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.
- 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.