Compliance glossary

ABN (Australian Business Number)

11-digit identifier for entities carrying on a business or enterprise in Australia.

ABR (Australian Business Register)

Federal registry of ABN-issued entities.

ACL (Australian Consumer Law)

Schedule 2 of the CCA — national consumer protection law.

AEMO (Australian Energy Market Operator)

National energy market operator.

AER (Australian Energy Regulator)

National energy market regulator.

AFCA (Australian Financial Complaints Authority)

Sole AU external dispute resolution scheme for financial services.

AFSA (Australian Financial Security Authority)

Federal personal insolvency + PPSR regulator.

AFSL (Australian Financial Services Licence)

Licence required to provide financial services to Australian retail and wholesale clients.

AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing)

Federal regime requiring reporting entities to detect and report financial crime.

AN-ACC (Australian National Aged Care Classification)

Residential aged care funding classification.

ANZSIC (Australian and New Zealand Standard Industrial Classification)

Statistical classification of business activity used by the ABS.

APP (Australian Privacy Principles)

13 principles under the Privacy Act 1988 governing handling of personal information.

APRA (Australian Prudential Regulation Authority)

Prudential regulator of banks, insurers and super trustees.

ARNECC (Australian Registrars' National Electronic Conveyancing Council)

Inter-jurisdictional body governing e-conveyancing rules.

ASRS (Australian Sustainability Reporting Standards)

Mandatory climate-related financial disclosure standards (AASB S2).

AUSTRAC

Australia's AML/CTF regulator and financial intelligence unit.

BAS (Business Activity Statement)

Consolidated tax reporting form for GST, PAYG and other federal taxes.

BEAR (Banking Executive Accountability Regime)

Predecessor to FAR for banking — superseded 15 March 2024.

BID (Best Interests Duty)

Mortgage broker statutory duty to act in client's best interests.

BNPL (Buy Now Pay Later)

Captured by NCCP from 10 June 2025.

BOSE (Basic Online Safety Expectations)

Standards under the Online Safety Act 2021 for online service providers.

CARF (Crypto-Asset Reporting Framework)

OECD framework for crypto-asset reporting; Australia implements 2026-2027.

CCR (Comprehensive Credit Reporting)

Mandatory CCR contribution by major banks (from 2018-2019).

CDD (Customer Due Diligence)

Identity verification + risk assessment of customers under AML/CTF.

CDR (Consumer Data Right)

Federal data portability framework — banking + energy active.

CoR (Chain of Responsibility)

HVNL primary safety duty across the heavy vehicle supply chain.

CPS 220 (Risk Management)

APRA prudential standard for risk management framework.

CPS 230 (Operational Risk Management)

APRA prudential standard for operational risk + third-party management.

CPS 234 (Information Security)

APRA standard requiring information security capability.

CRICOS (Commonwealth Register of Institutions and Courses for Overseas Students)

Registration required to offer education to overseas students.

CWC (Charitable Fundraising — state)

State charitable fundraising authority requirement.

DDO (Design and Distribution Obligations)

Issuer + distributor obligations for retail financial products + credit.

DGR (Deductible Gift Recipient)

ATO endorsement enabling tax-deductible donations.

DGR (Deductible Gift Recipient)

ATO endorsement enabling tax-deductible donations.

Director ID (Director Identification Number)

Permanent 15-digit identifier for company directors.

DPN (Director Penalty Notice)

ATO mechanism making directors personally liable for unpaid PAYG, GST, SG.

EDD (Enhanced Due Diligence)

Higher-tier customer due diligence for high-risk customers under AML/CTF.

ELN (Electronic Lodgement Network)

E-conveyancing platforms (PEXA + Sympli).

EPBC (Environment Protection and Biodiversity Conservation)

Federal environmental approval regime.

ESOS (Education Services for Overseas Students)

Federal regulation of international student education.

