Which of the following statements is least correct?

• The Australian Taxation Office has the power to overturn laws enacted by statute.
• The Australian Taxation Office uses its power to make legally binding rulings and determinations.
• Statute law consists of taxation legislation such as the ITAA36 and ITAA97.
• Case law is created by decision of the courts and also by the Administrative Appeals Tribunal in interpreting statutes.
• The Commonwealth Government is empowered by s.51(ii) of the Constitution to impose income tax.