2 thoughts on “Monday Message Board

  1. The tax fraud exposed, last Thursday, in Canberra opens up a Pandora’s box of income taxation enforcement in Australia. Our constitution specifically prohibits any direct tax evasion. But income tax is being evaded by large corporations, smaller companies, firms and individuals. Now we are all personally responsible for paying our assessed tax on taxable income. But the Incomes Tax Assessment Act, 1968 has so many loopholes that tax experts get rich opening up opportunities to evade income tax. So how can this be handled? Can it ever be stopped? Technically up to $900 billion is generated in income annually. Unless successive governments work out some way to tax this with fairness and equity for all, tax evasion will flourish in the land of a “fair go”.

  2. With modern electronic technology all income which is properly taxed (i.e. has a legal and recorded tax component taken out of it) can then be electronically “franked” as valid currency. Electronic currency not electronically franked in this manner could be deemed not legal tender. Any electronic money passed to a declared “tax avoidance haven” would have its electronic franking removed and thus would become not legal tender. “Sure, send your money to a tax haven and it will become worthless.”

    These problems would be pi$$ easy to control if governments had the will. Instead they do the will of the rich, the corporates and the tax avoiders. Oh, and make bank notes only legal tender for purchases of $1,000 or less.

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