Bottom of the harbour tax avoidance was a form of tax avoidance used in Australia in the 1970s. Legislation (below) made it a criminal offence in 1980. The practice came to symbolise the worst of variously contrived tax strategies from those times.
In its 1986/87 annual report, the Australian Taxation Office (ATO) stated a total 6,688 companies had been involved, involving revenue of between $500 million and $1 billion.
Read more about Bottom Of The Harbour Tax Avoidance: Operation, Deputy Crown Solicitor Debacle, Crimes (Taxation Offences) Act 1980, Taxation (Unpaid Company Tax) Assessment Act 1982
Famous quotes containing the words bottom of the, tax avoidance, bottom of, bottom, harbour, tax and/or avoidance:
“The liquor of summer nights
Accumulates in the bottom of the bottle.”
—John Ashbery (b. 1927)
“Tax avoidance means that you hire a $250,000-fee lawyer, and he changes the word ‘evasion’ into the word ‘avoidance.’”
—Franklin D. Roosevelt (1882–1945)
“The liquor of summer nights
Accumulates in the bottom of the bottle.”
—John Ashbery (b. 1927)
“At the bottom of the heart of every human being, from earliest infancy until the tomb, there is something that goes on indomitably expecting, in the teeth of all experience of crimes committed, suffered, and witnessed, that good and not evil will be done to him. It is this above all that is sacred in every human being.”
—Simone Weil (1909–1943)
“Patience, the beggar’s virtue, Shall find no harbour here.”
—Philip Massinger (1583–1640)
“To tax and to please, no more than to love and to be wise, is not given to men.”
—Edmund Burke (1729–1797)
“Real good breeding, as the people have it here, is one of the finest things now going in the world. The careful avoidance of all discussion, the swift hopping from topic to topic, does not agree with me; but the graceful style they do it with is beyond that of minuets!”
—Thomas Carlyle (1795–1881)