Capital Gain & Fringe Benefit Tax

Questions: Case Study 1: Capital Gains Tax. Case Study 2: Fringe Benefits Tax. Answers: Case Study 1: Capital Gain or loss Capital gain is defined as capital in process and acquisition cost given by the capital holder. We can calculate the capital by the well known method, in which number one is known as Discount method. Discount method is applicable when history of transaction is at least twelve month old. The second method is Indexation method which is applicable when assets acquisition done before 21st September and held for more than twelve month. The last one is residual method in which, we are calculating the capital gain when transaction history of less than 12 month. Therefore, at any condition we will apply the for calculation will come under this three tools. Some of the items are exempted from gain on sale of capitals assets these are The property bought before 20th September 1985 which is further stated as Any kind of assets which cost is less than $500. If we are selling family residential house, then this gain will have exempted. If we are reimbursing some amount by selling our asset particularly for remedy for illness, then this kind of asset will come under exemption Selling of our own vehicle will be exempted under this tax. Removing and carrying forward of the losses due to gain of capital Capital loss (Long term): The is thumb rule for asset capitalization that, if there is any loss in long term capital then it can be waived against only by long term capital, if there is no gain for adjustment in the current year it can be carried forward to next year of assessment and can be settled only against Long term capital loss. Capita loss (short term) The is thumb rule for asset capitalization that, short term capital loss can be settled against long term capital gain of assets, if there is no gain for adjustment in the current year it can be carried forward to subsequent next year Assessment years and set off against both short term Gain and long term gain. Condition (a) It is very clear that Mr. Dave Solomon, who residing in his two story building for last 30 years going for sale now, the cost of purchasing this asset was $ 70,000, the sale happened for $ 8,50,000 on date of 27th June of the present tax year. The residential building sale was organized through auction. The buyer paid him $ 8,50,00 as an advance for buying the house, but due to some unavoidable circumstances he is not able to pay rest of the money. In such condition there is rule of money forfeiting for i.e. advance money cannot be returned, therefore, finally there is profit of $85000 for Dave Solomon. We can calculate the asset is given below Condition (b) There was a painting which date of purchase was 20th September, 1985 for $ 15,000 was and finally it was sold for 1,25,000 Condition (c) The Sale of luxurious motor cruiser which was happened 1st June for $ 60,000 and this was purchased in 2004 for $ 1,10, 000. This was sold to local boat broker on that area Condition (d)) As mentioned in the case study the selling of parcel of equity occurred which was of newly listed mining company on 10th of January of the current year at the cost of $75,000. He sold these shares on 05th of June of the current year for $80,000. During purchase these shares he borrowed a loan of $ 70,000 and paid interest on the loan of $5,000. In addition of these he has also given money for brokerage of share as $750 and also stamp duty paid by Dave Solomon for $ 250. There is a rule for income tax is that interest of loan is not included in the tax. Therefore, he is not liable to pay tax for interest part (Seidman, 2003). Overall calculation for asset As per given the detail calculated above, tax return of Mr. Dave shows that capital loss of $ 10,000 from the sale of shares, therefore, this can be adjusted with current year long term capital gain Therefore, Net Capital gain in long term = $ 1, 04,961 - $10,000 = $ 94,961 Solution (1b) Net Capital gain is the sum of all gain