An Independent Queensland Regional & Rural
(Cairns... Far North Queensland)
Financial Transaction Tax - FTT
A National Debit Tax Concept
"For 44 years, Multi-Nationals have
paid little or no tax!"
What is the Financial Transaction Tax (FTT)
The FTT Formula
The FTT Formula is simply an added percentage, one third of one percent (0.33%) is suggested, to the amount withdrawn from all accounts by Banking and Financial institutions.
This tax, when cleared, is instantly deposited through the Electronic Funds Transfer (EFT) system into the National Treasury.
How the Financial Transaction Tax (FTT) Concept Works
Every hour of the day money is withdrawn from savings accounts, cheque accounts, insurance companies, business and investment organisations, and financial institutions of all kinds. Indeed, ALL monetary transactions are withdrawn from some type of bank or financial institution that holds money in trust.
The Australian Payments System Council Report 1991 - 1992,
issued by the Reserve Bank of Australia, states that $120 BILLION is withdrawn from banks
EVERY WORKING DAY in ordinary business and trading.
A Debit Tax of only 0.33% on DAILY withdrawals of $120 BILLION
$396 MILLION IN FEDERAL REVENUE DAILY
$99 BILLION IN FEDERAL REVENUE ANNUALLY
(These figures are based on the 1991 - 1992 Reserve Bank Reports of NON- CASH withdrawals)
The amount of CASH withdrawals made from ATM's and EFTPOS, and withdrawals made on weekends and public holidays are NOT taken into account here. It is estimated that a more realistic figure for 1995 is around $200 BILLION in withdrawals per WORKING DAY.
A Debit Tax of only 0.33% on DAILY withdrawals of $200 BILLION
$660 MILLION IN FEDERAL REVENUE DAILY
$165 BILLION IN FEDERAL REVENUE ANNUALLY
The Government requires $96 Billion in revenue per year. The National Debit Tax Concept provides the Government with an ANNUAL SURPLUS OF $69 BILLION.
Note 1 : Annual calculations are based on 250 working days ( 52 x 5 day weeks less 10 days in public holidays)
Note 2 : These figures are bases on Reserve Bank of Australia Reports for 1991/1992 and 1995. Current figures are not available.
Advantages of the
Financial Transaction Tax Concept
Some of the advantages of using just one Transaction Tax of only 0.33%
DISADVANTAGES OF OUR PRESENT SYSTEM
Our current outmoded Tax System has proven to be complicated and impracticable to businesses and individuals. It has many disadvantages:
The Financial Transaction Tax Concept Scale - 'A' and 'B' indicates current Tax scale.
The Australian Taxpayer's personal income tax, accounts for $59 billion of Taxation revenue raised.
The revenue raised on behalf of Company Tax was $12 billion.
The Question: WHY the vast discrepancy?
The Answer: Australian Small businesses and companies pay their taxation commitments by contributing the greater part of the Company Tax raised but...
MULTI-NATIONALS COMPANIES PAY LITTLE OR NO TAX!
The government has manipulated the Australian Taxpayer into paying not only their own taxes, but also those of the multi-national companies.
Australians are demanding Taxation Reforms that include the multi-national companies paying the equivalent rate of taxation as that of ALL Australian Small businesses and companies. The THOUSANDS of millions of untaxed Australian dollars being remitted annually to international banks, at the expense of the Australian Taxpayer, MUST STOP NOW.
Extract from the GST Legislation, Section 165-55
The Commissioner may disregard a scheme in making declarations for the purposes
of making a declaration under this Subdivision, the Commissioner may:
a) Treat a particular event that actually happened as not having happened; and
b) Treat a particular event that did not actually happen as having happened and, if appropriate, treat the event as:
The above piece of Australian Taxation Legislation confirms the words of Mark Twain when he said:
'The World is
run by very intelligent people who are having us on, or
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Written and Authorised by Selwyn Johnston, Cairns FNQ 4870