delete Income Tax Regulations 1917 (Amendment)
Amendment to the Income Tax Regulations 1917, registered on 21 August 2014. The instrument modifies the original 1917 regulations governing income tax administration, compliance, and collection mechanisms established nearly a century prior.
This amendment layers additional complexity onto regulations originally promulgated to administer Australia's 1915 income tax, a levy initially intended as temporary wartime measure. The 1917 framework predates modern economic understanding and has been amended hundreds of times since, creating an labyrinthine compliance burden. Each amendment like this one adds provisions that, while individually modest, collectively strangle economic activity through compliance costs, distortion of investment decisions, and administrative burden on businesses. The core issue is that income tax regulations inherently create distortions by taxing labor, savings, and entrepreneurship. However, if the question is whether THIS specific amendment should be kept vs deleted, the cost of keeping it is that it adds yet another layer to an already antiquated and excessively complex regulatory structure, increasing compliance costs and creating additional points of friction in the tax system. Australians would be better off with fundamental tax reform rather than continued piecemeal amendments to century-old regulations.