A pay-as-you-earn tax (PAYE) or pay-as-you-go is a withholding tax on income payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may include withholding the employee portion of insurance contributions or similar social benefit taxes. In most countries, they are determined by employers but subject to government review. PAYE is deducted from each paycheck by the employer and must be remitted promptly to the government. Most countries refer to income tax withholding by other terms, including pay-as-you-go tax.
The Australian Taxation Office (ATO) is an Australian government statutory agency and the principal revenue collection body for the Australian government. The ATO has responsibility for administering the Australian federal taxation system, superannuation legislation, and other associated matters. Responsibility for the operations of the ATO are within the portfolio of the federal Treasurer.
Employee benefits and benefits in kind include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing furnished or not, with or without free utilities; group insurance ; disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation ; social security; profit sharing; employer student loan contributions; conveyancing; domestic help (servants); and other specialized benefits.
The constitutional basis of taxation in Australia is predominantly found in sections 51(ii), 90, 53, 55, and 96, of the Constitution of Australia. Their interpretation by the High Court of Australia has been integral to the functioning and evolution of federalism in Australia.
Income tax in Australia is imposed by the federal government on the taxable income of individuals and corporations. State governments have not imposed income taxes since World War II. On individuals, income tax is levied at progressive rates, and at one of two rates for corporations. The income of partnerships and trusts is not taxed directly, but is taxed on its distribution to the partners or beneficiaries. Income tax is the most important source of revenue for government within the Australian taxation system. Income tax is collected on behalf of the federal government by the Australian Taxation Office.
Superannuation in Australia are the arrangements put in place by the Government of Australia to encourage people in Australia to accumulate funds to provide them with an income stream when they retire. Superannuation in Australia is partly compulsory, and is further encouraged by tax benefits. The government has set minimum standards for contributions by employees as well as for the management of superannuation funds. It is compulsory for employers to make superannuation contributions for their employees on top of the employees' wages and salaries. The employer contribution rate has been 9.5% since 1 July 2014, and as of 2015, was planned to increase gradually from 2021 to 12% in 2025. People are also encouraged to supplement compulsory superannuation contributions with voluntary contributions, including diverting their wages or salary income into superannuation contributions under so-called salary sacrifice arrangements.
Taxes in New Zealand are collected at a national level by the Inland Revenue Department (IRD) on behalf of the Government of New Zealand. National taxes are levied on personal and business income, and on the supply of goods and services. There is no capital gains tax, although certain "gains" such as profits on the sale of patent rights are deemed to be income – income tax does apply to property transactions in certain circumstances, particularly speculation. There are currently no land taxes, but local property taxes (rates) are managed and collected by local authorities. Some goods and services carry a specific tax, referred to as an excise or a duty, such as alcohol excise or gaming duty. These are collected by a range of government agencies such as the New Zealand Customs Service. There is no social security (payroll) tax.
The business activity statement (BAS) is a form submitted to the Australian Taxation Office (ATO) by registered business entities to report their tax obligations, including GST, pay as you go withholding (PAYGW), pay as you go instalments (PAYGI), fringe benefits tax (FBT), wine equalisation tax (WET) and luxury car tax (LCT). PAYGW is sometimes known as "Income Tax Withholding (ITW)," PAYGI is sometimes known as "Income Tax Instalments (ITI)".
The term novated lease is used to refer to a motor vehicle lease which has been novated, that is, the obligations in the contract have been transferred from one party to another.
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission.
An honorarium is an ex gratia payment, i.e., a payment made, without the giver recognizing themself as having any liability or legal obligation, to a person for his or her services in a volunteer capacity or for services for which fees are not traditionally required. It is a common remuneration practice in schools or sports clubs, for teachers and coaches. Another example includes the payment to guest speakers at a conference meeting to cover their travel, accommodation, or preparation time. Services for Christian Church funerals and/or memorial services are often paid by honorarium, as the minister, musicians, organist, soloist and others, out of care, do not have a set fee for services to grieving families. Likewise, wedding officiants are sometimes paid through honorarium.
Salary packaging is the inclusion of employee benefits in an employee remuneration package in exchange for giving up part of monetary salary. Such arrangements are entered into most commonly if there are tax or other benefits to be derived by the employer or employee from the arrangement.
A Division 7A dividend in the Australian tax system is an amount treated by the Australian Tax Office (ATO) as an assessable dividend of a shareholder of a private company that attempts to make a tax-free distributions of profits to the shareholder, or an associate of the shareholder.
A take-home vehicle, or company car is a vehicle which companies or organisations lease or own and which employees use for their personal and business travel.
The 2011 Australian federal budget for the Australian financial year ended 30 June 2012 was presented on 10 May 2011 by the Treasurer of Australia, Wayne Swan, the fourth federal budget presented by Swan, and the first budget of the Gillard Government. The budget forecast a $22.6 billion deficit and delivered a $44.4 billion deficit.
Taxation in Estonia consists of state and local taxes. A relatively high proportion of government revenue comes from consumption taxes whilst revenue from capital taxes is one of the lowest in the European Union.
