Glossary of Terms

Glossary of Terms

Disclaimer: Terms in this glossary are provided for general information only and should not be taken as constituting professional advice from the website owner – the Australian Securities and Investments Commission (ASIC).


The words in brackets do not form part of the term. Where 'Business names' and/or 'SMSF auditors' appears in brackets alongside a term, this denotes the definition is only to be used in reference to the relevant register. These terms do not apply to any other ASIC services.

Viewing entries beginning with 'P'

Partnership (Business names)

A set of individuals and/or incorporated entities that have a business arrangement together and an Australian business number (ABN) with a view of making profit.


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Includes an individual, body corporate, partnership, and multiple trustees.

Prescribed university/institution (SMSF auditors)

Universities and institutions that are prescribed in the Superannuation Industry (Supervision) Regulations 1993.

See Prescribed universities, institutions and courses for SMSF Auditors for a full list.

Principal contact

A person nominated to receive copies of correspondence. Principal contacts can be appointed by:

  • a partnership;
  • an unincorporated body or association;
  • a trust; or 
  • a joint venture.

The principal contact will appear on the public register.

Principal place of business (Business names)

This is the primary location where you will carry on business. This address must be a street address in Australia - we will not accept a Post Office box. This address is displayed on the public register. However, if you are an individual or sole trader and your principal place of business is the same as your residential address, only the suburb, postcode and state or territory will be displayed.

Principal place of practice (SMSF auditors)

A physical address that is the principal or main location at which an SMSF auditor carries on business in Australia. This address appears on the public register.

Product disclosure statement (PDS)

A disclosure document that must be provided to a retail client for the offer or issue of a financial product.

Professional indemnity insurance (SMSF auditors)

A form of insurance that helps to protect the holder from bearing the full cost of defending against a claim of negligence.

Professional roles register

A series of registers that contain details of professional roles, including:

  • Australian financial services licensees and authorised representatives 
  • auditors 
  • liquidators 
  • Australian credit licensee and representatives, and 
  • other roles that existed before the introduction of Australian financial services licences.

Proposed business name

This is the name that is proposed for registration and is subject to the names availability rules.

Public Register (Business names)

This is the entries in the Business Names Register, which are available for searching by the public. Extract of these entries can be searched online.