Terminology

• Reverse Mortgage is borrowing money against the equity in your own home. On death and settlement of assets, the money is repaid plus interest.

• Financial Planner is a qualified investment professional who helps people and businesses set financial goals through investments and tax planning etc.

• Chronic or serious illness is a permanent or long lasting illness.

• Sick Leave most employees receive a minimum of five days' paid sick leave a year after the first six months of continuous employment.

• Long Service Leave is a period of paid leave (three months) granted to employees for "long service" to an employer usually after 10 years of full time work.

• Annual Leave is usually four weeks of paid leave each year of full time work. Some new Workplace Agreements have less annual leave but no less than two weeks. Part time workers receive annual leave on a pro rata basis and casuals don’t have annual leave entitlements.

• Worker’s Compensation is a benefit paid to an employee (or an employee's family) if the employee suffers injuries at work or on the way to or from the workplace. It covers medical expenses and lost income if they are hurt in the course of doing work-related activities.

• Sickness Benefits is a fortnightly allowance paid by the Government to someone who is too ill to work.

• Superannuation is 9% of an employee’s salary, called the ‘superannuation guarantee’ contributed to a super fund by an employer to accrue as an enforced savings plan for retirement support.

• Discrimination is not judging a person on their skills, merits and abilities and it is any practice that makes distinctions between individuals or groups that disadvantage some and gives advantages to others. 

• Litigation is the process of bringing a dispute to court.

• Insurance Brokers offer insurance quotes for a range of products on behalf of many organisations and don’t work for any one insurance company. They receive a fee from you for setting up a policy and often a yearly fee for every year you hold the policy.

• Life Insurance is a guarantee of receiving a set amount of money in the case of injury, death, accident, storm damage etc. The buyer of the insurance policy pays a set fee each year and either pays it in weekly, monthly or quarterly payments or in one lump sum.

• Income Protection Insurance is a specified amount of money an insurer will pay (usually monthly payments) if you become disabled and unable to work.

• Trauma Insurance pays a large lump sum of money if you suffer from a major illness such as a heart attack or cancer.

• Disability is a condition which restricts or disadvantages a person, participating in events and activities.

• Power of Attorney is a document giving a person (or persons) nominated by you, the legal power to act on your behalf. If you become ill, your attorney can manage your financial affairs and make decisions on your behalf and in your best interests.

• Enduring Power of Attorney (or Medical Power of Attorney) acts on your behalf even after you have lost your mental capacity and makes medical treatment decisions while you are unable to.

• Public Advocate is a government appointee similar to an ombudsman. In Australia they represent the rights of people who are disabled or disadvantaged in the community.

• The Federal Privacy Commissioner is an independent Office which has responsibilities under the Federal Privacy Act  to protect personal information such as credit ratings, bank details which may be held and storied by organisations such as hospitals etc.

• Will is a document which states how you want your assets to be distributed after your death.

• An accountant is a qualified person who maintains and audits business and personal accounts which are sent to the Taxation office yearly for checking.

• Taxation is a Government charge taken from a person’s earnings to help maintain a community’s services such as roads, health, educations, transport etc. to maintain a reasonable standard of living.

• Rebates are partial or full refunds of money already paid for a service or goods and are often given in taxation returns.

• Savings are accumulated income or earnings which are surplus to your living costs.

• Mortgage is a contractual agreement where one party (the mortgagor) provides property as security for a loan provided by the other party (the mortgagee which is often a bank). Mortgages are mostly long term and can be for up to 30 years before paid off.

• Dependant is a relative supported financially such as a son, stepson, daughter, stepdaughter, or spouse.

• Tax deduction is an amount deducted from a taxable income which reduces the income and the amount of tax to be paid.

• Para Medical Professional is someone trained to assist medical professionals and to give emergency medical treatment. For example a nurse or an ambulance driver.

• Therapeutic treatment is the part of a treatment that is needed to actually treat a disease or illness and something which is good. For example a specific amount of medication or fresh fruit and vegetables are considered therapeutic treatments.

• Pharmaceutical Benefits Scheme (PBS) is a program which subsidises medicines to Australian residents and reduces the cost of hundreds of drugs.