arrived from sale from sale of capital asset subtracting loss in sale of capital assets, in this all losses of the capital assets is subtracted which also included loss on sale of capital from previous years as well. In other meaning of this the tax on capital gain is tax which similar to gain occurred due to sale of asset and therefore, tax should be given for gain happened on sale of capital asset in the same year in which income has happened in which sale happened. Looking forward with given condition, Mr. Dave have gain on sale of assets in the same income year in which sale happened. Therefore, Mr. Dove has earned profit on sale of asset. So finally we can say that he can contribute to his superannuation fund. For doing this Mr. Dave al already maintained records of respective transaction which was happened during all the above stated process, for example, interest on loan, purchase receipts, fees for legal work, cost occurred in mitigatio n of fees, and also record of brokerage paid on shares. (Peter 2016). Solution (1c) As per the above capital analysis, Net loss in capital is sum of all loss arises from sale of capital asset which includes loss from previous year, as per rule stated in condition (a) Mr. Dave cannot normalize his capital loss from other source of income but it can be carried forward for next years and deduct it from capital gain arrived in next years. Capital loss can be carry forward for indefinite periods if necessary. Mr. Dave does not able to choose not to normalize the losses against any capital gain however they can deduct such loss as per their choice with gain of capital. If Mr. Dave is not having profit in gain of capital, then he has to sell more of his assets or acquire loan so that he can contribute to his personal superannuation fund and then buy a rented city apartment and withdraw tax free amount from his personal superannuation fund once he attains the age of 60 in august of next year. (learn.nab.com, 2016). Case Study 2: Fringe Benefit Tax. First of all, I have to summarize all the things which is given in second part of assignment Section (i) There was a manufacturer of bathtub its name is Periwinkle Pty ltd. This company provided a car to the Emma who is employee of this company and usually in regular journey for company purpose, but use of car is not limited to company purpose, this car is given by company and used for personal purpose also. The car was purchased by company at the cost of $ 33000 on 1st of May 2015. The journey of Emma taken place about 10,000 km, during the period 1st May 2015 to 31st March 2016. There was maintenance cost incurred in car which is $ 550 and this was later given by company. AT one point of time the car was kept at airport. The duration of car parking was about 10 days at airport. Further, the car was given for maintenance and not used for about 5 days. A loan of $ 500000 was given to Emma by the company on the date of 1st September 2015 at a lower interest rate of 4.45%. By using this amount Emma procured a holiday home at the cost of $ 4, 50,000 and the balance amount was given to her husband for the purpose of buying share in Telstra. One more thing happened in 2015 is that she has taken a bathtub from company Periwinkle Pty ltd. At the cost of $1300. The cost incurred for manufacturing this bathtub was around $ 700 and this company selling this bathtub at the cost of $2600. Fringe Benefit Tax The employer is liable to pay fringe benefit tax for their employee, if they have given facility either at no coast or at the lower cost from the market rate at it should be non-cash benefit given by the employer. If employee used this facility for personal purpose in this condition employee is also liable to pay fringe benefit tax There is some exemption given by the government in fringe benefit tax If the benefit given by the company costs less than $300 Employees is being transferred to some new place If house allowance provided and this house is situated at far from people place. Loans given by