Resources & glossary

Every key term from the course in plain English, plus the trusted Australian sources to go deeper.

74 of 74 terms

A

ABLIS (Australian Business Licence and Information Service): a free government tool (ablis.business.gov.au) that lists the licences and permits your specific business needs.
ABN (Australian Business Number): a free 11-digit number that identifies your business to government, suppliers and customers.
ABS (Australian Bureau of Statistics): the government source of free data on population, income, spending and industries (abs.gov.au).
ACCC (Australian Competition and Consumer Commission): the national body overseeing fair trading and honest advertising.
ACN (Australian Company Number): a number issued by ASIC when you register a company.
Appendices: supporting documents attached to the back of your business plan (quotes, qualifications, registrations).
ASIC (Australian Securities and Investments Commission): registers companies and business names and regulates them.
ATO (Australian Taxation Office): the government agency that collects tax and runs GST, BAS, PAYG and super.
Average sale: your revenue divided by the number of sales or customers.

B

BAS (Business Activity Statement): the form used to report and pay GST (and often PAYG) to the ATO, usually quarterly.
Bootstrapping: funding your business from your own savings rather than borrowing or investors.
Brand: what people feel and expect when they think of your business; far more than just a logo.
Brand promise: the consistent experience customers can count on from you.
Break-even point: the level of sales at which your income exactly covers your costs; below it you lose money, above it you profit.
Business Enterprise Centre (BEC): a local organisation offering small-business support and mentoring.
Business plan: a clear written description of what your business does, who it's for, how it makes money, and how you'll run it.
Business structure: the legal form of your business: sole trader, partnership, company or trust.

C

Cash flow: the actual money moving in and out of your bank account, and the timing of it.
Cash flow forecast: a month-by-month estimate of cash coming in and going out.
Company: a separate legal entity that offers limited liability, registered with ASIC; pays the company tax rate.
Competitor analysis: comparing the businesses your customers could choose instead of you, to find a gap.
Contractor: a person running their own business who provides services to you (different from an employee).
Cost of goods sold (COGS): the direct cost of the goods or services you sold.

D

Director ID: a free, unique identifier every company director must have (apply at abrs.gov.au).
Dividend: a share of company profits paid to its owners (shareholders).

E

Employee: someone who works in your business under your direction, with legal entitlements (pay, leave, super).
Executive summary: a one-page snapshot of your whole plan; written last, placed first.

F

Fair Work: Australia's national workplace relations system, setting minimum pay and conditions.
Fixed costs: costs that stay the same regardless of how much you sell (e.g. rent, insurance).

G

GEO (Generative Engine Optimisation): being recommended inside AI-generated answers.
Google Business Profile: a free listing that makes a local business appear in Google Search and Maps.
Gross profit: sales minus the cost of goods sold (before other expenses).
GST (Goods and Services Tax): a 10% tax on most sales; you must register at $75,000 turnover. ⚠️ VERIFY threshold at ato.gov.au.
GST credits: the GST you can claim back on your business purchases once registered.

I

Instant asset write-off: an immediate tax deduction for eligible assets under a set value ($20,000 in 2025–26). ⚠️ VERIFY at ato.gov.au.

K

KPI (Key Performance Indicator): a key number that shows how your business is performing.

L

Lean plan: a short, one-page plan capturing the essentials, used to test an idea quickly.
Living document: a plan you keep updating as your business changes.

M

Margin: profit as a percentage of the selling price.
Market research: checking that real people want and will pay for what you plan to offer.
Markup: profit as a percentage of cost.
Medicare levy: a 2% levy on taxable income that funds public health (on top of income tax).
Modern Award: an industry- or job-specific document setting minimum pay and conditions.

N

National Employment Standards (NES): the minimum entitlements all employees are guaranteed.
National Minimum Wage: the legal minimum pay for employees not covered by an award ($24.95/hour from 1 July 2025). ⚠️ VERIFY at fairwork.gov.au.
Net profit: what's left after all costs and expenses; your real result.

O

Operations / systems: the repeatable ways you get the work done day to day.

P

Partnership: two or more people in business together, sharing income and (usually) personal liability.
PAYG instalments: pre-paying your own income tax in instalments through the year.
PAYG withholding: tax you withhold from employees' wages and send to the ATO.
Profit: income left after costs (on paper); not the same as cash.
Profit and loss statement (P&L): a summary of income and expenses showing profit or loss over a period.
Public liability insurance: covers you if someone is injured or their property damaged because of your business.
Purpose statement: a one-sentence summary of what your business does and for whom.

R

Referral: a new customer who comes from someone recommending you.
Registered tax agent: a qualified professional authorised to prepare and lodge tax returns for you.

S

Self-Employment Assistance: an Australian Government program (Workforce Australia) offering advice, workshops and coaching to start a business; replaced NEIS in 2022.
SEO / AEO (Search / Answer Engine Optimisation): being found in search results / being the extracted answer.
Sham contracting: wrongly treating an employee as a contractor; illegal and costly.
Soft launch: starting quietly with a few customers to test and refine before scaling up.
Sole trader: the simplest structure, where you and the business are legally the same; unlimited personal liability.
Stress-testing: deliberately checking whether your plan survives if things go wrong.
Super guarantee: compulsory superannuation you pay for employees (12% from 1 July 2025). ⚠️ VERIFY at ato.gov.au.
Superannuation (super): money set aside for retirement.
SWOT analysis: a four-box summary of Strengths, Weaknesses, Opportunities and Threats.

