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 5

    In 1917, during World War I, the price of admission into a place of entertainment was taxed. Auditors attended race meetings, theatre and picture shows to ensure the tax was being paid. This tax was also imposed from 1942 to 1953.

Fringe benefits tax (FBT)

A tax payable on a non-salary benefit to an employee. The employer pays the tax, not the employee.

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