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 15

    Primary industry suffered severely in the 1930s due to drought and the Depression, so the government introduced three new taxes to support farmers: the flour tax, the wool tax and the apple and pear tax.

Fringe benefit

A benefit received by employees from their employer instead of salary or wages, such as the use of a car for private purposes.

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