Glossary¶

Key terms used in myaccountant.

Term	Definition
BAS	Business Activity Statement — quarterly report to the ATO for GST and PAYG
STP	Single Touch Payroll — digital payroll reporting to the ATO after each pay run
PAYG	Pay As You Go — tax withheld from employee wages
GST	Goods and Services Tax — 10% tax on most goods and services in Australia
ABA	Australian Bankers' Association file — bank payment file format for bulk employee payments
ABN	Australian Business Number — 11-digit business identifier
TFN	Tax File Number — individual tax identifier
USI	Unique Superannuation Identifier — identifies a specific super fund/product
Beam	The super clearing house myaccountant uses to send super to employees' funds
Clearing house	A service that takes one super payment from an employer and distributes it to each employee's fund
Payment reference	The reference Beam gives you for an EFT or BPAY super payment — it must be quoted exactly so Beam can match the payment to your contribution
Dishonour	A bank rejecting a direct debit request, so no money is taken
Amendment	A follow-up super contribution containing only the employees whose super came back, created because a contribution can't be sent to Beam twice
ESA	Electronic Service Address — where a self-managed super fund receives SuperStream messages
CDR	Consumer Data Right — Open Banking framework for secure bank data sharing
SBR	Standard Business Reporting — digital channel for lodging BAS/STP with the ATO
Super	Superannuation — mandatory retirement savings (currently 12% of ordinary time earnings)
EOFY	End of Financial Year — June 30 in Australia (financial year runs July 1 to June 30)
Chart of Accounts	The complete list of financial accounts used in your business
Journal Entry	A double-entry accounting record that debits one account and credits another
Reconciliation	Matching bank transactions to recorded entries to ensure accuracy

Auto-generated from myaccountant knowledge base.

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