The volume of Australia’s Income Tax Assessment Act (1936) has grown exponentially since its enactment, due to ad hoc annual amendments over many decades. However, the substantive nature of the Act has changed little over the years. The breadth and extent of the changes that have taken place in the financial sphere, and more broadly in Australian society since that time, lead to the conclusion that Australia’s income tax regime is no longer fit for purpose. Australia has grown and developed to become an important, dynamic and vibrant member (e.g. Organisation for Economic Cooperation and Development (OECD) of the global community. To ensure Australia retains its strong position in this increasingly inter‐connected world, it is vital that we reform our tax system with a
view to maintaining and enhancing our international competitiveness. Realising this goal necessitates a bi‐partisan approach, with an unwavering focus on promoting the national interest.