'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.
A tax levied by state and territory governments on the total wages, salaries and non-cash benefits paid to employees. The rates and exemption levels vary among the states and territories.read more glossary terms