Essential Eight

ASD baseline cyber security strategy — 8 mitigation strategies, ML0 to ML3.

EVP (Eligible Visa Programme — VEVO)

Employer visa entitlement verification via VEVO.

FAR (Financial Accountability Regime)

Executive accountability regime for banking, insurance and super.

FASEA (Financial Adviser Standards) — now in Corporations Act

Education + ethics standards for relevant providers under s 921B.

FBT (Fringe Benefits Tax)

Tax on non-cash benefits employers provide to employees.

FIRB (Foreign Investment Review Board)

Advisory body screening foreign investment in Australian assets.

FITS (Foreign Influence Transparency Scheme)

Federal registration for foreign-principal influence activity.

FSG (Financial Services Guide)

AFSL holders must provide FSG to retail clients before service.

FWC (Fair Work Commission)

National workplace relations tribunal.

GED (General Environmental Duty)

Vic Environment Protection Act 2017 — duty to minimise harm.

GIPA (NSW Government Information (Public Access) Act 2009)

NSW equivalent of FOI — open access to government info.

GST (Goods and Services Tax)

10% federal value-added tax on most supplies.

HESF (Higher Education Standards Framework)

TEQSA-administered threshold standards for higher education providers.

HRWL (High Risk Work Licence)

WHS licence for 29 high-risk work classes.

IFRS S2 (ISSB Climate Standard)

International climate disclosure standard adopted by Australia as AASB S2.

IFTI (International Funds Transfer Instruction)

AML/CTF report for international funds movement.

IRAP (Information Security Registered Assessor Program)

ASD endorsement for cyber assessors of Commonwealth info.

ISM (Information Security Manual)

ASD federal cyber security technical framework.

IVD (In-Vitro Diagnostic medical device)

Medical device for in-vitro examination of human specimens.

LAFHA (Living-Away-From-Home Allowance)

FBT-treated allowance for employees living away from home for work.

LCC (Low Cost Credit Contract)

BNPL category under NCCP from 10 June 2025.

LCT (Luxury Car Tax)

33% tax on the GST-inclusive value of luxury cars above LCT threshold.

ML0 / ML1 / ML2 / ML3 (Essential Eight Maturity Levels)

ASD's Essential Eight maturity framework.

MNES (Matters of National Environmental Significance)

EPBC Act protected matters — federal approval triggers.

NCC (National Construction Code)

National minimum standards for design + construction of buildings + plumbing.

NDB (Notifiable Data Breach)

Privacy Act scheme requiring notification of eligible data breaches.

NDIS Quality and Safeguards Commission

National regulator of NDIS providers and workers.

NEM (National Electricity Market)

Spot market for electricity covering all states except WA + NT.

NGER (National Greenhouse and Energy Reporting)

Mandatory federal scheme for emissions + energy reporting.

NOPSEMA (National Offshore Petroleum Safety and Environmental Management Authority)

Federal offshore petroleum + gas regulator.

NQF (National Quality Framework — ECEC)

ECEC national quality + ratings framework.

OAIC (Office of the Australian Information Commissioner)

Federal privacy + FOI regulator.

Ordinary Time Earnings (OTE) vs Qualifying Earnings (QE)

Super earnings bases — OTE until 30 June 2026; QE from 1 July 2026.

OTE (Ordinary Time Earnings)

Earnings on which super guarantee was payable (pre-Payday Super).

PAF (Private Ancillary Fund)

DGR Item 2 charitable trust requiring 5% min distribution.

Payday Super

From 1 July 2026, super must be paid on every payday (not quarterly).

PI Insurance (Professional Indemnity)

Insurance protecting against claims arising from professional services.

POP (Persistent Organic Pollutant)

Toxic chemicals banned + restricted under Stockholm Convention.

PPIPA (NSW Privacy and Personal Information Protection Act 1998)

NSW state privacy law for NSW public sector.

PPL (Paid Parental Leave)

Government-funded parental leave at minimum wage.

