A simple 1% debit tax on all transactions, collected by the banks, forwarded to Treasury. That’s it!
-Saves the $20B per year the ATO costs us to operate
-viable due to ‘the velocity of money’
-Tax write-off schemers become null and void
Example: Wage earner on $50k, if they spend all their wages the annual tax paid is $500, if they spent nothing then zero tax (impossible but its the example).
ALL transaction, including big corporate contracts, govt spending, etc, are included.