Task A3.1 Tax revenue and my community

What would life be like without the kinds of things provided by local, state or territory, and the Australian government?

Task A3.1 Tax revenue and my community
Type: Theory
Questions: 1
Attempts allowed: Unlimited
Available: Always
Pass rate: 75%
Passed:
  • Fact 6

    '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.

Substantiation

Evidence of allowable deductions. Taxpayers must keep documents and records that can be used to prove they actually incurred the expenses they have claimed. These records must generally be kept for five years after they are claimed on a tax return.

read more glossary terms