Glossary beginning with P

Click one of the letters above to go to the page of all terms beginning with that letter.
Partnership search for term

An association of persons who carry on business together.

PAYG instalments search for term

A system used by individuals and businesses to pay tax, such as tax on investment and business income.

PAYG withholding search for term

A system used by employers to withhold ]income tax from employees and other workers.

Payment summary search for term

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 search for term

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) search for term

A series of regular payments made to an individual by their superannuation fund or retirement savings account (RSA).

Pre-filling service search for term

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 search for term

The minimum age when an individual can access their super benefits.

Product Disclosure Statement search for term

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 search for term

A periodic statement showing the revenue, expenses and net profit or loss of a business or other entity.

Progressive tax search for term

A tax where the tax rate increases as the income increases. Income tax for individuals is a progressive tax.

Proof of identity search for term

A document, such as a passport or birth certificate, that proves an individual is who they say they are.

Property search for term

Residential or business premises, land or houses.

Property rates search for term

Taxes levied by local governments on property owners.

Proportional tax search for term

A tax where the tax rate is constant. GST and company tax are proportional taxes.

Public goods and services search for term

Goods and services provided by a government.

  • Fact 22

    The changeover to decimal currency in 1966 created a massive amount of work for the ATO. In NSW alone, staff manually converted 200,000 accounts worth $450 million.

Australian federal budget

The estimated revenue and expenditure of the Australian Government for the financial year.

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