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"The Eureka Tax System"

First you need to know that you don’t need to pay all the 129 taxes that the past governments have bestowed on you since 1901 federation ,your question now would be then how would we pay for all our infrastructure like hospitals and freeways? The answer is before income taxes etc and before the privately Owned Rothschild central Bank the Reserve Bank of Australia was created in 1959 we relied on import duties and excises and we used section 51 of the Australian Constitution in which government can create monies to build infrastructure without charging the people ie nation taxes and interest

Total taxation is now so high that the average Australian works just under five months of the year for the government before putting one day in for himself.

Small business people work at least one day a week, unpaid, collecting taxes and doing paperwork for the taxation department.

Australian companies pay 48 cents in the dollar compared to foriegn-owned companies who pay less than 10 cents in the dollar.

The GST did not fix any of this. Perhaps the following paragraph of the tax act might explain why:

The NLP Eureka Tax Policy will replace all 125 taxes (except for Customs and Excise Duties) with a single Debit Tax. This tax will tax your expenditure – not your income. The Eureka Tax System simply taxes each and every withdrawal made through the electronic banking system at 1%. This means that EVERYONE in Australia pays the same Tax. So if you draw out $100 from a ATM or Eftpos machine only $1 goes to the government as a tax ie $1000 = $10 etc, The good news is that NO-ONE in Australia will pay Income Tax, or any other Taxes, other than the Eureka Tax once fully implemented and it will generate $240 Billion dollars per year more than the current system because everyone pays their fair share of Taxes, no more hiding money overseas in offshore bank accounts of hiring expensive Tax accountants, every person gets a cross the board tax of 1% on every transaction.

What is The Eureka Tax?

The Eureka Tax is a very simple replacement for the current Australian Tax System. Using
the Electronic Banking System, a tax is applied on all Debit Transactions:-
• ATM and Over-The-Counter Withdrawals
• Cheques
• Eftpos Payments
• Bank transfers, Direct Debts and BPay
• Withdrawals and Annuity Payments from investments and Super Funds

Who will pay The Eureka Tax?
Everyone transacting in Australia will pay The Eureka Tax:-
• Young People
• Old People
• Employed
• Unemployed
• Business Owners
• Millionaires
• and even Tourists
Why does Australia need
The Eureka Tax?
• Australia's current Tax System is complicated, cumbersome, unfair, and expensive to administer.
• The current Tax System sees those who can't afford to pay suffering poverty, stress and anxiety, and those who can afford to pay avoiding almost all of their tax obligations
• We need a Tax System that is fair and equitable, simple to understand, and supports Australia

When will The Eureka Tax be introduced?
• Once approved by The Australian People, a trial will begin whereby all Electronic Debit Transactions will be set to pay a "dummy" amount to prove and refine this method of collection
• At the 30th June of that year, every Australian Entity with a Tax File Number will lodge a Final Tax Return, and all current taxes will be abolished.
• On 1st of July of that year, every Debit Transaction in Australia will incur The Eureka Tax, which will be paid directly to The Treasury Department
How much will The Eureka Tax be?
The Eureka Tax will automatically be paid from your account to The Treasury Department at the rate of 1% for every Debit Transaction
Debit Amount Tax Payable
$ 20.00 $ 0.20
$ 50.00 $ 0.50
$ 100.00 $ 1.00
$ 1000.00 $ 10.00
$ 5000.00 $ 50.00
$10,000.00 $100.00

How will you benefit from
The Eureka Tax?
The average Wage/Salary Earner on $60,000 pa pays approximately $11,500 Tax under the Current Tax System. However, under The Eureka Tax System, the maximum amount of Tax you would pay on this (if you spent every cent that you earned) would be $600
The Eureka Tax System requires no Tax Return, so you won't have to keep Receipts and Records unless you choose to for your own use. Neither will you have to pay someone to complete an annual account of your earnings, nor worry about what you can or cannot claim
How will Australia benefit from The Eureka Tax?
The Eureka Tax System will raise in excess of $240 Billion more each year that can be spent on additional services such as Housing, Health and Dental, Education, and countless other services that are currently unfunded or underfunded
The ATO will be abolished, saving nearly $1.65 Billion pa, and those currently working for the ATO would be employed in other sectors
The Reserve Bank, and other Foreign Banks, will no longer be required for financial policy or lending due to Australia's more robust and stand-alone economy.

What can you do?
If you would like to see these changes happen, we need your help...
Please register as a Member of The Australian National Liberty Party atwww.nationallibertyparty.com.au as soon as you can – it's FREE to join! We need as many Members as we can to show the current Government that the Current Tax System is unsatisfactory, and that it is the will of the people, as per our rights under our Australian Constitution, that this new and fairer Tax System be implemented

Payment mechanism

The way that the Debit Tax is paid – is very similar to the process that is used to make GST payments. The only difference is that with the Debit Tax, the bank will make the payment to the ATO instead of the merchant that sells the goods. Below is an example that should clarify the situation:

The mechanism of how a debit tax is calculated is incredibly simple. It works as follows:

· If your bank account is credited (i.e. payment received) – there is no tax effect.

