bottom of the harbour

Definitions

A tax avoidance scheme from the 1970s.

Australia, attributive, uncountable

Examples

“The 'bottom of the harbour' scheme was so named because a company once stripped of its assets, was dumped and, like⟳ a body in a cement suit⟳, sank never to be seen again.”

“John Howard argued that he was a relatively new Treasurer in 1978 when he was first given some advice from Treasury officials concerning the bottom-of-the-harbour tax schemes.”

“Finally, the Leader of the Opposition was caught out for a third time by the 1984 report⟳ of the bottom of the harbour Special Prosecutor, Robert Gyles, who sheeted home the responsibility in this way.”

“The bottom-of-the-harbour scheme involved a practice which effectively denuded a company of any assets, meaning it was unable to meet⟳ its tax obligations.[…]With bottom-of-the-harbour schemes the legal obligation remained, but the company had no assets with which to meet⟳ the obligation.”

CEFR level