Commmerce

Apprentice

• A person who works for a skilled person to gain knowledge and skills in a particular job.
• Apprentices usually work for lower wages than skilled workers.

Birth Certificate

• A formal document that records details of a person's birth.
• Issued by the NSW Registry of Births, Deaths and Marriages.
• Contains information such as name and place of birth.

Bond

• Money deposited with the Rental Bond Board.
• Used to cover damages or cleaning costs if a rented property is left in a bad condition.

Budget

• A plan that outlines income and expected expenses.

Centrelink

• The Australian government's main welfare agency.
• Provides financial assistance, counseling, and social work support to those in need.

Community Services

• Services funded by the community to provide something beneficial but not for profit.

Condition Report

• A detailed document that records the condition of a property when new tenants move in.

Cooling Off Period

• A period after a sale contract is signed during which the buyer can cancel without penalty.

Debit Card

• A plastic card that allows users to buy goods by transferring money from their bank account to the store's account.
• Can also be used to withdraw cash.

Deductions

• Items that reduce a person's assessable income, lowering the amount of tax owed.

Establishment Costs

• One-time expenses associated with starting a new place to live or a business.

Exclusions

• Specific items not covered by an insurance policy.

Fixed Expenses

• Expenses that remain consistent each time, such as monthly rent or a fixed minimum charge for a mobile phone.

Inclusions

• Things that are covered by an insurance policy.

Insurance

• A financial agreement where a person or property is covered in case of loss, damage, or accidents.
• Helps individuals avoid financial hardship in the event of covered incidents.

Insured

• The person or entity covered by an insurance policy.

Insurer

• The company providing insurance coverage.

Kitty

• A shared fund of money contributed by a group of people, such as flatmates.

Landlord

• The person who owns a rented property.

Lease

• A legally binding contract between a tenant and a landlord that allows the tenant to use the landlord's property in exchange for rental payments.

Medicare Card

• A card issued by the Australian government to individuals or families, allowing them to access free healthcare services from doctors and public hospitals.

Medicare Levy

• An additional 2% tax on income used to fund the Medicare system.

Mortgage

• A loan from a financial institution, like a bank, where an asset (e.g., a house) is used as security in case the loan is not repaid.

Ongoing Costs

• Recurring expenses such as rent, mortgage payments, and utility bills.

Payday Loan

• A high-cost, short-term loan for small amounts.
• The borrower agrees to repay the loan when they receive their next paycheck.

Premium

• The amount of money paid to receive insurance coverage.

Progressive Tax System

• A tax system where higher earners pay a larger percentage of their income as tax.

Refuge

• A safe haven providing shelter and protection from unsafe situations, such as a youth refuge.

Reservation Fee

• Usually one week's rent that secures a property for a person while their tenancy application is being reviewed.

Residential Tenancy Agreement

• The standard agreement between tenants and landlords when renting a house or flat.

Sharing Economy

• Also known as collaborative consumption, it involves individuals sharing their possessions for payment.

Superannuation

• Money saved during a person's working life for retirement.
• Commonly referred to as "super".
• Typically contributes 10.5% of income.

Tax File Number

• A unique personal reference number issued by the Australian Taxation Office.
• Used to identify individuals and enforce tax laws.

Tenant

• The person or people renting a property from a landlord.

Utility

• An organization that provides essential services to the community, such as water, gas, or electricity.

Variable Expenses

• Expenses that fluctuate in amount, such as groceries or entertainment costs.