The opportunity to pay income tax in instalments, rather than once per year, was introduced in 1941.
- Activity statement
A single form used by businesses registered for GST to report their business tax entitlements and obligations including GST, PAYG instalments, PAYG withholding and FBT instalments. See also instalment activity statement.
- Age pension
A social security payment made by the Australian Government to Australian citizens who are over the qualifying age and meet the means tests.
- Allocated pension
A superannuation investment that gives an individual a regular income when they retire.
- Allowable deduction
An expense incurred in the course of earning income that can be used to reduce assessable income. Allowable deductions are sometimes simply referred to as deductions.
A request to the ATO by a taxpayer to change their tax return or notice of assessment.
ASFA is an acronym for The Association of Superannuation Funds of Australia.
- Assessable income
Gross income, including salary and wages, dividends, interest and rent before any deductions are allowed. Assessable income also includes net capital gains and other amounts that are not ordinarily classed as income.
An item of value such as property, a car or machinery, or a financial item such as shares or a bank account.
- Australian business number (ABN)
A business identifier for certain dealings with the ATO, other government departments and agencies, and other businesses.
- Australian Business Register (ABR)
A public register that contains details of all ABN registrations.
- Australian federal budget
The estimated revenue and expenditure of the Australian Government for the financial year.
- Australian Securities Exchange
An Australian exchange where shares and other securities are traded.
- Australian Taxation Office (ATO)
An Australian Government body that collects taxes and other revenue, and manages superannuation.