Don’t you loathe it when you get a letter from the Australian Tax Office (ATO), and there’s just a bunch of random letters on there? Here’s the list we recommend you being across:

For business owners, you need to know these acronyms:

• Tax File Number (TFN)
• Australian Business Number (ABN)
• Goods and Services Tax (GST)
• Business Activity Statement (BAS)
• Pay As You Go Installments (PAYG Installment)
• Instalment Activity Statement(IAS)

For a business owner who employs people, you need to know the following:

• Pay As You Go Withholding (PAYG Withholding)
• Single Touch Payroll(STP)
• Superannuation Guarantee (SG) and Superannuation Guarantee Charge (SGC)
• Fringe Benefits Tax (FBT)

For business owners who trade through a company:

• Australian Company Number (ACN)
• Australian Security and Investments Commission (ASIC)

Too many? If you own a business, you should become acquainted with these terms because they are critical to your success. 

Luckily, we’ve put together a video along with a cheatsheet you all your acronym needs. Check it out here.