the company which is not considered for FBT Cost incurred in relation to companys work If the car used by employee for work purpose and this car is provided by the company. These are the details of fringe benefit tax This Tax is liable on Car parking, Property and Residual, Car, Loan, Payment of Expense, Housing, Airline, transport, The definition of Fringe benefit tax includes car as a wagon of station or any vehicle used to carry goods on net weight of less than one tons or any vehicle used to carry less than nine passengers. But when the car is used for personal purpose i.e. and such benefit given by the employer to the employee fill comes under fringe benefit and hence tax will be calculated on such benefit. If the car by the company is provided for the period of less than three month then it will not be considered as that employee is holding car and fringe benefit tax is not be computed. As per the condition given is case study the car which used by Emma comes under the definition of fringe benefit tax. Therefore, car provided by the company comes under the law of fringe benefit tax. Another thing is that car is also used for private purpose, and there is a rule that if the car is not at the premises of the employer and is given to employee for private use and the car is parked at the premises of the employee. The car for the purpose of maintenance is being considered as out of the rule of fringe benefit act. (Roger T, 2013) There are two methods of calculating the fringe benefit tax Cost Basis method By Applying Statutory formula (Fredrick, 2008) In this scenario we have to note that car was not used for 5 days when it was given for repairing but car parking to the airport will be considered as car used by Emma for that 10 days. If car key is submitted by Emma to the employer, then these days are not considered as total days for fringe benefit tax. The total running of car is about 15000 km. Consideration of loan provided by Periwinkle at low interest rate It is a general rule that whenever, loan is given to the employee at a lower interest rate, then it will attract fringe benefit tax. As the given condition load is given at the rate of 4.45% which lower than the market rate which 5.95%. Fringe benefit tax for loan is 5,00,000* 1.50% = $7,500 But as given in case study, $450000 were used for buying a house and balance amount is transferred for purchase of equity to her husband. But amount used by Emma for house purchase is $450000, in this condition tax will remain same as $7500 Section (ii) If the total amount is being used by Emma, then fringe benefit tax will be calculated by this method Relaxation in debt for the case of fringe benefit tax AS given in case study, the purchase of companys product (bathtub) was taken place at $ 1300, usually this was sold at $ 2600. Therefore, the difference in i.e. $2600 - $1300 comes and then Emma is liable for fringe benefit tax. References Ault, H. and Arnold, B, 1997,Comparative income taxation. The Hague: Kluwer Law International. Daily, F, 2003,Tax Savvy for Small Business. Berkeley: Nolo. j, P, 2016,Calculating Capital Gains Tax - the basics for Australian investors | delisted Australia. [online] Delisted.com.au Koulizos, P, 2013,Property vs shares. Milton, Queensland: Wrightbooks. Preve, L. and Sarria-Allende, V, 2010,Working capital management. New York: Oxford University Press. Ross, S., Westerfield, R. and Jordan, B, 2007,Essentials of corporate finance. Boston: McGraw-Hill/Irwin. Scott, R., Currie, G. and Tivendale, K, 2012,Company cars and fringe benefit tax. Wellington, N.Z.: NZ Transport Agency. Seidman, J, 2003,Seidmans legislative history of federal income and excess profits tax laws, 1953 - 1939. Clark, NJ: Lawbook Exchange. Taxation, 1995, Canberra: Australian Govt. Pub. Service. Wilkinson, M,1992,Taxation. Basingstoke: Macmillan. Vataliya, K. 2008.Management of working capital. Jaipur, India: Paradise Publishers. Global Property Guide. 2016.Australia capital gains tax rates, and property income tax.

