australia-bookkeeping

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# Australia Bookkeeping

## Australia Bookkeeping

## Section 1 -- Quick Reference

**Quick Reference**

| Field | Value |
| --- | --- |
| Country | Australia (Commonwealth of Australia) |
| Currency | AUD ($) only |
| Financial year | 1 July – 30 June (standard); substituted accounting period available for companies |
| Accounting standards | AASB (full IFRS-based); AASB 1060 Simplified Disclosures (Tier 2); Special Purpose for non-reporting entities |
| Governing body | Australian Accounting Standards Board (AASB) |
| Tax authority | Australian Taxation Office (ATO) |
| Key legislation | Corporations Act 2001 (financial reporting Ch.2M); Income Tax Assessment Act 1936/1997; A New Tax System (GST) Act 1999 |
| GST registration threshold | $75,000 turnover ($150,000 for non-profits) |
| Small business entity threshold | Aggregated turnover < $10 million |
| BAS lodgement | Quarterly (most small businesses) or monthly ($20m+ turnover) |

## Section 2 -- Standard Chart of Accounts

Australian software (Xero, MYOB, QuickBooks) typically uses 3–4 digit codes. The structure below follows common Australian practice.

### Assets (1000–1999)

**Assets (1000–1999)**

| Code | Account | Type |
| --- | --- | --- |
| 1000 | Cash on Hand / Petty Cash | Current asset |
| 1010 | Business Bank Account | Current asset |
| 1020 | Savings Account | Current asset |
| 1030 | Term Deposits (< 12 months) | Current asset |
| 1050 | Undeposited Funds | Current asset |
| 1100 | Accounts Receivable (Trade Debtors) | Current asset |
| 1110 | Other Debtors | Current asset |
| 1120 | Prepayments | Current asset |
| 1150 | GST Receivable (Input Tax Credits) | Current asset |
| 1200 | Inventory / Stock on Hand | Current asset |
| 1300 | Land | Non-current asset |
| 1310 | Buildings | Non-current asset |
| 1311 | Accumulated Depreciation — Buildings | Contra asset |
| 1320 | Plant and Equipment | Non-current asset |
| 1321 | Accumulated Depreciation — Plant & Equipment | Contra asset |
| 1330 | Motor Vehicles | Non-current asset |
| 1331 | Accumulated Depreciation — Motor Vehicles | Contra asset |
| 1340 | Office Equipment | Non-current asset |
| 1341 | Accumulated Depreciation — Office Equipment | Contra asset |
| 1350 | Computer Equipment | Non-current asset |
| 1351 | Accumulated Depreciation — Computer Equipment | Contra asset |
| 1360 | Furniture and Fittings | Non-current asset |
| 1361 | Accumulated Depreciation — Furniture & Fittings | Contra asset |
| 1400 | Small Business Pool | Non-current asset |

### Liabilities (2000–2999)

**Liabilities (2000–2999)**

| Code | Account | Type |
| --- | --- | --- |
| 2000 | Accounts Payable (Trade Creditors) | Current liability |
| 2010 | Other Creditors | Current liability |
| 2020 | Accrued Expenses | Current liability |
| 2050 | GST Payable (Collected) | Current liability |
| 2060 | GST Clearing / Control | Current liability |
| 2100 | PAYG Withholding Payable | Current liability |
| 2110 | Superannuation Payable | Current liability |
| 2120 | Provision for Annual Leave | Current liability |
| 2130 | Provision for Long Service Leave | Current liability |
| 2140 | Provision for Income Tax | Current liability |
| 2200 | Credit Card | Current liability |
| 2300 | Short-Term Loan (< 12 months) | Current liability |
| 2400 | Long-Term Loan (> 12 months) | Non-current liability |
| 2410 | Hire Purchase Liability | Non-current liability |
| 2500 | Director's Loan Account | Non-current liability |

### Equity (3000–3999)

**Equity (3000–3999)**

| Code | Account | Type |
| --- | --- | --- |
| 3000 | Share Capital / Owner's Equity | Equity |
| 3010 | Owner's Drawings | Equity |
| 3020 | Owner's Contributions | Equity |
| 3100 | Retained Earnings | Equity |
| 3200 | Current Year Profit/Loss | Equity |
| 3300 | Reserves | Equity |

### Revenue (4000–4999)

**Revenue (4000–4999)**

| Code | Account | Type |
| --- | --- | --- |
| 4000 | Sales Revenue — Taxable (GST 10%) | Revenue |
| 4010 | Sales Revenue — GST-Free | Revenue |
| 4020 | Sales Revenue — Input Taxed | Revenue |
| 4030 | Sales Revenue — Export (GST-Free) | Revenue |
| 4100 | Service Revenue | Revenue |
| 4200 | Interest Income | Revenue |
| 4300 | Rental Income | Revenue |
| 4400 | Government Grants / Subsidies | Revenue |
| 4500 | Other Income | Revenue |
| 4900 | Discount Allowed | Contra revenue |

### Cost of Goods Sold (5000–5999)

**Cost of Goods Sold (5000–5999)**

| Code | Account | Type |
| --- | --- | --- |
| 5000 | Purchases — Trading Stock | COGS |
| 5010 | Purchases — Materials / Components | COGS |
| 5020 | Freight Inward | COGS |
| 5030 | Direct Labour | COGS |
| 5040 | Subcontractor Costs | COGS |

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