Income tax II in 1188 to raise money for the Third Crusade. The tithe demanded that each layperson in England and Wales be taxed one tenth of their personal income and moveable property. The inception date of the modern income tax is typically accepted as 1799, at the suggestion of Henry Beeke, the future Dean of Bristol. This income tax was introduced into Great Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French Revolutionary War. Pitt's new graduated (progressive) income tax began at a levy of 2 old
Income tax in Australia on annual turnover. Generally, capital gains are only subject to tax at the time the gain is realised and are reduced by 50% if the capital asset sold was held for more than 1 year. In Australia the financial year runs from 1 July to 30 June of the following year. The first income tax in Australia was imposed in 1902 by Queensland. Federal income tax was first introduced in 1915, as a wartime measure to help fund Australia’s war effort in the First World War. Between 1915 and 1942, income taxes were levied by both State governments and the