The Progressive Income Tax: A Tale of Three Brothers

April 28, 2015

“The Progressive Income Tax” is one of those economic terms that gets bandied about, but few actually know what it means or how it works. This tale of three similar brothers with three different incomes (but one shared expense) helps explain the tax system under which we live. Adapted from an article by noted investor and economist, Kip Hagopian, and narrated by actress Carolyn Hennesy of “General Hospital” and “True Blood” fame, this animated story will change the way you think about how you pay your taxes. 

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SMSF – The Beginners Guide

Managing ones funds isn’t a piece of cake; it needs one to have a great deal of idea about its pros as well as cons.  Definitely there are a lot of advantages that has made the process universally accepted.  But this idea of Self managed super fund doesn’t fit everyone. Having an amount less than $ 200,000 in super would make the administrative costs highly uneconomical. Your annual expenditure besides the establishment cost should vary somewhere around $ 1000 to $ 1500. But more importantly what matters is the time and skills that you need to acquire in order to manage your own fund.

If we talk about the advantages of taxation, managing your own funds gives you a greater control over your investments; besides you have a variety of options before you, giving you some broader idea of investment. The prime idea is to provide money for your retirement just to cut down your investments in various assets for a lavish life at present and thereby making the final innings of your life insecure.

Starting a procedure like this needs you to keep up with the steps and rules mentioned by the Australian Taxation Office. Some of these include establishment of the trust followed by election of being a regulated fund in order to obtain a tax file number and an Australian business number. The third step involves preparation of an investment strategy which has to work out in your favor before you can implement it. Finally, open a bank account which is of no hassle at all.

Starting off with such a process asks for the preparation of a trust deed. Consulting a personal accountant or a legal service company for such a deed should explain you better about the process and how to go about it. You should keep it in your mind that unless they hold an Australian financial services license, your personal accountant or the legal service company cannot advise you on whether it is the right financial decision for you to take up the process. These trust deeds basically sets out matters like the details of the trustees and their appointment process. Also, their powers and conditions for contributions and benefit payments are mentioned. What you need to do to begin with is to make sure that the trust deed is dated and executed properly.

Getting to manage your own tax gives you an extra edge of having the control over your own account. Now it remains up to you as how skilled you are to provide adequate time for your Self managed Super Fund from your regular busy schedule.

If you are looking for Taxation Canberra services be sure to check WFScanberra.com

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Oskar Groening: Holocaust survivor explains why she shook hand of 'Accountant

April 27, 2015

Oskar Groening: Holocaust survivor explains why she shook hand of 'Accountant
A Holocaust survivor has explained why she shook the hand of a former Nazi Auschwitz worker currently on trial in Germany for his role in the murder of 300,000 prisoners. Eva Kor, 81, travelled from her home in the U.S to Germany for the trial of Oskar …
Read more on The Independent

Farming the mix: Young farmer group includes aerospace engineer
It disappeared more than 20 years ago. And once lost, older farmers feared it never would be seen again, as drought smashed farms and families, young people drifted to the city and away from agriculture, and managed investment scheme plantations took …
Read more on The Age

School accountant accused of stealing almost million
The Herald Sun could not find Mr Whelan as a registered accountant despite checks at a number of organisations. Three months have been set aside next year for Mr Whelan's criminal trial in the County Court, with five separate juries expected to sit …
Read more on Herald Sun

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Timeshare Tax

So, I was just reading an article about a tax being imposed on timeshare owners in Myrtle Beach. This tax would be imposed to bring in money for the state’s tourism products to be marketed. It seemed like another thing that timeshare owners now have to deal with. It got me thinking about all the people who have timeshares right now and already want to sell but are having trouble. Now they may be even more desperate to fall into the hands of companies like Prudential West. Companies that will offer you a quick and easy fix to your problem and then charge you fees and never sell your timeshare. You get tricked into working with them and pay them the fees they charge, but then never get the results that you were promised.

