Issue 7
As a Business Owner I spend 16 hours a quarter preparing my quarterly BAS statement this does not include the forests of trees required to print and hold records on every single transaction regardless of the amount not to mention printing and costs of laser toner inkjet printer ink service and maintenance electricity and power envelopes postage and software to keep track of this NOT TO MENTION the maze of legislation working how much when and where to calculate apply and verify 10% and show this on every transaction There are 4 quarters in a year 4 * 16 = 64 hours that I must work out and report no less than four tax returns each year PLUS the business report AND Personal Income Tax ie 100 hours of my time WASTED in preparing and returning just the tax returns Consider that each transaction must be entered with the date amount Item detail and GST Amount Net and Gross
Daily Withdrawals from banks are Approx $200 Billion ( Circa 1996/7) ie 2 billion tax generated every day at e-tax of 1% charged to everybody on everything automatically through the banking system
Money Circulating
The Federal Debit Tax formula is a simple and moderate debit tax of one third of one percent ( 0.33%) ( Whig Party 1% ) charged on all monies debited from these accounts. This tax is simply collected and forwarded through the electronic funds transfer system direct to the National Treasury. From the most recent figures released by the Reserve Bank on dollars withdrawn on a daily basis, it is estimated that for 1996/97 approximately $200 billion in withdrawals are made every working day. This would generate approximately $170 billion in Federal ( $730 Billion at 1%) revenue annually more than sufficient to fund the Federal State and Local budgets combined.
TAX REFORM IS
NO PERSONAL INCOME TAX
NO COMPANY TAX
NO EXCISE
No GST
every licence eg drivers licence renewal every 5 years in the case of
Queensland Transport + 1 hour queue up
permit eg marine park national park
levy
registration
Headworks or infrastructure charge on new buildings
Serial number tax eg boats
Trade Plate
Restricted use flag
Local Rates Fire Police Ambulance
water rates
sewage rates
Taxi Licence ( Uber Take Note)
Work Cover
Superannuation
If the Government are to honour their committment to reducing bureacracy and
taxation this will be extended to the States so that every month of the year
every licence permit levy registration eg Serial number tax Trade Plate
Restricted use flag in fact our every dealing at any time with any "user pays"
government department you can think of charging us what they like for the basic
administration we pay their wages and salaries to administer already - WHATEVER
HAPPENED TO MAGNA CHARTA
No Payroll Tax
No stamp duty
NO OTHER FEDERAL STATE OR LOCAL TAXES AT ALL
EXCEPT FOR ONE
Spoken in the year 2015 Support Evolution of Taxation
With Thanks to Peter Fell and Denis Brown of Australians for Tax Reform Group / Margaret Mead and Rod
With the financial autism of Labour triumphing overall and to all the professional politicians I can only offer this advice - please listen to what is being said and ACT upon it
The only modification I would make to this is to cancel the tax on eg internet transfers between private and personal accounts eg Savings Account Homeloan Account Savings Account Current Account belonging to the same tax individual or other legal entity eg a business and maintain the tax at 1% between these different individuals and entities - and have every account registered and transparent to the Government Tax Office
In addition anyone transacting business from within Australia must hold an account in Australia. Switzerland ( and all it's Nazi Gold take note) - your days are numbered!?
Apart from Switzerland-like banking systems foreign banks would have to be lobbied and reformed just like our own
Civil rights or wrongs - it would be illegal to transact offshore for business activity entirely within Australia and all accounts transacting within Australia - there would not be any desire to
Money is commonly laundered through betting shops from abroad using fixed winnings - literally - money entering the country and leaving it would not escape this - neither would multi national mining corporations, Rupert Murdoch and offshore tax havens such as the Cayman Islands David Cameron Malcolm Turnbull etc Take note
This simple tax obviates any such currently illegal transactions by making them legal and transparent to eg Centrelink
Income tax that escalates on an eg 10/20/30/40 percent sliding scale according to the tax bracket will finally remove the disincentive to work hard and be determined which every business person knows is the key to success - and the current system militates in favour of the primary motive to "go offshore" and tax avoidance and even the desire to evade would become a thing of the past - simply because of no more tax returns
The same social security not present when these taxes were first introduced ( around the time of the Napoleonic wars) who is the little chap we have to thank for the present system - not even any social reformers
the thief of Europe himself would even approve of such a simple and sophisticated tax even though 200 years have passsed since its inception
Our accountants and financial institutions could then concentrate on the job in hand of generating wealth ( and consequently taxation) rather than the time and money spent trying to avoid tax under the current system - or even avoid and evade tax altogether
Cost accounting is done on spreadsheets eg advertising wages materials etc -
this is cost accounting so that I know exactly how much each item I produce
costs me to produce and how much to sell for to have fun and make a profit
GST Accounting is a complete waste of time ( 100 hours per year) or I must pay
someone to prepare this to account for and pay every single transaction
This does not include the time spent reconciling and answering queries months
later on how to deal with certain transaction
Nor does this include time taken having to pay such an unjust tax whether
online or formerly by post and having to use government ATO GST tax systems
which are frequently unavailable require software PC or operating system
upgrades just to use them 4 times a year if they havent wiped your password
or upgraded the security system!?
Every single transaction must be on paper with 6 year archive requirement as
well as bank statement records must be archuived taking up valuable square
metreage to rent
The list goes on
and the Government has the audacity to claim that productivity and performance
is lacking in the private sector!?
Given that 80% of the economy is so called small business that employs people
consider this as the key to unlocking this productivity and employment by
freeing them from all this paperwork
You virtually have to employ someone to to employ someone just to handle the
eleven different taxes you have to account for administer and pay for this
paperwork
With apologies to LONDON and his mate CHARIVARI
Tel: 07 5499 6937
Ph: 0416 293 686
Contact Mike
* Conditions apply
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