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home / archives / 1982 / 15th October

Higher resolution version available: click on image to download.


No shortage of action!

The government of Liberal Prime Minister Malcolm Fraser had been deprived of the proceeds of company taxes through a scheme which stripped a company of it's assets before tax was due and then on-sold the company to a new entity for the price of the saved tax profits minus a commission.

It was called the "Bottom of the Harbour Scheme' as tax on companies' profits and often all records were literally buried. John Howard finally had his way in October 1982 when legislation passed the House of Representatives after the introduction of a bill to get rid of asset stripping schemes on 23rd September