I think of the many people that own timeshares in Myrtle beach and then are now being charged with extra taxes that they don’t feel are right. Now they may be looking to sell their timeshare and then end up falling into the hands of a company like Prudential West that offer a timeshare exit strategy. These methods that they use and promises that they make are wrong and it is unfair that they offer them and get away with it. If I was a timeshare owner looking to sell and didn’t already know about these agencies then I would probably fall victim to them too and pay their fees and get no results.

I know that certain resale companies are real and can provide someone with help selling their timeshare. I also know about companies that make promises they cannot keep and scam people out of their money. Like I mentioned, Prudential West is a company that will use these tactics to get people to try and sell their timeshare with them. I just hope that the people who want to sell their timeshares and avoid these new taxes can successfully sell their timeshare and avoid these scams.

It is complaints like this about Prudential West that have begun to really hurt the company and their rapidly declining sales figures. Buyers need to exercise caution when thinking about working with companies like Prudential West, or any other company that there are so many complaints about online.

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Your Ideal Accountant

Accounting as a business function is extremely crucial for any organization. While you are looking for an accountant, you need to take utmost care of hiring someone who is perfect for the job. He or she needs to be trustworthy enough for you to be able to give him access of confidential information about your business that can make or break you organization.

This is how you will be able to find yourself an ideal accountant:

1.  Getting References from Trusted Sources:
This is the most reliable source to find you an accounting specialist. You could especially get in touch with family and friends who are business owners themselves. They would have a fair idea on who are some of the most trusted names in the industry.

Another thing that you need to decide before you start looking for specialists is whether you wish to outsource your requirement or hire someone in house. In both cases, you need to make sure you have sufficient references that enable you entrust your business organization on the accounting firm or accountant that you hire.

2.  Conduct a Background Check Online:
In today’s day and age, it doesn’t take too long to conduct a background check on a person with the help of the internet. You could do a search on Vancouver Accountants and get a list of some of the top names in the industry.
Also, after you have shortlisted the references that you have received through your enquiry, you could go ahead and check their linkedin profiles and other business profiles online to get an unbiased feedback on the web.

3.  Have Clarity on the Work Profile and Expectations:
A big mistake that most organizations make is not have clarity on the expectations they have out of the accounting professional. Not only should you have organized the work profile you intend to offer him, but also have a list of skills and qualities you wish your professional to have to make sure he will be able to deliver your expectations sufficiently. For example, while most financial professionals are extremely good at analysis and quantitative skills, it helps if they also have the ability to get creative and meet financial and accounting challenges with some creativity.

Additionally, if you have specialized needs that are specific to your business of industry, you need to identify them and gauge the professional you intend to hire on whether or not he or she would be in the position to meet those needs. Remember to conduct a thorough check on the certifications and qualifications of the accountant you finally hire so as to verify his professional background and reliability.

Mackenzie group is one such accounting firm that holds the team of best Vancouver Accountants providing you valued services.

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Las Vegas Cpa Firm – Business Cpa

I’m a partner at a Las Vegas CPA firm. Choosing a CPA can be a very complicated decision, however, there are some common factors that you should look at that all CPAs should have. One of those factors is: they should excel at working with people. Being a CPA is a “people profession”. It’s not just the numbers, you definitely have to be able to work with people; to be a good communicator and a good listener. A second thing a CPA firm should have is: they should be honest. They should be honest and have integrity well above and beyond what you expect. You should be able to be comfortable with the tax returns and financial statements that they’re presenting, and that integrity is crucial.

They should also have a great network of other Las Vegas professions. You might need an estate plan or a will done; or maybe you need some investments. There should be some people they can refer you to in order to get your entire financial profile in order. They should be able to do what they say they’re going to do. For instance: if they tell you they’re going to return your phone call within 24 hours, they should return your phone call within that specified period of time. You want them to return your tax return within the specified time. Your fees should be exactly what you think they’re going to be. Make sure they oblige by everything that they tell you. Those are some of the most important things that a Las Vegas CPA firm should have.

