PUNCH Magazine weekly

Issue 10

Issue 10

The Revolutionary Whig Party has lobbied existing incumbents to replace the GST and income tax in Australia during all this time Income tax which yields $433 billion / annum While the GST yields $50 billion For the Average 100 hrs / annum to report quarterly BAS private and business tax returns has got to go Replace the above two laborious systems with a $730 Billion AUD Yield for the Federal 1% GST

There has been much lip service about reducing the amount of bureaucracy to small business which generates 80% of the wealth in Australia but precisely nothing has occurred in the last 16 years to alleviate this � it has in fact got worse

The Revolutionary Whig Party has lobbied existing incumbents to replace the GST and income tax in Australia during all this time
Income tax which yields $433 billion / annum
While the GST yields $50 billion
For the Average 100 hrs / annum to report quarterly BAS private and business tax returns there are 2,100,162 ABN holders ( According to the Australian Bureau of Statistics as at March 2015 ) Or 210,016,200 man hours @ $60 / hour chargeout There would be a $2.6 billion saving in time spent filling out tax returns and tax filing alone or 100 hours or nearly three weeks of lost productivity rest and relaxation annual leave to the economy of every man and woman with the misfortune of having to operate in this business environment

This does not include the savings in forests print cartridges etc and the time spent preparing each and every tax invoice Required to raise this $50 billion yield that does not include the hidden cost underneath the tax yield of the current paper based GST to administer it ie the armies of Tax Accountants and Government bureaucrats whose wages and salaries we have to pay to administer this chronically outdated paper based system ( It is even true that the Government has started to and still uses Fax!?)

This is on top of the PAYG
WORKCOVER
Employment Tax
Stamp Duty
Superannuation
That every individual has to pay and
Medicare levy
not just the GST and Income Tax These have got to go

The Revolutionary Whig Party has lobbied existing incumbents to replace the GST and income tax in Australia during all this time Income tax which yields $433 billion / annum While the GST yields $50 billion For the Average 100 hrs / annum to report quarterly BAS private and business tax returns has got to go Replace the above two laborious systems with a $730 Billion AUD Yield for the Federal 1% GST ( 0.5% Credit and 0.5% Debit Tax ) With 9% GST to remain on cash transactions not paid electronically to allow for payment and receipt for the 0.5% Credit and 0.5% Debit Tax to effect this going through the banking system Payable on all items Where cash transaction are involved

Given that the small business sector creates 90% of employment in Australia This would put Australia top of the G20 in terms of competitiveness and reduction in bureaucracy ( ie Tax return form filling) This system is possible right away with an immediate transition period

Don't you want your children and grandchildren to be employed!?

May God bless you

PUNCH Magazine weekly

With apologies to LONDON and his mate CHARIVARI

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Ph: 0416 293 686
Contact Mike