First State Income Tax (1880)
Tasmania was the first state to introduce an income tax in 1880 to raise revenue due to a fiscal crisis. The tax took the form of a withholding tax on distributed income of companies. In 1884, a general tax on income was introduced in South Australia, and in 1895 income tax was introduced in New South Wales at the rate of 2.5%. By 1907 all states had established income taxation and as they varied in form from state to state, were a nightmarish mishmash.
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2