| Patent |
An exclusive right granted to an owner to sell their particular device, substance, method or process that is new, inventive and useful. |
| Pay As You Go (PAYG) Withholding |
A legal requirement to hold back a portion of payments made to employees and other businesses which is then paid to the Tax Office. |
| Permit |
A legal document granting usually temporary permission to carry out a planned action. |
| Personal Services Income (PSI) |
Income that is mainly a reward for an individual's personal effort or skills. |
| Predatory Pricing |
When a business sets an unrealistically low price for the purpose of forcing a competitor to withdraw from the market. |
| Product Liability |
Insurance that covers a business for damage or injury caused to another business or person through the failure of a product sold by that business. |
| Professional Indemnity |
Insurance that protects a business if their client suffers a loss as a direct result of their advice. |
| Quarantine |
A term describing controls, regulations and isolation imposed on goods, animals or plants brought to or from foreign countries in order to prevent the spread of pests and diseases. |
| Rates |
Property taxes charged by local government on properties in their municipal area. |
| Retail lease |
A legally binding contract between a business and a landlord that sets out the terms by which a business can occupy a landlord's shop or premises. |
| Spam |
An unwelcome electronic mail message usually sent to a large number of recipients. |
| Stamp duty |
A state and territory government tax paid by a buyer on the purchase price of the property or asset. |
| Stocktaking |
A regular process involving a physical count of merchandise and supplies actually held by a business to verify stock records and accounts. |
| Tax File Number (TFN) |
A unique number issued by the Tax Office to individuals and organisations to monitor income and tax details. |
| Tender |
A process a government agency or company follows to seek quotes for required goods or services. |
| Trademark |
Any letter, number, word, phrase, sound, smell, shape, logo, picture, aspect of packaging or any combination of these that is adopted for use with particular goods or services and the owner of the trade mark. A registration of the trademark gives the owner the legal right to use, licence, or sell it within Australia. |
| Unconscionable Conduct |
When a business takes advantage of another, in a transaction in a way that offends the conscience, or acts in a way that is clearly unfair or unreasonable. |
| Workers Compensation |
A payment made to an employee affected by a work related injury or illness, to compensate for the loss of earning capacity, medical and rehabilitation expenses. |
Glossary of Terms