Sexual Harassment 101 Essays - Human Behavior,

Sexual Harassment 101 sexual harassment History so many women don't see this process as worth the trouble. Even those, however, who do file a complaint and win a harassment case, may feel lost. Though, Title VII offers reinstatement to previous job, the individual may be shunned or harassed by co-worker thus making conditions even more uncomfortable than they were beforehand. Common law tort lawsuits, such as intentional infliction of emotional distress and assault and battery, provide a remedy in certain types of sexual harassment cases that is totally dependent of any of the statutes and governmental agencies. However, the solutions proposed might seem comprehensive in plans to lessen sexual harassment in the workplace and punishment of harassers, women still face formidable obstacles in preventing harassment from continuing. The proposed measures fail to cover all aspects of harassment, though the truth is, it is virtually impossible to formulate a plan to do so. Anti-harassment policies in the workplace can significan tly lessen the occurrences of harassment by co-workers, but in reality, corporate policies are only as good as the supervisors that enforce them. Evidently, sexual harassment has manifested itself into the everyday work environment, and has now unfortunately become a common occurrence for some women. Though government procedure countering this problem has improved considerably over the past few years, as long as there are women in the work force, they will inevitably be subjected to the torture that is sexual harassment. Sports and Games

PENN Surname Meaning and Origin

PENN Surname Meaning and Origin The Penn surname has several possible meanings: a topographical  name for someone who lived near a fold or hill. From the Breton/Old English word penn, meaning hill and pen, fold.a habitational name from various places called Penn, such as Penn in Buckinghamshire and Staffordshire, England.an  occupational name for an impounder of stray animals, from the Old English penn, meaning (sheep) pen.as a German surname, Penn may have originated as a nickname for a short, stocky person, from  pien, meaning tree stump. Surname Origin: English, German Alternate Surname Spellings: PENNE, PEN Where in the World the Penn Surname Is Found While it originated in England, the Penn surname is now most prevalent in the United States, according to surname distribution data from Forebears, but most common in the British Virgin Islands, where it is the 3rd most popular surname. Around the turn of the 20th century, the Penn surname in Britain was most common, based on the percentage of the population with the surname, in Northamptonshire, England, followed by Hertfordshire, Worcestershire, Buckinghamshire, and Oxfordshire. WorldNames PublicProfiler, on the other hand, indicates the Penn surname is most frequent in the United Kingdom, especially in southern England, plus Cumbria in the north and Stirling in Scotland. It is also common in the Eferding district of Austria, especially in Freistadt and Urfahr-Umgebung. Famous People with the Last Name Penn William Penn - an  English Quaker is best known for founding the colony of Pennsylvania as a place for religious freedom in AmericaSean Penn - Academy-award winning American actorKal Penn - American film and television actor, who has also served several roles in the Obama administrationArthur Horace Penn  - member of the British royal householdHarry Penn - African-American civil rights activist and dentistRobert Penn -  African-American sailor, recipient of the Medal of Honor during the Spanish–American War Genealogy Resources for the Surname Penn The Family of William Penn, Founder of Pennsylvania, Ancestry and Descendants: A digitized copy of a book on the ancestors and descendants of Sir William Penn, published by Howard M. Jenkins in Philadelphia, Pennsylvania in  1899. Free on Internet Archive.Penn Family Genealogy: A website tracing the descendants of  John Penne,  born in 1500 in Minety, Gloucestershire, England.Penn Family Crest - Its Not What You Think: Contrary to what you may hear, there is no such thing as a Penn  family crest or coat of arms for the Penn surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted.FamilySearch - PENN Genealogy: Explore over 500,000 historical records and lineage-linked family trees posted for the Penn  surname and its variations on the free FamilySearch website, hosted by the Church of Jesus Christ of Latter-day Saints.PENN Surna me Family Mailing Lists: RootsWeb hosts several free mailing lists for researchers of the Penn surname. DistantCousin.com - PENN  Genealogy Family History: Explore free databases and genealogy links for the last name Penn.PENN Genealogy Forum: Search the archives for posts about Penn ancestors, or post your own Penn query.The Penn  Genealogy and Family Tree Page: Browse genealogy records and links to genealogical and historical records for individuals with the popular last name Penn from the website of Genealogy Today. References Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998.Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003.Hanks, Patrick, and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989.Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003.Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997.Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997.

Calvinism essays

Calvinism essays Calvinism is the theological system of John Calvin who exerted international influence on the development of the doctrine of the Protestant Reformation (Warfield, 2004). Calvin and his followers marked by strong emphasis on the sovereignty of God, the depravity of mankind, and the doctrine of predestination. This system was developed as a biblical Christianity. It has stirred countries such as Switzerland, Germany, France, Spain, England and America. Calvinist theology spread rapidly, and became the basis for many protestant denominations. These included the Swiss Reformed Church, The Dutch Reformed Church, The English Puritans, The French Huguenots, The Presbyterian and Congregational Churches, The Baptist Churches, and through them the Pentecostal Churches and Assemblies of God. Jansenism, a Catholic form of Calvinism, was condemned as heretical in 1653. The central assertion of Calvinism canons is that God is able to save from the tyranny of sin, from guilt and the fear of death, every one of those upon whom he is willing to have mercy. God is not frustrated by the unrighteousness or the inability of men because it is the unrighteous and the helpless that he intends to save. In Calvinism man, in his state of innocence, had freedom and power to will and to do that, which is good and well pleasing to God; but yet mutably, so that he might fall from it. This concept of free choice makes Calvinism to stand supreme among all the religious systems of the world. The great men of our country often were members of Calvinist Church. We had the number of Presbyterian presidents, legislators, jurists, authors, editors, teachers and businessmen. The revolutionary principles of republican liberty and self-government, taught and embodied in the system of Calvin were brought to America and in this new land where they have borne so mighty a harvest were planted by the hands of the Calvinists. In this essay we will discuss the role of Calvinism in ...

