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Islamic Finance in Australia: Methods of Tax Reform

This article focuses on reform issues currently under consideration by tax and regulatory authorities to facilitate Islamic finance in Australia. A comprehensive approach is critical if the Government’s desire to promote Australia as a financial services hub is to be realised. But in pursuit of this goal, one identified delimiter in attracting Islamic finance remains the current lack of tax parity treatment. We argue that if such tax reforms are to be implemented, an overarching approach should be taken to guide reforms, particularly to ensure there are no adverse consequences, such as increased complexity and potential for tax avoidance. In addressing these shortcomings and potential barriers, this article proposes tax reform models aimed at providing guidance in designing appropriate tax measures for consideration by the regulatory authorities. Drawing on approaches taken in foreign jurisdictions, we argue in favour of an “integrative” approach that incorporates an exception method.