GST is an end user tax. Companies and businesses have never paid...

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cutty

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07/01/20

12:08

Post #: 42261676
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Originally posted by moorookamick: ↑

I tend to agree provided that the CPI basket of 100 essential items are all exempt from GST & not just food etc.
As such the rich would be paying the GST on non-essential & Luxury items & services

IMO , over half of our top 550 companies who pay no company tax dont pay GST either ( company GST is only levied on company profit.
So rather than avoiding out 30% corporate tax these companies are also avoiding the extra 10% GST!

No wondr hat there is, Transfer Pricing, Debt Loading & Cash Boxing to avoid Aussie taxes.

IMO Joe Bjoke Peterson had the right idea in the late 80's: Just impose a flat corporate tax of 10% on turnover and this would
generate more tax revenue for the Country and at the same time simplify ATO & Company accountancy costs.

Just imagine if there was a flat 10% turnover corporate tax on these ( half pay little or not tax):

https://www.abc.net.au/news/2018-12-13/one-third-of-australian-companies-paid-no-tax-ato/10614916

A flat 10% corporate tax would mean:
-No Soverign debt
-A Soverign Peoples fund like Norway
-Proper housing, health & education for all

Instead we stand idly by while comapnies like Glencore, News Ltd, GM etc pay little or no tax! ( see the link above & please spend 5 minutes of your time studying it (Thanks to Aunty for publishing it............Do you think that News Ltd would publish such a list?)

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GST is an end user tax. Companies and businesses have never paid GST. Consumers and end users do. It's the whole basis of input tax credits.

A flat rate of 10% on turnover sounds good on paper. But what about companies not turning out a profit.. how do they come up with 10% of total revenue.

You can't eliminate deductions completely... you can't. What you can do is eliminate bullsh... profit shifting. Transfer pricing being the prime example.

If you want to fix the nations tax system, go down to all the big tax advisory firms like KPMG, PWC and lock the doors. They are the pricks making a living off this unnecessarily complicated tax system.

They are are making a living off screwing the revenue base of the country.
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