I only started this thread because I didn't want to highjack any others. There has been a lot of talk about overseas and Australian companies shifting profits offshore to avoid tax in Australia or setting up in low company tax countries. There is a consenus, led by Hockey I believe, that it is difficult to manage unless all overseas countries are of a like mind.
I have posted on other threads that overseas companies and Australian companies for that matter should pay TAX ON TURNOVER not profit. Percentage rate would probably be less than 1% [to be determined].
I guess what I am seeking here is what all the business people, large or small on this website, together with accountants, economists, in fact anyone paying tax as the result of an enterprise think of the idea and why it would not be successful or feasible if implemented. The GST is a tax on turnover so why not company tax.
In this way if a company wants to trade in Australia they pay for the right and if they make a profit great. If they don't so what they will leave. What is important is the trade they trade is taxed.