I’m a Las Vegas CPA who just came out of a meeting with a bunch of students. They were down at a recruiting visit down in Southern Utah. And one of the things we told them when they’re looking for an employer is to “find your fit”. And that is an absolutely important tip I can give to any business owner as well: When you’re looking for an advisor – your attorney, your insurance agent, your Las Vegas CPA – these are people you’re going to have to trust an awful lot with the personal details of your life and with the success of your business in some case, and so you need to take the time to interview people and see whether you relate to them, and whether it’s somebody that you can trust, someone you can get on the phone and talk to, and someone who shares your values.

Maybe they have a similar appetite for risk. You may not be as cutting edge as your CPA wants to be on taxes, and that may make you uncomfortable. Or, your CPA may be more conservative than you want to be. So it’s very important that you spend the time on this relationship at the front, because it’s much easier to spend it then, than to change CPAs every 2 or 3 years. So, “find your fit” when choosing a Las Vegas CPA.

One of the biggest concerns that we have with our Las Vegas business consulting clients is, “How do I succession plan for my business?”. In other words, ‘How does the business owner build his business, grow it to a substantial size, and either have his children take over the business, have key employees take over the business, or just sell it to a third party?’. Business consulting in Las Vegas in an important first step, because typically it takes from 5 – 10 years to be able to transition the management, the style, and the culture that you developed in your business, as well as to make sure that the next generation wants to participate in the business in that way, or that there are key employees that have been trained and nurtured to operate the business and that they have been given sufficient control prior to you wanting to retire or transition out of the business completely.

Often times in Las Vegas it does take the management and the owner a few years where they may work closely with that replacement party (whether it by a child, or an employee, or even a third party). So they may have an employment contract for 2 or 3 years subsequent to the actual sale of the business. A successful business consulting plan is important because it provides for the continuing of the business, it allows the employees to feel secure and safe – that they have a job that will last for many many years, and it also allows the owner to feel good about the methods that he has used in preparing his business to meet the demands of the future.

If you are interested in learning more about: http://www.sabcpa.com”;>Las Vegas CPA Firm, then visit the Stewart, Archibald and Barney site and learn more about this http://www.sabcpa.com”;>CPA Las Vegas now!

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Accounting 101

April 26, 2015

Accountancy is the profession and accounting it the methods by which accountants measure, track and report on financial information so that resource allocation decisions can be made by, well, whoever the decision makers are.

For a small business owner’s personal finances, as an example, I may be measuring the finances of a few people (the family), and reporting the necessary information to the small business owner. In this situation, the decision maker is the small business owner and his decisions involve deciding how much money he has to put toward family necessities.

Generally speaking, there are two main types of accounting. There is financial accounting and there is auditing. Financial accounting typically involves processing of financial information about a business operation where information is recorded, organized, summarized, interpreted and finally communicated.

Auditing, on the other hand, is there process that an independent auditor examines accounting records and financial statements so that he or she can express a professional opinion about the financial records and answer questions about projections.

At the heart of accountancy lies the need to take stock of the day to day state of various sales and expenses. In the modern world when many contracts are partially fulfilled at varying times, bookkeeping is the only way to know where you and your business stand in the greater scheme of things.

If you operate your own small business, you may be able to do just fine with some accounting software. Take a look around for some flowchart templates. These can make monthly financial recording and reporting, dare I say it, fun. Simply enter in the various types of income and expenses, then each subsection updates the appropriate fields. Before you know it you’ve got proof that all bills have been allotted for and you’ve got your bottom line.

If you find you can manage your business finances on your own, then, by all means, stick with the system that you know works for you. If, however, you start running into complications that make it hard for you to see where discrepancies are coming from, it may be time to enlist the services of a professional accountant.

memory bus is also called an address bus or front side bus and both busses are high speed digital superhighways. Access methods and speed are two of the fundamental technical differences between memory and mass storage devices. All memory sizes and storage capacities will inevitably be exceeded with advances in technology over time.

