'Bottom of the harbour' schemes were a form of tax avoidance used in Australia in the 1970s. The 'harbour' referred to was Sydney Harbour, which was near the financial district. Participation in the schemes was made a criminal offence in 1980.
- Net amount payable
The total amount required to be paid to the ATO. It includes an individual's tax payable and their Medicare levy (if applicable), less any credits for tax offsets and PAYG amounts.
- Notice of assessment
The notice sent to an individual after their tax return has been processed, advising them of the tax they owe or their refund entitlement.
A document that a financial service provider must give to an individual when they recommend or sell a financial product. It must include the risks, benefits, key features, fees, commissions and complaint-handling processes.read more glossary terms