PUNCH Magazine weekly

Issue 8

PUNCH Magazine weekly 9th November 2015
PUNCH Magazine
The Official Weekly humourous and satirical publication of The Whig Party

Issue 7

Correction $730 Billion AUD generated annually through the Federal Credit Tax

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

The E-Tax ( or debit tax) as proposed by the WHIG PARTY - REAL tax reform to obviate offshore tax havens such as the Channel Islands and Cayman Islands David Cameron Malcolm Turnbull etc please take note

Now that it is established that 51% of the workforce works for the Government!?
Our task is to:
Determine and eliminate the 51% overhead in government administration in wages and salaries

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

The Concept

Every hour of the day money is withdrawn from, or transferred between savings accounts, cheque accounts, credit card accounts, insurance companies, business and investment organisations and financial institutions of all kinds. Indeed, all monetary transactions are debited from some type of bank or financial institution that holds money in trust.

Money Circulating

The Federal Whig Party Credit Tax formula is a simple and moderate credit tax of one percent 1% charged on all monies credited to 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 From the most recent figures released by the Reserve Bank on dollars withdrawn on a daily basis, it is estimated that for 1996/97 approximately $200 billion in withdrawals are made every working day. ANNUAL REPORT 2014 Banking and Payments Reserve Bank of Australia
This would generate approximately $730 Billion at 1% revenue annually more than sufficient to fund the Federal State and Local budgets combined - and a few other countries besides!?

If banks cannot trust themselves to comply the process is fundamentally flawed. Are the 9 billion profit they purport to declare and make each year a true and accurate account of what they make each year. After the Global Financial Crisis bailout now we are asking something back as a favour is it not time to more tightly regulate and licence our banking system at the expense of all other industry such as there is to speak of with its headquarters in Australia.

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
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
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

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 The E-Tax  ( or debit tax) as proposed by the WHIG PARTY - REAL tax reform

PUNCH Magazine weekly

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