Data Minining and Data Discovery Research Paper

Data Minining and Data Discovery - Research Paper Example However, the data that is analyzed via different techniques is fetched from data warehouses, where many databases are interconnected with each other. Major techniques that are involved in the process of data miming are regression, classification and clustering. Data mining is incorporated for gaining in depth patterns for market intelligence from data warehouses containing massive amount of data. However, the issue that arises is not the quantity of data, as we already have massive amount of data to work with, it is the methodology that is required to learn data. 3 Data Mining 3NF is usually recommended for a corporate environment managing massive amount of replicated data. For instance there is no requirement of saving data several times. However, there is a requirement of doing more joins. Comparatively, 1NF will provide the functionality of storing replicated data regardless of number of joins. It is the choice of database administrator to evaluate what is the right form; it may b e 3NF or 1 NF. Moreover, normalization comprises of five rules that are applied on a relational database. The main objective is to eliminate or minimize the redundancy and at the same time increasing database efficiency. The negative part illustrates that too much implementation of normalization can cause issues. The objective is to deploy the highest acceptable level of normalization. If we compare three of these NF’s, the 1NF removes replication in groups. The 2NF reduces data replication or redundancy and the 3NF reduces columns from the tables that are not reliant on primary keys. Therefore, database design must demonstrate the highest level of normalization possible, in order to make database efficient and robust. In order to maintain 3 large databases for a VLDB and to keep them efficient for two years if required, there is a requirement for constructing a ‘store and forward’ mechanism that will process the data or information from and through each distribu tion center database. Likewise, at the same time embrace that data or information pending till the completion of EDW. Moreover, data archiving is also required for maintaining each distribution center becoming a VLDB. EDW is efficient enough to support this scenario. A study demonstrated the overall cost of this disease throughout the world is $376 Billion annually. It is now almost fundamental that a person exceeding an age of 60 have more chances to get this disease, as it is now considered as the fourth largest live taking disease globally along with making its name for the fourth most common disease that contributes to a death of a person. However, the most common of all diabetes is the type 2. As there are almost 20% habitants suffering from in the United Arab Emirates alone, many research studies and debates are conducted yearly in Dubai and Abu Dhabi. Moreover, awareness sessions are conducted in every town of the cities to aware the people about this disease (MoH launches se cond phase of diabetes campaign.2010). However, this case study demonstrates the disease diabetes and medical data associated with patients from the Middle east region i.e. United Arab Emirates for discovering concealed patterns and the valuable information that can be utilized for decision making process. In addition, these informed decisions are performed by medical personnel

Sustainability and ethics course Essay Example | Topics and Well Written Essays - 3500 words

Sustainability and ethics course - Essay Example It has maintained a steady growth with respect to net margin and other financial indicators. Nissan requires acquiring a detailed idea about the threats and weaknesses that it might face and possess while operating efficiently in the global automotive industry. In terms of findings, it can be noted that the management team of Nissan is efficiently working towards collecting feedbacks from its stakeholders by arranging conferences, making direct dialogues and interviewing among others. It can be affirmed that by adopting and executing effective strategies, the company can overcome its weaknesses and mitigate the threats that arise during the conduct of various operations. It is projected that such strategies will contribute into enabling the company to reap several significant benefits and derive positive outcomes. Nissan is regarded as a multinational business organisation operating in the worldwide automobile industry. Its cars are sold globally under the trade name of â€Å"Nissan†. In 2013, Nissan unveiled its logo under the steel-blue frame, which differentiates itself with its brand (Nissan Motor Corporation, 2014). Nissan has left its mark by creating wide assortment of cars and trucks. It has traded these in the brand name of â€Å"Nissan†, â€Å"Datsun†, â€Å"Infiniti† and â€Å"Nismo.† Presently, it is expanding its operations by conducting an alliance with Renault; a France based automotive company with holding 43.4% share (Nissan Motor Corporation, 2014). Nissan aims to offer innovative products, services and excitement to the customers across the globe wherein it operates. Currently, the company possesses manufacturing outlets in twenty countries and provides service in excess of 160 countries throughout the globe. In offering services worldwide, Nissan has utilized the strategy of embracing diversity to meet the demands of diverse customers and also to accomplish the sustainable growth of its

