Glossary beginning with W

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Withholding declaration search for term

A document that helps an employee notify their employer of a change in their PAYG withholding, for example, an entitlement to a tax offset. A withholding declaration authorises the employer to reduce or increase the amount of tax withheld from payments.

  • Fact 11

    The first new tax introduced after Federation was the Bank Notes Tax Act 1910 which introduced an Australian currency. It imposed a 10% tax on bank notes that had been previously issued privately. The new national currency first appeared in December 1910.

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.

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