'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.
Tax file number (TFN)
A unique number issued by the ATO to individuals and organisations to increase the efficiency in administering tax and other Australian Government systems, such as income support payments.read more glossary terms