Turnover Tax would simplify the taxation system
Politicians are always dreaming up extra ways to spend our money, but they are less motivated to implement a more efficient taxation system. One idea that the Federal Treasurer could consider in the upcoming budget would be to abolish income tax for companies and replace it with a turnover tax. In one move it would decimate the tax evasion industry. Accountants find it easy to hide profits but it's no simple task to disguise total revenue. Turnover tax is a simplified system making it easier for business to meet tax obligations. The turnover tax system replaces Income Tax, GST and Capital Gains Tax. Turnover tax is worked out by applying a tax rate to the gross income of a business.