AU Payroll and HR Glossary

Fair Work Ombudsmen (FWO) An independent statutory agency of the Government of Australia that serves as the central point of contact for free advice and information on the Australian national workplace relations system.

Financial management Financial management is when an organisation organises its financial resources. A senior financial manager will take charge of planning, directing, monitoring, organising and controlling resources to meet business objectives and return maximum value to stakeholders. It involves devising a financial plan and establishing procedures to collect data and make financial decisions.

Fixed assets Fixed assets are what a company buys for long-term use – such as machinery to manufacture goods, land, or buildings. Fixed assets aren’t expected to be turned into cash, except in exceptional circumstances.

Fringe Benefit A fringe benefit is an extra benefit on top of the wages provided to an employee. They can include health and life insurance, company car, and public transport subsidies that may be taxable or non-taxable.

FTE FTE stands for full-time employee, someone who works between 35 and 40 hours per week for a company. In return, they receive a salary and are entitled to benefits that casual, freelance, part-time or temporary workers aren’t eligible for. These include annual leave, sick leave and health benefits.

Fully managed payroll Fully managed payroll is when a business outsources their payroll to an external expert, rather than using inhouse staff. The benefits of fully managed payroll include saving time, reducing fixed overheads, ensuring compliance and migrating payroll to an automated system for greater transparency and productivity.