T

Target market / customer profile: a clear description of the specific customers you aim to serve.
Tax deduction: a genuine business expense you subtract from income before tax is worked out.
TFN (Tax File Number): your tax identifier (sole traders use their personal TFN).
Trust: an arrangement where a trustee runs the business for beneficiaries; complex — get advice.

U

Unique selling proposition (USP): the one clear, specific reason a customer should choose you.

V

Value proposition: a short statement of who you help, the problem you solve, and the benefit you deliver.
Variable costs: costs that rise with each sale (e.g. materials, packaging).

W

Work health and safety (WHS) / OHS: your legal duty to provide a safe workplace (called OHS in Victoria).
Workers compensation: compulsory insurance covering employees injured at work (WorkSafe in Victoria).

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ABLIS (Australian Business Licence and Information Service)

a free government tool (ablis.business.gov.au) that lists the licences and permits your specific business needs.

ABN (Australian Business Number)

a free 11-digit number that identifies your business to government, suppliers and customers.

ABS (Australian Bureau of Statistics)

the government source of free data on population, income, spending and industries (abs.gov.au).

ACCC (Australian Competition and Consumer Commission)

the national body overseeing fair trading and honest advertising.

ACN (Australian Company Number)

a number issued by ASIC when you register a company.

Appendices

supporting documents attached to the back of your business plan (quotes, qualifications, registrations).

ASIC (Australian Securities and Investments Commission)

registers companies and business names and regulates them.

ATO (Australian Taxation Office)

the government agency that collects tax and runs GST, BAS, PAYG and super.

Average sale

your revenue divided by the number of sales or customers.

BAS (Business Activity Statement)

the form used to report and pay GST (and often PAYG) to the ATO, usually quarterly.

Bootstrapping

funding your business from your own savings rather than borrowing or investors.

Brand

what people feel and expect when they think of your business; far more than just a logo.

Brand promise

the consistent experience customers can count on from you.

Break-even point

the level of sales at which your income exactly covers your costs; below it you lose money, above it you profit.

Business Enterprise Centre (BEC)

a local organisation offering small-business support and mentoring.

Business plan

a clear written description of what your business does, who it's for, how it makes money, and how you'll run it.

Business structure

the legal form of your business: sole trader, partnership, company or trust.

Cash flow

the actual money moving in and out of your bank account, and the timing of it.

Cash flow forecast

a month-by-month estimate of cash coming in and going out.

Company

a separate legal entity that offers limited liability, registered with ASIC; pays the company tax rate.

Competitor analysis

comparing the businesses your customers could choose instead of you, to find a gap.

Contractor

a person running their own business who provides services to you (different from an employee).

Cost of goods sold (COGS)

the direct cost of the goods or services you sold.

GEO (Generative Engine Optimisation)

being recommended inside AI-generated answers.

Google Business Profile

a free listing that makes a local business appear in Google Search and Maps.

Gross profit

sales minus the cost of goods sold (before other expenses).

GST (Goods and Services Tax)

a 10% tax on most sales; you must register at $75,000 turnover. ⚠️ VERIFY threshold at ato.gov.au.

GST credits

the GST you can claim back on your business purchases once registered.

Margin

profit as a percentage of the selling price.

Market research

checking that real people want and will pay for what you plan to offer.

Markup

profit as a percentage of cost.

Medicare levy

a 2% levy on taxable income that funds public health (on top of income tax).

Modern Award

an industry- or job-specific document setting minimum pay and conditions.

National Employment Standards (NES)

the minimum entitlements all employees are guaranteed.

National Minimum Wage

the legal minimum pay for employees not covered by an award ($24.95/hour from 1 July 2025). ⚠️ VERIFY at fairwork.gov.au.

Net profit

what's left after all costs and expenses; your real result.

Partnership

two or more people in business together, sharing income and (usually) personal liability.

PAYG instalments

pre-paying your own income tax in instalments through the year.

PAYG withholding

tax you withhold from employees' wages and send to the ATO.

Profit

income left after costs (on paper); not the same as cash.

Profit and loss statement (P&L)

a summary of income and expenses showing profit or loss over a period.

Public liability insurance

covers you if someone is injured or their property damaged because of your business.

Purpose statement

a one-sentence summary of what your business does and for whom.

Self-Employment Assistance

an Australian Government program (Workforce Australia) offering advice, workshops and coaching to start a business; replaced NEIS in 2022.

SEO / AEO (Search / Answer Engine Optimisation)

being found in search results / being the extracted answer.

Sham contracting

wrongly treating an employee as a contractor; illegal and costly.

Soft launch

starting quietly with a few customers to test and refine before scaling up.

Sole trader

the simplest structure, where you and the business are legally the same; unlimited personal liability.

Stress-testing

deliberately checking whether your plan survives if things go wrong.

Super guarantee

compulsory superannuation you pay for employees (12% from 1 July 2025). ⚠️ VERIFY at ato.gov.au.

Superannuation (super)

money set aside for retirement.

SWOT analysis

a four-box summary of Strengths, Weaknesses, Opportunities and Threats.

Target market / customer profile

a clear description of the specific customers you aim to serve.

Tax deduction

a genuine business expense you subtract from income before tax is worked out.

TFN (Tax File Number)

your tax identifier (sole traders use their personal TFN).

Trust

an arrangement where a trustee runs the business for beneficiaries; complex — get advice.