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 2

    In 2003, New Zealand proposed an agricultural emissions research levy to be collected from livestock farmers. The tax was to be used to fund research into the livestock industry's emissions of gases.

Proportional tax

A tax where the tax rate is constant. GST and company tax are proportional taxes.

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