IT DONT EVEN NEED TO be coin
just promise to pay..in sterling silver like bank promissory NOTES
ALL USED TO BE..[IE ESSENTIALLY an IOU/FOR..the SUM certain/in weight certain..in either silver or gold...by current DEBASED face/value's of post decimalisation/coin]

ie 10 cents shall equal 10 Pounds
[WE THE COMMON WEALTH OF AUSTRALIA DO HEREBY..CERTIFY AND ASSURE
THE PAYMENT..TO NAMe vcertain..the amount in coin
to the value of 385 dollars 23 cents..being for CONTINUANCE..FOR THE CONSTITUTED LAWFULLY the settlements of debt

THIS NOTE MAY BE REDEEMEd in coin..via any govt agency/and or educational facility bank.[world wide]

BUT BY INFLATION/..YOUr CROWN FURTHER DEBASED THE QUEENS COIN

I BEG OF YOU JOe the defender of the oppressed
restore to her COMMONERs of here common WEALTH..TRUE
TRADITIONAL//honesT..CASH/ coin/or equivalent OF ITS UNINFLATED/traditional market value..OF THE Weights/quality/quantity..as if.. in silver /gold..WHICH they witness/ ASSEIGE to be.

Butch, your idea for tax reform has merit. But as 579 rightly points out, its not going to carry much favor with Abbotts controllers, the big end of town. Some of whom would start paying a substantial amounts of tax for the first time in their corporate lives!
Seems Treasurer Joe has just wandered out of the financial wilderness and discovered there is a problem with tax minimization in Australia.
Multinationals in particular have been getting away with gross tax minimization in Australia for years, both under Conservative and Labor administrations. It will be interesting to see if Hockey, and the Abbott government for that matter, has the intestinal fortitude to take on big business over tax, I very much doubt it!

Butcher,

Forgive Paul, in the absence of understanding, he reverts to a big business plot against the little man. The rule of thumb that "if it sounds too good to be true, it normally is." applies here.

The problem with the tax as proposed, is that because the tax proposed is about 10s of times the cost presently doing these transactions, there is a huge incentive to avoid the tax, and this is extremely easy in several ways:

1 Move your trades outside the country to an institution outside the tax zone.
2 Don't trade cash, trade digital certificates.
etc.

The EU (excluding the UK) tried to impose a tiny transaction tax recently and it collapsed within weeks. The transactions very quickly moved from Paris and Frankfurt to London, stripping the French and German banks of business, and leading to a financial revolt, and a back down by the EU.

The rise of Bitcoin and other crypto currencies will essentially allow untraceable transactions, making the tax meaningless.

SHADOWS Quote.<<..The EU (excluding the UK) tried to impose a tiny transaction tax recently and it collapsed within weeks. The transactions very quickly moved from Paris and Frankfurt to London, stripping the French and German banks of business, and leading to a financial revolt, and a back down by the EU.>>

thatS WHY PRES OBAMA..ANNOUNCES IT
IN VIDIO Linkage WITH CHINA RUSSIA INDIA INDonesia etc

global trade..needs global ever sight
hrh alone..controls over 1/4 the world domain/via common wealth

thing is..we NEED A GLOBAl plan
either butcHES..OR MINE..PREFERABLY..MY STICK..GETS TRANACTION TAX

ITS THE BIG TRANSACTIONS THAT SHALL KILL US
IF ITS TAXED..IS ONLY FAIR

THOSE front running need only pay at beginning of tHE DAY
Cause share trading really only is betting on the price a share /resource could be/worth..iF IT WAS A REAL SHARE WE WERE BuYING..so share trading houses..tax the largest transaction/only at closing

the better pays at opening..
THERE ARE WAYS TO BE FAIR..BUT THE REVALUATION OF COIN ALONE ALLOWS US ALL TO PAY ALL DEBTS in full..]mate the current system is broke/risking quadrillions on betting if a manipulated price goes up or down..is killing asset building.

579, of cause this type of tax couldn't be a one size fits all, as traders fir example often work on low sigle digit margins, so they would require a different level of tax.

Luckily most larger companies, Woolworths for example, have plenty of data to show their profit margins, so this data coukd be used to determine their applicable tax rare, same goes for service stations selling fuel, howeve this could get messy with grocery items they now sell, however, with computes this is not hard to allocate differing tax levels for products and or services.

So yes, big business don't want this type of tax, but that's tough Titties because we need action, and we need it sooner rather than latter, otherwise we are going to see a serious deterioration in life styles of many.

Paul, as I said to 579, it couldn't be a one size fits all tax.

SM, how do they transfer the money from here to tax havens without using a bank account.

In any case, big business is in melt down so if we don't act they will leave anyway.

In any case, something has to happen because we are headed for a train wreck if we continue down the path we are on and, our tax payers can't be expected to folk out even more taxes., especially given we are receiving less bang for our bucks.

Like you, I am filthy with the mess that previous incompetent mob has left us with, but what's done is done and we must find a way to move on.

I find all talk of tax system changes a bit meaningless really.

It doesn't matter at all how & where the tax is applied, it will filter down to the consumer to pay it.

No matter what system is used, any increase in government tax take will end up being paid by the same people, you & me.

Any increase in government tax take will of course be inflationary, & thus reduce the living standards of those who pay tax.

Rather than find more of our money to spend, I want to see all government cut its expenditure by 20% in all areas, then stand back & watch.

Apart from a few crying bureaucrats, I doubt much would change. A bit of fat removed, & a few blotted empires reduced a little, a few academics flipping burgers, but nothing of any consequence really.

So rather than telling Hockey how to grab more money, lets just tell him to spend less. Fortunately it does appear as if that is his inclination anyway, thank god.