| ABN |
|
Australian Business Number. |
|
| ABS |
|
Australian
Bureau of Statistics. |
|
| ACCC |
|
Australian
Competition and Consumer Commission. |
|
| ACCRUAL
BASIS |
|
The
method of accounting where revenue and expenses are recognised
as they are earned and incurred and not when they are actually
received or paid, as distinct from the cash basis of accounting. |
|
| ACQUISITIONS |
|
Goods
and services purchased or the amounts payable for them. |
|
| ACTUARY |
|
A
person professionally trained in the mathematical and technical
aspects of life insurance and related fields and responsible
for the calculation of premiums, reserves and bonuses; an applied
statistician, specialising in probabilities and their financial
effects. |
|
| AD
HOC |
|
For
this special purpose |
|
| AD
IDEM |
|
Of
the same mind. |
|
| AD
VALOREM |
|
According
to value. |
|
| AD
VALOREM DUTY |
|
A
tax based on the dollar value of a trans action as distinct
from a tax levied at a flat rate per transaction. |
|
| ADJUSTABLE
RATE LOANS |
|
Loans
with the interest rate made subject to periodical changes (up
or down) in line with market changes or according to some formula.
|
|
| ADMINISTRATION
(OF AN ESTATE) |
|
The
court supervised distribution of the estate of a deceased person
by its executor or administrator. |
|
| ADMINISTRATOR
(OF AN ESTATE) |
|
The
person charged with winding up a deceased estate where there
is no valid will or when there is no executor |
|
| ADR |
|
Alternative
Dispute Resolution for example, arbitration, conciliation or
mediation, as distinct from litigation in the expert. courts.
|
|
| ADVERSE
POSSESSION |
|
The
doctrine under which title in land occupied without challenge
by a personother than its rightful owner for a statutory period
can, after the end of that period, on application to the authorities
betransferred without compensation to that person, in extinguishment
of the previous owner's rights to and interest in that land. |
|
| AGE
STRUCTURE |
|
The
distribution of people in a population by age. |
|
| AGENT |
|
A
person acting on behalf of another person, the principle. |
|
| ALTERNATIVE
DISPUTE RESOLUTION (ADR) |
|
Arbitration,
conciliation or mediation, as distinct from litigation in the
courts. |
|
| AMORTISATION |
|
The
process of writing the initial value of an asset gradually down
to zero over a number of years in a systematic fashion, in order
to spread the total amount equitably over these years. |
|
| API |
|
Australian
Property Institute |
|
| APPRECIATE |
|
To
increase in value. |
|
| ARBITRATION |
|
The
formal determination of a dispute by an independent person,
without involving a court of law. Arbitration because of its
speed and privacy can be very useful for settling disputes involving
leases. The word "arbitration" is also used loosely but inaccurately
in relation to the determination of a market rent by an independent
expert. |
|
| ARMS'
LENGTH TRANSACTION |
|
A
transaction or agreement in which each of the parties is acting
in his own best interests. |
|
| ASCPA
|
|
Australian
Society of Certified Practising Accountants |
|
| ASIC |
|
Australian
Securities and Investments Commission. |
|
| ASSIGNMENT |
|
The
process by which the lessee under a lease (as "assignor") with
the consent of the lessor transfers the rights and obligations
of that lease to another person (the "assignee"). |
|
|
| AT
ARMS' LENGTH |
|
The
relationship between persons who are strangers to each other,
as distinct from that between parties who know each other and/or
who have legal or moral obligations to each other. |
|
| ATO |
|
Australian
Taxation Office. |
|
| ATTORNEY |
|
A
person appointed by another person under a power of attorney
to act on that person's behalf. |
|
| AUSTRALIAN
BUREAU OF STATISTICS |
|
The
Commonwealth authority responsible for the periodical census
and the collections and publication of official statistics. |
|
| AUSTRALIAN
BUSINESS NUMBER (ABN) |
|
The
number issued to businesses registered for the Goods and Services
Tax and also used in connection with other dealings with the
authorities. |
|
| AUSTRALIAN
COMPETITION AND CONSUMER COMMISSION (ACCC) |
|
The
Commonwealth body charged with administering the Trade Practices
Act 1974 and various other legislation and with monitoring price
increases attributed to the GST |
|
| AUSTRALIAN
SECURITIES AND INVESTMENTS COMMISSION (ASIC) |
|
A
Commonwealth statutory body with headquarters in Melbourne,
which replaced the Australian Securities Commission (ASC) on
1 July 1998. It is the market regulator and consumer protection
body. |
|
| AUSTRALIAN
TAXATION OFFICE (ATO) |
|
The
Commonwealth authority responsible for collecting income tax
and various other taxes. |
|
| AUTHORISED
INVESTMENTS |
|
Assets
in which a trustee is permitted to invest by the terms of a
trust deed. |
|
