PUNCH Magazine weekly
Issue 40
PUNCH Magazine
The Official Weekly humourous and satirical publication of The Whig Party
Issue 40
PUNCH Magazine weekly
PUNCH Magazine weekly Tuesday June 12 2018, 9:05 AM
MIKE JESSOP INDEPENDENT WHIG PARTY KAWANA together we will change the course of
history
It's that time of year again - yes it's tax time - that time when on top of
calculating presenting and printing off invoices for every single transaction
regardless of the amount ( average production cost 22.5 minutes staff time )
plus
$3.80 for printer hardware ink cartridges consumables eg paper envelope
stamp and labour for just producing a printed even window envelope and doing
all this
Say 1,000 invoices per annum = $3,800 to print off plus staff costs to produce
invoice 0.375 hours @ $140 / hour chargeout ($70 actual cost ) for a small
business 375 hours @ $140 total $52,500 pa ( $26,250 at cost)
Plus 16 hours per quarter just reporting current GST THEN doing annual tax
return for personal and business tax - total 100 hours reporting tax (
excluding accountants fees) 100 hrs @ $140 = $14,000 chargeout ( $7,000 actual
cost)
Chargeout is the alternative cost to doing something that actually generates
income ( wealth taxation) instead of wasting so much time accounting for and
reporting taxation
This excludes stock taking and valuation
$1,120 for 8 hours Stock taking @ $140 another activity exclusively required
for tax reporting and a complete waste of staff time and productivity
So for the average small business the real cost in terms of productivity and
wealth generation excluding cost of external accountant if used is
$3,800 printing and sending
$52,500 producing invoices
$14,000 reporting tax
$1,120 for Stock taking
Total $71,420
In real terms cost to the business and therefore the ( national) economy to the
uninitiated known as income tax (IT) and the goods and services tax (GST)
There now follows a description of the Whig Party method of GGST
That would replace both Income Tax AND GST as well as generate more income
given that $200 billion clears through the banks every day at 0.5% credit and
0.5% debit absolute total 1% ie $2 billion automatically without any paperwork
at
all this means saying goodbye to even the $5 dollar note given that even
welfare is distributed through the banks without any cash
So to report your tax ( and keep an eye on the banks reporting) this would be
the procedure
Download your years bank transactions in CSV spreadsheet format online
Create / open a spreadsheet eg GOOGLE SHEETS free online
SUM total the relevant date rows ie 1st July 2017 to 30th June 2018
Enter the following formula eg. in the column B containing credits and debits
to your account rows 282 - 586
=(SUMproduct(abs(B282:B586)))*0.005
To give you the absolute value of all transactions say $575,012.08 gross for an
MP so GGST ( Gifts Goods and Services Tax for the year would be $2,875.06 for
that account)
Total time 20 minutes at $140 per hour $46.66 for each account say Credit Card,
Savings Account, maybe Superannuation account
Total time 1 hour and 20 minutes $186.66 and alternative cost to the business
economy
TOTAL $186.66
Compared to $71,420 under the old system
Three weeks holiday to every business owner and lots more hair
Frees up our accounting community for preparation of quotes AND real cost
accounting and who are complicit and largely responsible for fear of that
knock on the door from the ATO
The revolutionary Whig party upon the introduction of such a tax would give
complete amnesty to tax demeanour past and present and save further costs of
prosecution trial and imprisonment - even pardon to existing offenders
The above figures are based on a State or Federal MP's approximate salary
excluding expense claims ( back handers illegal party donations bribes - perish
the thought!?) Of which they must be in receipt of legal remuneration of course
The rewards in terms of productivity are plain to see not to mention creativity
rest and relaxation and release of the handbrake on the economy caused by the
the annual quarterly and even monthly slowdown as a result of the current system
The only downside I can see, if any, is there would be no banknotes to carry my
portrait on - I guess I could accept there might be some way onto the coinage
of the realm!?
May God bless you
Together we will change the course of history
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PUNCH Magazine weekly
With apologies to LONDON and his mate CHARIVARI
Tel: 07 5499 6937
Ph: 0416 293 686
Contact Mike