Stands for "it's okay". It basically means "you're welcome". Often used in reply (via messenger, email etc.) to "thank you".
John: Oh I found the address of that website you wanted.
Ryan: Cheers.
John: 'ts kay.

OR

Lisa: I've got that book you lent me the other day; I'll give it to you at school tomorrow.
Sarah: Thanks.
Lisa: 'ts kay.
av aussie.elle 10 juli 2008

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