The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import taxes were put on spirits, wine and beer.
- 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.