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, bottom of, bottom, harbour, tax and/or avoidance:
“The brown waves of fog toss up to me
Twisted faces from the bottom of the street,
And tear from a passer-by with muddy skirts
An aimless smile that hovers in the air
And vanishes along the level of the roofs.”
—T.S. (Thomas Stearns)
“There is only one honest impulse at the bottom of Puritanism, and that is the impulse to punish the man with a superior capacity for happiness—to bring him down to the miserable level of “good” men i.e., of stupid, cowardly and chronically unhappy men.”
—H.L. (Henry Lewis)
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—Herman Melville (1819–1891)
“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)
“The American Dream, the idea of the happy ending, is an avoidance of responsibility and commitment.”
—Jill Robinson (b. 1936)