Glossary beginning with S

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

When an individual makes extra contributions to their super fund from their pre-tax salary.

Scam search for term

A fraudulent, illegal or dishonest scheme.

Self-assessment search for term

Australia's tax system works on self-assessment. When a taxpayer completes their income tax return, they must show all of their income and only claim allowable deductions and tax offsets to which they are entitled. The ATO issues a notice of assessment based on the information provided in the tax return.

Self-managed super fund (SMSF) search for term

A super fund set up and operated by an individual or group of people for their own retirement benefit.

Shareholder search for term

A person who owns shares in a company.

Shares search for term

Shares represent part ownership of a company.

Sole trader search for term

A person who owns and operates a business for themselves.

Stamp duty search for term

A tax levied by state and territory governments on the purchases of certain assets, for example, property.

Standard choice form search for term

A form filled in when an employee chooses or changes the super fund into which their employer contributes their super.

Statement of financial position search for term

A document summarising the assets, liabilities and net worth (or owner’s equity) of a business.

Substantiation search for term

Evidence of allowable deductions. Taxpayers must keep documents and records that can be used to prove they actually incurred the expenses they have claimed. These records must generally be kept for five years after they are claimed on a tax return.

Super co-contribution search for term

If a person earns below a certain threshold, the Australian Government will match their personal super contributions.

Superannuation / Super search for term

A system where money is placed into a fund to provide for a person’s retirement.

Superannuation / super guarantee search for term

A minimum amount set by law that an employer must contribute into an employee’s super fund.

Superannuation / super guarantee charge search for term

A charge that employers have to pay to the ATO when they either pay super for their employees late or they don’t pay at all.

Superannuation fund search for term

A fund or scheme for the future payment of benefits following retirement, serious disability or death.

Wacky facts

  • Fact 4

    The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import taxes were put on spirits, wine and beer.

Glossary

Property

Residential or business premises, land or houses.

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