'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.
- Land tax
A tax paid to state and territory governments on land that is not used as a person's home.
A law that has been enacted or passed by a parliament and been given Royal Assent.
- Limited liability
The limit placed on the responsibility of shareholders to pay for the debts of a company. Sole trader and partnership arrangements do not offer the business owner limited liability.
A statement issued to each employee by the employer at the end of the financial year (or when ceasing employment), setting out the gross income earned and the tax instalments deducted during the financial year.read more glossary terms