Independent candidate Richard Foley claims to have helped devise “the simplest, most highly efficient taxation system on the planet”, which “makes fraud impossible”.

As well as legalising recreational cannabis use and banning dual citizenships to “dissuade people from having divided loyalties”, Mr Foley wants to crack down on big banks.

Mr Foley hopes to stage an "economic revolution” to end Australia’s “oppressive tax system”, by abolishing all existing taxes and putting a 2 per cent levy on every electronic transaction.

“Scrap all 125 taxes and replace them with a 21st century 2 per cent debit tax on all banking transactions,” Mr Foley said.

“Under this system, all electronic payments will be subject to an automatic 2 per cent debit tax, applied to more than $51 trillion worth of transactions annually.

“This means every individual and business will keep 98 per cent of their income and every major corporation will pay tax.”

Mr Foley claimed under his tax plan, “everyone will have more free money and everything that you purchase will be cheaper”.

Wagga accountant Matt Smith, from Bush and Campbell Accountants, predicted the banking system would collapse before the reform could take effect.

“Say for instance, before the system started I had $1 million in my bank account and took it out of bank and left for Europe; I'm out of the Australian tax system,” Mr Smith said.

“That would also apply to anyone who took a lump sum out of their bank account and put it under their bed.

“Everyone would want to get their money out and the banks would all be run dry before the system kicked in.” 

Mr Smith said the plan raised doubts about the government’s ability to collect tax revenue from tourists. 

“If we have someone from the US with $10,000 cash in pocket, they won't pay any tax at all when they're here,” Mr Smith said.

“If they're changing their Greenback to Australian dollars before they come here, they’ll pay for everything in cash.”