towards independence

apprentice

a person who has agreed to work for a skilled person for a particular period of time and often for lower wages in order to gain knowledge and skills about a particular job — for example, an apprentice plumber

birth certificate

an official copy of your birth registration held by the NSW Registry of Births, Deaths and Marriages, including information such as name and place of birth

bond

money that is lodged with the Rental Bond Board. It is used to cover any damages or cleaning costs if the rented premises are left in an unsatisfactory condition

budget

a list of income and likely expenditures

Centrelink

the main federal government welfare agency. It provides financial assistance as well as counsellors and social workers to those in need

community services

services largely funded from within the community to provide something that is desirable but not profit making

condition report

details the exact condition of a property when new tenants move in

cooling off period

a period of time after a sale contract has been signed, during which the buyer can cancel the contract without receiving a penalty

debit card

plastic card that allows you to buy goods by electronically transferring money out of your account into the store’s account. It can also be used to obtain cash

deductions

items that can be used to reduce your assessable income, thus reducing the amount of tax you pay

establishment costs

one-off costs for setting up a new place to live or a business

exclusions

the things that an insurance policy will not specifically cover

fixed expenses

expenses that are the same amount every time — for example, monthly rent, or a minimum charge of $40 per month for a mobile phone

inclusions

the things that an insurance policy covers

insurance

the payment of an amount of money that covers a person or property in the event of loss, damage or accident so that the person does not suffer a severe financial setback

insured

the person who is covered by the insurance policy

insurer

the company that is providing the insurance

kitty

a central fund of money that has been contributed by a group of people (e.g. flatmates)

landlord

the person who owns the premises being rented

lease

a legal contract between a tenant and a landlord that allows the tenant to use the landlord’s property in return for rental payments. Once a lease is signed, it is a legally binding document

Medicare card

a card issued by the government to individuals or families which they can use to access free health care by a doctor and access free health care at a public hospital

Medicare levy

an additional tax of 2% of income used to fund the Medicare system

mortgage

a loan from a financial institution such as a bank where something is held as security in case the loan is not repaid, e.g. a house

ongoing costs

those costs that keep on recurring such as rent, mortgage and electricity bills

payday loan

a high-cost, short-term and small amount loan. The borrower agrees to pay back the loan when they receive their next pay

premium

the amount of money to be paid to receive insurance cover

progressive tax system

in a progressive tax system, as a person’s income increases the percentage that is paid in tax also increases

refuge

a place of shelter which keeps a person safe and protects them from danger — for example, a youth refuge

reservation fee

usually one week’s rent that will reserve the premises for a person while their application for tenancy is being considered

residential tenancy agreement

the standard agreement between tenants and a landlord when a house or flat is being rented

sharing economy

also known as collaborative consumption, involves people sharing their possessions for payment

superannuation

money set aside during your working life for retirement; commonly called ‘super’

tax file number

a unique personal reference number the Australian Taxation Office gives to a person so they can identify them and enforce Australia’s taxation laws

tenant

the person or persons who rents a property from a landlord

utility

an organisation supplying the community with a service such as water, gas or electricity

variable expenses

expenses that change over time, and do not occur on a regular basis. For example, a person may go to a music concert this month to hear their favourite singer and buy a computer game next month

warranty

a promise to repair any defects that are in a product