1942 – Commonwealth Takes Over Income Taxes
The Commonwealth legislated that their income tax take priority over any State income tax and that any State retiring from income tax collection be paid a grant in compensation for lost revenue. The States rejected this tax takeover but the High Court ruled that the Commonwealth income tax legislation was valid, essentially giving the Commonwealth constitutional priority in taxation.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2