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Bottom Of The Harbour Tax Avoidance
Bottom of the harbour tax avoidance was a form of tax avoidance used in Australia in the 1970s. Legislation 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. Operation The operation at the heart of bottom of the harbour schemes involved a company that would be stripped of assets and accumulated profits before its tax fell due, leaving it then unable to pay. Once assets were stripped, the company would be sent, metaphorically, to the "bottom of the harbour" by being transferred to someone of limited means and with little interest in its past activities. The company's records were often lost too. The ATO, being in the same position as other unsecured creditors in the case of an insolvent company, ended up with nothing. P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Avoidance
Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdictions that facilitate reduced taxes. Tax avoidance should not be confused with tax evasion, which is illegal. Forms of tax avoidance that use legal tax laws in ways not necessarily intended by the government are often criticized in the court of public opinion and by journalists. Many corporations and businesses that take part in the practice experience a backlash from their active customers or online. Conversely, benefiting from tax laws in ways that were intended by governments is sometimes referred to as tax planning. The World Bank's World Development Report 2019 on the future of work supports increased government efforts to curb tax avoidance as part of a new social contract focused on human capital investments and expanded social p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Government Solicitor
The Australian Government Solicitor (AGS) is an Australian public servant and a federal government agency of the same name which provides legal advice to the federal government and its agencies. AGS was originally the Crown Solicitor's Office, which was established on 1 July 1903 on the appointment of Charles Powers as the first Commonwealth Crown Solicitor. With a major restructure of the Attorney-General's Department from 1983 to 1984, the Crown Solicitor's Office became the Office of the Australian Government Solicitor, with Crown Solicitor Tom Sherman appointed the first Australian Government Solicitor. Some functions of the Crown Solicitor's Office were transferred to other parts of the Attorney-General's Department. In 1999, the Australian Government Solicitor ceased being an office held by an individual, and instead became a government business enterprise, headed by a CEO, separate from the Attorney-General's Department. On 1 July 2015, AGS was consolidated within the Att ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the certificate (or its ID number) to a seller at the point of purchase, al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In Australia
Income tax in Australia is imposed by the federal government on the taxable income of individuals and corporations. State governments have not imposed income taxes since World War II. On individuals, income tax is levied at progressive rates, and at one of two rates for corporations. The income of partnerships and trusts is not taxed directly, but is taxed on its distribution to the partners or beneficiaries. Income tax is the most important source of revenue for government within the Australian taxation system. Income tax is collected on behalf of the federal government by the Australian Taxation Office. The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter. Taxable income is the difference between assessable income and allowable deductions. There are three main types of assessable income for individual taxpayers: ''personal earnings'' (such ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust (Law) Non-USA
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the "settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Company
A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * List of legal entity types by country, business entities, whose aim is generating profit * financial entities and banks * programs or Educational institution, educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared Incorporation (business), incorporation, or published policy. When a company closes, it may need to be Liquidation, liquidated to avoid further legal obligations. Companies may associate and collectively register themselves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prostitution
Prostitution is the business or practice of engaging in Sex work, sexual activity in exchange for payment. The definition of "sexual activity" varies, and is often defined as an activity requiring physical contact (e.g., sexual intercourse, non-penetrative sex, oral sex, etc.) with the customer. The requirement of physical contact Prostitution#Medical situation, also creates the risk of transferring diseases. Prostitution is sometimes described as sexual services, commercial sex or, colloquially, hooking. It is sometimes referred to euphemistically as "the world's oldest profession" in the English-speaking world. A person who works in this field is called a prostitute, or more inclusively, a sex worker. Prostitution occurs in a variety of forms, and prostitution law, its legal status varies from Prostitution by country, country to country (sometimes from region to region within a given country), ranging from being an enforced or unenforced crime, to unregulated, to a regulated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federated Ship Painters And Dockers Union
The Federated Ship Painters and Dockers Union (FSPDU) was an Australian trade union which existed between 1900 and 1993. It represented labourers in the shipbuilding industry, covering "mostly work associated with chipping, painting, scrubbing ndcleaning hips working in every size of tanks, cleaning boilers, docking and undocking vessels, and rigging work". History Establishment The Painters and Dockers' Union had its origins in the New South Wales Associated Laborers Union, also known as the Balmain Labourers Union, which was established in Balmain in May 1883. The new union was formed to represent all unskilled workers or labourers in the area, but was focussed mainly on shipbuilding and ship repair, the main industry in Balmain. The union gradually grew in stature over the next decade, affiliating with the Trades and Labor Council of Sydney in 1889 and establishing the Balmain Trades and Labor Hall in 1890. The union was involved in the unsuccessful 1890 Maritime Str ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Costigan Royal Commission
The Costigan Commission (officially titled the Royal Commission on the Activities of the Federated Ship Painters and Dockers Union) was an Australian royal commission held in the 1980s. Headed by Frank Costigan QC, the Commission was established by the Australian government on 10September 1980, jointly with the Victorian Government, to investigate criminal activities, including violence, associated with the Painters and Dockers Union after a series of investigative newspaper articles that detailed a high level of criminality. The union was represented by prominent Melbourne criminal lawyer Frank Galbally. The Commission was seen by many as politically motivated, in keeping with a long-running anti-union agenda pursued by the governing party of the day. The Painters and Dockers Union was notorious for its criminality and the Costigan Commission investigated numerous crimes, including a string of murders, assaults, tax-fraud networks, drug-trafficking syndicates and intimidat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canberra
Canberra ( ) is the capital city of Australia. Founded following the federation of the colonies of Australia as the seat of government for the new nation, it is Australia's largest inland city and the eighth-largest city overall. The city is located at the northern end of the Australian Capital Territory at the northern tip of the Australian Alps, the country's highest mountain range. As of June 2021, Canberra's estimated population was 453,558. The area chosen for the capital had been inhabited by Indigenous Australians for up to 21,000 years, with the principal group being the Ngunnawal people. European settlement commenced in the first half of the 19th century, as evidenced by surviving landmarks such as St John's Anglican Church and Blundells Cottage. On 1 January 1901, federation of the colonies of Australia was achieved. Following a long dispute over whether Sydney or Melbourne should be the national capital, a compromise was reached: the new capital would be buil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraud
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. Internal fraud, also known as "insider fraud", is fraud committed or attempted by someone within an organisation such as an employee. A hoax is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a vi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
