'Bottom of the harbour' schemes were a form of tax avoidance used in Australia in the 1970s. The 'harbour' referred to was Sydney Harbour, which was near the financial district. Participation in the schemes was made a criminal offence in 1980.
- Eligible rollover fund (ERF)
A regulated superannuation fund or an approved deposit fund.
An individual, sole trader, body corporate, company, corporation, partnership, trust or superannuation fund.
A tax on certain goods produced or manufactured in Australia. These goods include alcohol, tobacco and petroleum. Customs duty at an equivalent rate is levied on imported goods to ensure that these goods are treated consistently with local goods.
- Exempt income
Income that is not taxable, for example, an invalidity pension.