'Bottom of the harbour' schemes were a form of tax avoidance used in Australia in the 1970s. The 'harbour' referred to was Sydney Harbour, which was near the financial district. Participation in the schemes was made a criminal offence in 1980.
An association of persons who carry on business together.
- PAYG instalments
A system used by individuals and businesses to pay tax, such as tax on investment and business income.
- PAYG withholding
A system used by employers to withhold ]income tax from employees and other workers.
- Payment summary
A statement issued to each employee by the employer at the end of the financial year (or when ceasing employment), setting out the gross income earned and the tax instalments deducted during the financial year.
- Payroll tax
A tax levied by state and territory governments on the total wages, salaries and non-cash benefits paid to employees. The rates and exemption levels vary among the states and territories.
- Pension (not including the age pension)
A series of regular payments made to an individual by their superannuation fund or retirement savings account (RSA).
- Pre-filling service
A service that partially completes an individual's myTax return by automatically filling in information the ATO has received from employers, superannuation funds and financial institutions.
- Preservation age
The minimum age when an individual can access their super benefits.
- Product Disclosure Statement
A document that a financial service provider must give to an individual when they recommend or sell a financial product. It must include the risks, benefits, key features, fees, commissions and complaint-handling processes.
- Profit and loss statement / statement of financial performance
A periodic statement showing the revenue, expenses and net profit or loss of a business or other entity.
- Progressive tax
A tax where the tax rate increases as the income increases. Income tax for individuals is a progressive tax.
- Proof of identity
A document, such as a passport or birth certificate, that proves an individual is who they say they are.
Residential or business premises, land or houses.
- Property rates
Taxes levied by local governments on property owners.
- Proportional tax
A tax where the tax rate is constant. GST and company tax are proportional taxes.
- Public goods and services
Goods and services provided by a government.
A trust exists when a person or company (called a 'trustee') holds assets on behalf of others who are intended to benefit from the assets, or income from those assets. Those intended to benefit are called 'beneficiaries'.read more glossary terms