· If your bank account is debited (i.e. payment made) – debit tax of 1% is calculated.

At the moment, if your gross annual income is $60,000, you are paying approximately $11,500 in tax or even more if you calculate GST and all the hidden taxes,

The Eureka Tax System will see you paying no more than $420, and that's only if you spend every single cent that you earn. If you get paid cash, you will eventually have to put it through the banking system, and for a maximum total of $420pa ($8.07pw / $1.15pd) why would you even bother trying to avoid the tax at all? It will not only simplify the tax system... The Eureka Tax will simplify your life.

Customs and Excise Duties will be retained, and then adjusted to reverse the outflow of jobs from Australia to countries that use slave labour and destroy their environment. The outsourcing of production has only benefited trans-national corporations that have no loyalty to any country. "Free trade" is not "fair trade".

Charities ,Churches and non for profit Organisations and Government Departments will be exempt from paying the Eureka Debit Tax.

These are some of the advantages of using the Eureka Tax System:

· No tax on profits, savings, investments, assets or pay cheques.

· No taxes on income, payroll, provisional, property, inheritance, or goods and services.

· No income tax means an instant tangible wage rise for everyone.

· Goods and services will be cheaper without sales tax and import tax.

· No sales or hidden taxes means more in the pocket for those in the Welfare System.

· No more time, money and paper wasted on daunting tax laws and complex tax returns.

· Tax collectors will be appointed to more productive and useful positions.

· Accountants employed by businesses, large and small, would be able to use their training and experience in the manner in which it was meant to be used, i.e.. Making business more productive and cost efficient.

· Small businesses will not be hindered by our present time consuming system, and will consequently be encouraged to grow and employ more people.

· Big Multi-National Companies will be required to pay their fair share.

· No tax cheating or tax avoidance necessary or possible.

· It would create a real user pay system.

· Continuous flow of revenue to the National Treasury.

· Our large and expanding national debt will be settled very quickly.

· It would allow people to save money for retirement, with no penalties.

· It replaces all existing Revenue Tax Laws for the support of the Australian Government and all other Federal taxes (except 9% Superannuation Levy on Gross Personal Income).

· It will supply the necessary revenue for full financial support of the Australian Government.

· No more filling of individual or corporate Income Tax Returns or Business Activity Statements will be required.

· There is no tax on profits, Capital Gains, Assets or Savings. An incentive to save for retirement.

· There will be no tax on Goods and Services.

· There is only one collector, the National Treasury

· There is no accounting to the Government on the status of our wealth.

· Personal wealth will no longer be public knowledge.

· Tax delays, cheating, fraud, cults operating as business and hiding under the name of religion, tax avoidance or evasion will impossible.

· Through automation, tax delinquents and delays are not possible.

· An immediate increase in the value of the Australian dollar will occur.

· The exclusive use of cash currency becomes counterproductive.

· The Debit-TAX is welcome, as it does not interfere with banking operations.

· There will be a continuous flow of Revenue 24 hours a day, every day, collected by EFT, which is the ultimate in efficiency. This revenue can be recorded, monitored and budgeted for annually.

· The Debit TAX is constitutional and an integral part of our modern monetary tax system, never possible before the computer.

· Unemployment will be reduced. With no taxation barriers ,business can employ more people.

· The Taxation Office is abolished, saving $1,635,536,000.00 per year

· Our Banking System will be used for collecting Tax, rather than our businesses and workplaces.

The mechanism of the debit tax is incredibly simple. It works as follows:

· If you credit your bank account – there is no tax effect.

· If you debit your bank account – there is a tax of 1% that has to be paid.

So you see Any deposit of money into your account (be it your wage or anything else) – is free of tax. Any withdrawal/payment from your account (for whatever reason) – will result in a tax of 1%.,You will no longer pay any tax on your income – but only on withdrawals/payments from your account. Also, the concept of "deductions" to minimise your tax becomes completely irrelevant.

If the Eureka Debit Tax seems to confiscate so little money from individuals – then how will the Federal Budget be funded?

To answer this question – let's reference Reserve Bank and Federal Government documents.

From the Federal Government

A common question we receive is: "Will the Debit Tax generate all the revenue required by government?" At a rate of 1% – the Debit Tax will generate a budget surplus of $157 billion (on government expenditure of $339 billion)

From the Federal Government Budget for 2009-10, we will use 4 figures:

· Total government expenses of $339 239 million.