Mechanical Engineering History Essay Example for Free

Mechanical Engineering History Essay At the start of the Industrial Revolution, in the 18th century the steam engine was first produced. From this production it gave an enormous start to all machinery of any type and every type. As a result, a new major classification of engineering was formed due to the intuition of machines and tools being developed. Soon after this, the Institution of Mechanical Engineers was founded in Birmingham, England in 1847. Scientists investigate that which already is; Engineers create that which has never been. (â€Å"Mechanical Engineering†) In this quote, Albert Einstein explains that engineering is essential to societal advancement and what is will never be without engineering. Henry Petroski helps informs the public that, Engineers do not have supernatural abilities. They are not perfect. It is not natural for them to not make mistakes. One can forgive their mistakes, but it is essential for one to catch and correct them. Therefore it is the nature of modern engineering for engineers to check over one’s own work and calculations along with the work of their collogues. Being an engineer is a serious profession, â€Å"You are looking at a â€Å"professional degree† rather than an arts degree or a science degree. Many people would say that the engineering degree is consistent with a law degree. I am not sure I agree but it is different than a physical education degree. And, by the way, the earning potential is greater, too† (Blackmon) says Professor Blackmon, one of UNC Charlotte’s professors’ and advisor for Mechanical Engineering. According to Blackmon, a freshman mechanical engineer needs to expect â€Å"to know that they will be spending a lot of time learning over the next four years.† They will also need to know that they will be placed in â€Å"Calculus1, ENGR1201 and CHEM1251†. In the engineering program at UNC Charlotte, there are two pathways, Engineering and Engineering-Tech. Blackmon states that the main difference between the two is that, â€Å"engineering is calculus based with a physics based curriculum, and technology is algebra based and algebra based physics based† (Blackmon). According to the Bureau of Labor Statistics in 2011 there was a national total of 238,260 mechanical engineers in the USA. Fifty percent of these mechanical engineers made at least $38.09 an hour on the job. At this hourly rate, these ME’s made $79,230 annually. (â€Å"17-2141 Mechanical Engineers†). Professor Blackmon tells me that here at UNC Charlotte, â€Å"we have mechanical engineering going into most any industry and most any specialty. They are in energy, motorsports, medicine, robotics, space exploration, etc. I am not sure of any real project that cannot benefit from the support of a mechanical engineer.† Also at UNC Charlotte, graduates who have at least a 3.4 GPA tend to find a job even before they graduate. Graduation to about sixty percent of UNC Charlotte’s graduates happens in about six years; only twenty-two percent of freshman graduate in four years. According to Blackmon, â€Å"Our results are about the same for all engineering schools† (Blackmon). A mechanical engineer requires many traits and qualities that most individuals may not know. These characteristics include and follow what is stated in the quote below: Mechanical engineers are characterized by personal creativity, breadth of knowledge, and versatility. They are also valuable and reliable multidisciplinary team members. The technical subject areas that form the main basis for their work include mechanics, energy transfer and conversion, design and manufacturing, and the engineering sciences. A good understanding of English and mathematics is also crucial to this kind of profession. (â€Å"Mechanical Engineering Major†) There wouldn’t be new inventions or products made without engineering. Becoming an ME is not easy it takes many years of experience, knowledge in the field, much dedication and perseverance. Works Cited An Excellent Collection of Engineering Quotes. Articlesbase.com. Articlesbase.com, n.d. Web. 10 Oct. 2012. http://www.articlesbase.com/. Mechanical Engineering. Britannica.com. 2012. Web. 10 Oct. 2012. http://www.britannica.com/. Mechanical Engineering Major. MyMajors. My Majors, 2012. Web. 30 Sep 2012. http://www.mymajors.com/. 17-2141 Mechanical Engineers. Bls.gov. 27 Mar. 2012. Web. 10 Oct. 2012. http://www.bls.gov/. Blackmon, Don. Personal Interview. 11 Oct. 2012.