'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.
- Goods and services tax (GST) search for term
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A tax of 10% on the supply of most goods and services consumed in Australia.
- Gross salary search for term
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The amount of money earned by an employee before any deductions are taken into account.
- Growth phase search for term
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A superannuation investment prior to the time when an individual can withdraw funds.
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Fact 6
Tax file number (TFN)
A unique number issued by the ATO to individuals and organisations to increase the efficiency in administering tax and other Australian Government systems, such as income support payments.
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