Glossary beginning with L

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Land tax search for term

A tax paid to state and territory governments on land that is not used as a person's home.

Legislation search for term

A law that has been enacted or passed by a parliament and been given Royal Assent.

Limited liability search for term

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.

  • Fact 25

    The first computers used by the ATO were used primarily for issuing the five million refund cheques sent out each year in the mid 1960s.

Investment options

The range of investments into which individuals can invest their money.

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