· Income of $24 547 million from Excise Duty.

· Income of $5 748 million from Customs Duty.

· Income of $24 767 million from Other Sources.

From the Reserve Bank

From the RBA statement System we will use 2 figures:

· Annual "cash withdrawals" from ATMs (calculated at $151.2 billion).

· Annual "non-cash" payments (calculated at $44 trillion).

The Eureka Debit Tax – a Balanced Budget

If individuals pay a lot less tax with a Debit tax rate of 1% – then any reasonable person may be inclined to think that the government is not going to collect sufficient revenue to cover all its expenses. Our response to this is simple – we only use official RBA and federal government figures for our calculations.

Firstly, from the Federal Government Budget for 2009-10, we only use 4 figures:

· Total government expenses of $339,239 million.

· Income of $24 547 million from Excise Duty.

· Income of $5 748 million from Customs Duty.

· Income of $24 767 million from Other Sources.

Secondly, from the RBA we only use 2 figures:

· Annual "cash withdrawals" from ATMs (calculated at $151,200 million).

· Annual "non-cash" payments (calculated at $44,000,000 million).

Our Australian constitution is clear that a tax shall not exist upon another tax. All double taxation shall be abolished and the double taxation Act of 1953 repealed. The Eureka Debit Tax will remove all the inequities, supply sufficient revenue direct to treasury and eliminate taxation as a political issue. Banking and currency will return to government control. Value of the dollar will be controlled by the wealth of our resources and not foreign speculation. Restrictions on other Australian financial institutions will be removed, especially from credit unions and building societies. A National Superannuation fund will be set up, to invest in national development, as an alternative to private funds.

Q: How will the E. D-tax affect share trading?

WHAT IF THE MULTINATIONALS DECIDE TO PACK UP AND GO HOME?
We wouldn't miss them because they don't benefit this country now. They don't pay their fair share of tax now and their leaving would make room for Australian companies to quickly fill their shoes and keep our money here at home. Hopefully that would happen and we could begin to buy back the farm that Labor and the Coalition have been selling off over the past thirty years..There might be some resistance initially as all share trading is completely tax-free at present. (One only gets taxed on profits generated from share trading.) Under the Debit-tax system all profits are tax free (as there will be no tax on income) and the buyer, not the seller, will pay the 1%. You buy shares today, pay 1% tax and when you sell the shares in say,10 years time, there is no tax on your profit or your capital gains.

Q: How will this system affect the thousands of public servants currently employed by the present tax system?

This will be the golden opportunity for our public workers to target the money launderers, the black market economy and other illegal transactions, which are currently sucking so much out of our economy. Also, the new system will be creating so much employment that those who wish to leave the public service will be able to do so to follow their own private ventures.

Q: How will Superannuation work?

Superannuation will no longer have to be paid by employers. Great news for small business as the employees are not being taxed on their income. (They only get taxed 1% on their withdrawals), the current 9% Superannuation levy will come off their gross earnings and go into a Government Fund which will be managed by the Treasury or a Ministry of Finance. This will ensure that the returns from each individual are the same or even better than the Multinational Superannuation funds currently managing these funds. This money shall be invested in local industry, thus providing growth in all sectors including that of employment. Employees will still have the option to further invest in other private superannuation funds of their choice to increase retirement savings. $1000 a week will invest 9% ($90) into the Government Super Fund and take home $910. If they spend the full amount of the balance it will only cost them a further 0.7% ($6.37) thus their NET PAY will be $903.63 instead of $670 which they are currently taking home. (You don't have to have a PhD in Economics to realise what this extra net income will do to the economy of any country.)

Our present taxation act runs to over eight thousand pages and is so complicated that even taxation agent and accountants are confused and frustrated by it. In comparison the Debit Tax can be simply explained in half a dozen pages and requires no book-keeping at all. Accountants would be occupied in more productive areas such as business efficiency and productivity, while tax agents would be employed to monitor banking operations. With the present self-assessment system the taxation department admits that they "cannot cope, so they leave it to you to attend to your tax obligations. "It is estimated that small business spends at least one day a week doing unpaid work for the government administrating books and collecting taxes.

Q WHAT IF THE MULTINATIONALS DECIDE TO PACK UP AND GO HOME?
We wouldn't miss them because they don't benefit this country now. They don't pay their fair share of tax now and their leaving would make room for Australian companies to quickly fill their shoes and keep our money here at home. Hopefully that would happen and we could begin to buy back the farm that Labor and the Coalition have been selling off over the past thirty years..

This Tax policy was model on the Australian Sovereignty Party Policy " working together, building a better Nation".

The Eureka Debit Tax is a fair system for all Australian's

   (Source : http://www.nationallibertyparty.com.au/policies/eureka-debit-tax-policy/)

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