1:4.5 means that the maximum magnification ration is 1/4.5, which calculates to 0.222. So your kit lens has a slightly greater maximum magnification, but there's very little in it.
Right - now what do the numbers mean? Basically, it's how big the image of a given object is on the sensor, when the lens is at maximum zoom and minimum focus distance. Under these conditions, an object that is 1 cm across in real life will be 0.25 cm or 0.22 cm across on the sensor. Now, the sensor on your Sony A300 measures 23.6 x 15.8 mm. So at 0.25x you can fill the frame with an object which is 94 x 63 mm, and at 0.222x you can fill the frame with an object which measures 106mm x 71 mm.