General Mining Taxation and the Gold Tax

The Income Tax Assessment Act ["the Act"] levies tax on a taxpayer's taxable income. At a time when commerce and life were more simple, the calculation of taxable income had some connection with logic and a taxpayer's capacity to pay. However, as a result of successive governments' different views of equity, their perception of avoidance, their needs for revenue and their changing views on capacity to pay, the rules determining the calculation of taxable income have continually changed to the point that logic is no longer relevant. Taxable income now is simply the product of the application of a complex set of rules.