Cache memory is a special type of internal memory used by many central processing units to increase their performance or throughput. Some of the information in the main memory is duplicated in the cache memory, which is slightly slower but of much greater capacity than the processor registers, and faster but much smaller than main memory. Multi level cache memory is also commonly used. Primary cache is the smallest, fastest and closest to the processing device. Secondary cache is larger and slower, but still faster and much smaller than main memory.

Semiconductor memory uses semiconductor based integrated circuits to store information. A semiconductor memory chip may contain millions of tiny transistors or capacitors. Both volatile and non volatile forms of semiconductor memory exist. In modern computers, primary storage almost exclusively consists of dynamic volatile semiconductor memory or dynamic random access memory. Since the turn of the century, a type of non volatile semiconductor memory known as flash memory has steadily gained share as offline storage for home computers. Non volatile semiconductor memory is also used for secondary storage in various advanced electronic devices and specialized computers.

Jayden Briggs writes about Debt Collection Attorneys, Debt Collection Lawyers and other legal topics.

Green Car Tax

Car fuel whether it be petrol or diesel is something that the government rely on heavily, as it is such a big business and therefore brings in a lot of money to the country. But with advances in motoring and the design of eco cars, meaning far more green vehicles are on the roads, they are finding it increasingly difficult to command prices and make the money that they normally would.

To combat this they are contemplating rising the prices for green vehicles, and implementing this through the road tax we pay. Currently eco friendly cars are in a smaller bracket and therefore cost less to maintain.

The shortfall in the motoring budget could affect things like the conditions of our roads, and the government seem to be realising that although it is a good idea for the environment for them to encourage us to buy these more economically viable vehicles, it might impact them in the future.

The cars offer you a way to get around that is not harmful to the environment, but also a great way to save money on your Comprehensive Car Insurance policies. Low carbon vehicles are therefore great for everyone, especially in the economic climate as it currently is in 2011.

RAC Foundation director Professor Stephen Glaister said: “At some stage a point will be reached when the Government is likely to either start putting up tax on green fuels or the Treasury must accept a cut in its income. For all the talk about sustainable transport there also needs to be a sustainable and equitable tax regime.

“With just 1,500 electric cars registered in Britain at the end of 2010 clearly this is not going to be an overnight problem, but it will have to be tackled sooner or later. Given that there are real doubts that the price of battery-powered cars will fall significantly, drivers are likely to be unhappy with anything that increases their day-to-day outgoings.”

If you are driving on the roads in the UK then you will know that it is a legal requirement to have Car Insurance, a valid MOT certificate and valid road tax.

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CPA Australia excluded from budget lock-up for 'first time in history of

CPA Australia excluded from budget lock-up for 'first time in history of
This year, CPA Australia was told there was no space for it in the lock up. The body's chief executive Alex Malley said in his time, spanning five prime ministers and five governments, he had never seen anything like it. "We have to call that out, it's …
Read more on ABC Online

GST 'must be considered' on reform: CPA
Accounting bodies say fear must not cloud the need for a debate around changes to the GST. CPA Australia says the GST must be considered in any reform of the tax system, following Treasurer Joe Hockey's release of his much-awaited tax discussion paper.
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CPA renews agreement with Van Oord
CPA_VanOord WILLEMSTAD – On Friday, April 24, Curaçao Ports Authority N.V. (CPA) renewed its agreement with Van Oord Marine Ingenuity (Van Oord). The renewed agreement is a modernized version of the previous one, which reflects the responsible …
Read more on Curacao Chronicle

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More efficient than carbon tax

More efficient than carbon tax
Carbon taxes and emissions trading schemes are in disarray and of declining relevance around the world. They have failed to cut carbon emissions. They were going down more quickly in Australia before Labor's carbon tax and will now go down more …
Read more on The Australian

Treasurer Joe Hockey open to scaling back superannuation tax concessions
Federal Treasurer Joe Hockey has left open the option of scaling back superannuation concessions as part of the tax white paper process. Speaking at the Australian Israel Chamber of Commerce lunch in Melbourne, Mr Hockey also flagged a package for …
Read more on Sydney Morning Herald

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