Taxation

Our taxation system needs a major adjustment to spread and correct the sharing of taxation. Far too much responsibility is placed on personal tax payers who already contribute via GST. Many companies and international corporations don’t pay a fair amount of tax. In many cases GST is not collected and not paid and using withholding tax provisions some companies and corporates only pay 11-12.5% tax in total.

Like a court we must set a minimum amount of tax to be paid by any business or company. My suggestion is a mixed system of GST collection by all companies and business both national and international and a minimum tax rate of 20% regardless of geographic location. This can easily be annexed to internet based business. This tax can be collected every 3 months and adjusted at the end of the reporting period. It would be possible to annex an alternative by means of a debits tax for all companies at point of sale or deposit to the bank. All companies must hold a bank account in an Australian collection area.