PPSR (Personal Property Securities Register)

Federal register of security interests in personal property.

PSP (Payment Service Provider)

Treasury reform of payments licensing — non-bank payments.

QE (Qualifying Earnings)

Earnings base for super guarantee under Payday Super.

ReOC + RePL (Drone operations)

CASA certifications for commercial drone operations.

RFBA (Reportable Fringe Benefits Amount)

Per-employee grossed-up fringe benefits visible on STP.

RFFR (Right Fit For Risk)

Federal cyber security requirement for OFFICIAL: Sensitive contracts.

RG 126 (AFSL PI insurance)

ASIC guidance on PI insurance for AFSL holders dealing with retail.

RG 175 (financial product advice)

ASIC guidance on s 961B-G best interests + appropriate advice duties.

RG 271 (Internal Dispute Resolution)

ASIC regulatory guide setting binding IDR standards for financial firms.

RG 271 (Internal Dispute Resolution)

ASIC binding IDR standards.

RG 78 (ASIC breach reporting)

Reportable situation reporting by AFSL + ACL holders.

RSA / RCG (Responsible Service of Alcohol / Conduct of Gambling)

State-mandated training for liquor + gaming staff.

RSNL (Rail Safety National Law)

Federal model rail safety law applied in each state.

RTO (Registered Training Organisation)

VET provider registered by ASQA.

SACC (Small Amount Credit Contract)

Payday loans — Total cost caps + protected earnings.

SAF (Skilling Australians Fund)

Federal levy on 482 + other visa sponsors at nomination.

SG (Superannuation Guarantee)

Mandatory employer super contribution — 12% of OTE / QE.

SIRS (Serious Incident Response Scheme)

Aged care + NDIS regimes for notification of serious incidents.

SMR (Suspicious Matter Report)

AML/CTF report when an entity forms a suspicion about a customer or transaction.

SOA (Statement of Advice)

Document required when personal financial advice provided to retail client.

SOCI (Security of Critical Infrastructure)

Federal regime for cyber + physical resilience of critical infrastructure.

SPS 515 (Strategic Planning + Member Outcomes)

APRA prudential standard for RSE annual member-outcomes assessment.

STP (Single Touch Payroll)

ATO real-time payroll reporting.

TASA (Tax Agent Services Act 2009)

Federal regime for tax + BAS agents.

TCSPs (Trust and Company Service Providers)

Entities providing trust + company formation as a service — captured by Tranche 2 AML.

TFN (Tax File Number)

Personal or entity tax identifier issued by the ATO.

TIA Act (Telecommunications (Interception and Access) Act 1979)

Federal interception + data retention law.

TMD (Target Market Determination)

Required statement under DDO setting the target market for a financial product.

TMD (Target Market Determination)

DDO requirement: target market for retail financial product.

TPS (Tuition Protection Service)

Federal levy + insurance protecting overseas students.

TTR (Threshold Transaction Report)

AML/CTF report for cash transactions of $10,000+.

UCT (Unfair Contract Terms)

Regime under the ACL + ASIC Act prohibiting unfair terms in standard form contracts.

VEVO (Visa Entitlement Verification Online)

Department of Home Affairs system for verifying visa work rights.

VMPR (Vacant Residential Land Tax — VIC)

Vic surcharge on vacant residential property.

VRLT (Vacant Residential Land Tax — VIC)

Vic 1% / 2% / 3% surcharge on vacant residential land.

WET (Wine Equalisation Tax)

29% federal tax on wholesale value of wine.

WGEA (Workplace Gender Equality Agency)

Administers the gender equality reporting regime for 100+ employee businesses.

WGT (Windfall Gains Tax — VIC)

Vic 50% tax on rezoning value uplift ≥$500K.

WHS (Work Health and Safety)

Harmonised model legislation for workplace safety.

YFYS (Your Future, Your Super)

Annual super performance test introduced 2021.