define explain t

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T

TFN (Tax File Number) – Nine-digit number that the ATO issues to Australian residents and companies to facilitate identification for taxation purposes.

Tax invoice – A document that suppliers issue displaying price and GST (if relevant).

Tax period – In accounting, a period of one or three month duration that applies to GST and BAS. Quarterly tax periods finish on 31 March, 30 June, 30 September and 30 December. Monthly periods conclude on the last day of each calendar month.

Taxable supplies – This includes the majority of goods and services a business sells.

GST-free or input taxed supplies are exempt.

Term – A length of time, eg. the period in which a loan must be repaid.

Terms and conditions – Provisions that outline each party's specific obligations with regards to a contract or transaction.

Transaction – A transfer of money, such as bank deposits or withdrawals.

Transfer – Documentation that confirms change of ownership.

Trust – An entity, managed by a trustee, that holds assets or capital on behalf of an individual or group.

Trust account – An account used by professionals (lawyers, accountants etc.) to manage the funds of their client.