Replace corporate tax with a flat 30% on turnover for all IT and internet companies. To make it simple, would apply to all companies whose business is pedominantly hardware and/or software and/or internet-related. Double the tax to 70% for companies that operate against the public interest, for example companies that allow scammers to advertise on their websites.
A bit like the GST. But unlike the GST there would be no deductions for any input taxes. In fact, no deductions at all, nomatter how many accountants and lawyers a company employs. Just a plain and simple flat 30% tax off the top. Tough for unprofitable companies, but fair.
Very unlike most taxes that have heaps of loopholes and heaps of people wastefully employed to find and exploit loopholes. No exemptions. Across the board.
Would apply to all companies operating in Australia, whether local or foreign or muli-national. Therefore non-discriminatory.
