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 9

    The Australian Taxation Office started as the Commissioner of Land Tax in 1910 with a dozen employees. It was based in the Department of Treasury, situated in Melbourne, which was the seat of the Commonwealth Parliament until 1927.

Youth Allowance

An Australian Government payment to a young person who is undertaking study, training or an apprenticeship, is sick or is looking for work.

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