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What is a Trust? A trust is NOT a separate legal entity; it is a relationship. It does not pay taxes (however, DOES require lodgement of a separate income tax return) nor can it hold title over any assets. It is a vehicle in which assets are held by a...
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What is Superannuation? Superannuation is cash set aside over your lifetime to assist in funding your retirement. It generally cannot be accessed until you reach an eligible age, however hardship provisions may allow early access. What are Superannuation Funds? There are two types – public offer (e.g. industry funds) and...
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What is PAYG? Pay-As-You-Go requires tax payments as income is earned (not just on lodgement of an income tax return); imposed as Withholding and Instalments. PAYGW is withheld by the payer and they remit it to the ATO (e.g. employers remit on behalf of employees; banks remit on behalf of...