to survive.
What are Needs and Wants
The federal government agency responsible for collecting taxes and administering the tax system in Australia.
What is the ATO (Australian Taxation Office)
The mathematical phenomenon where interest earned on your super balance earns its own interest over decades, dramatically growing your account.
What is Compound Interest (or Compounding Returns
A secure place where you can keep your money safe and earn a little extra interest.
What is a Bank
A written document outlining a business's goals, strategies, target market, and financial projections.
Business Plan
People who use or buy the goods and services provided by a business.
What are Consumers (or Customers)
The system where your employer automatically takes tax out of your wages before you get paid.
What is PAYG (Pay As You Go)
Optional payments made from your pre-tax or after-tax income to boost your super savings above the mandatory employer amount.
What are Voluntary Contributions (or Salary Sacrifice
A plastic card you tap or swipe at the checkout to spend money directly from your bank account.
What is a Debit Card.
A measure expressed as a percentage used to evaluate the efficiency or profitability of an investment.
What is Return on Investment (ROI)
The practice of hiring an external company to perform tasks or services rather than handling them internally.
Outsourcing
The flat-rate tax that registered corporations are required to pay on their annual profits.
What is Company Tax (or Corporate Tax)
The initiative that links your existing super account to you so it follows you automatically whenever you change jobs.
What is Super Stapling
Asking to borrow money from a bank or friend with the promise that you will pay it back later.
What is a Loan
An entrepreneur who focuses on creating solutions to social, cultural, or environmental problems alongside business growth.
What is a Social Entrepreneur