The performance of the various DCS officers was later the subject of scathing criticism, with problems arising primarily from overworked and underskilled staff, and bad management. The first instalments of the Costigan Report were published last bottom of the harbour scheme and its findings were even. The "harbour" in the expression was usually taken as referring to Sydney Harbour which is adjacent to the financial districtthough obviously the sense is also quite general.
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bottom of the harbour
The ATO, being in the same position as other unsecured creditors in the case of an bottom of the harbour scheme company, ended up with nothing. The New South Wales branch offered an efficient name-changing service for criminals on the run. Senator Don Chipp thought the purpose noble but was strongly against retrospectivity, saying "I do not trust politicians to legislate retrospectively. From Wikipedia, the free encyclopedia. The way the promoter paid the owners for undistributed profits was similar to a dividend strip operation.
At the bottom of the harbour
One of those other things the commission found was that the wife of one of the senior case officers at the DCS Bottom of the harbour scheme was running an escort serviceand that she was a company secretary at several companies which were involved in bottom of the harbour schemes. She described the occupants of the car as being 'bottom- of-the-harbour', and everyone knew bottom of the harbour scheme she meant. Wouldn't it be embarrassing for the Labour Party and for their white hope Bob Hawke. The promoter would help the owners of a company first transfer the assets to a new company which was to continue the business, then the owners sold the old company to the promoter for the value of the untaxed accumulated profits, less an amount representing a fee or commission. Tax matters might normally be addressed by closing a revenue loophole, the act instead treated bottom of the harbour schemes like frauds.