Corporate Social Responsibility, Entrepreneurship, and Innovation Essay Example for Free

Corporate Social Responsibility, Entrepreneurship, and Innovation Essay A framework refers to a basic conceptional structure of something, a set of facts or ideas that provides the necessary support for something (Steinberg 2009). On the other hand, a learning framework is a programmed academic work that is needed for the Co-operation education completion (Fisher 2008). The framework helps in planning on how objectives and goals of a given individual or organization are achieved. This is done through the use of Co-operative Education Placement organization (CPO) and provides a person’s academic program with a solid foundation. This framework feeds the educators with an expertise foundation concerning learning. It serves as a richly effective system for organizing, addressing and describing learning strengths and weaknesses. Learning framework consists of 8 constructs namely: attention, complex thinking, language, memory, social cognition, neural motor functions, temporal-sequential ordering and spatial Roderick. Learning Goal 1: Being self directed and reflexive learners                Self-directed learning in CPO is not a new concept. Its contributions and related information has been written down. Unfortunately, its notion has a variety of applications and interpretations in the arena of corporate training. Its typical narrow interpretations involve providing learners with some sort of choice in their learning. For example learners are allowed to select one or more courses from structured job training. Reflective learning on the other hand helps in developing self awareness, analytical skills and critical thinking which is important to both students and staff. It helps in informing about what didn’t work or worked, what may be done differently, or how people may develop their practice or behavior. Learning goal 2: Being knowledgeable in the major field of study                Knowledge consists of many varying facets encompassing skills from learning to understand how to create or build how to manage finances, and resonating with nature. My role in acquiring knowledge through CPO is to ensure that education provided consists of all the required skills of running an organization. Key tasks involved                Keep an open mind. Learning always challenges our assumptions and the pre-wired reaction is to ignore the conflicting ideas. Don’t dismiss something automatically as it fails to neatly fit in your current world’s vision. Deciding the type of knowledge you want to acquire. This incorporates two types of knowledge that is specialized knowledge where you want to focus specifically on breadth rather than depth. The other one is specific knowledge where you have to focus on the depth of the skills or information you want to acquire. Get out of the comfort zone. Involves learning things that might based on your keenest interest through engaging in your community activities. Check on boards for local announcement or from your community website. This enhances the access of a number of learning opportunities: classes, dances, community theatre or economic aid. Don’t be afraid to fail. It is the most significant advice in learning on how to be knowledgeable. Owning and learning to your mistake will help in gaining knowledge in your major areas that will help in remembering the correct information better. My personal attributes and role will help my CPO in acquiring the required values and skills necessary in learning. Learning goal 3: Being problem solvers and enquirers (internal environment)                Internal environment involves the factors that influence/affect business operations from within (Coley 2010). The interrelationships within the organization involve how different departments interrelate with one another such as sales, production, marketing, billing and research. The structure of the organization defines how these departments interrelate and interacts with one another, and the chain of commands running through different levels. These interrelationships within the organization are managed by my CPO through provision of the required knowledge and skills. This knowledge is acquired through training that facilitates better relationships within the organization. The organizational chart                From the key tasks in LG2, they all interrelate with one another with a cohesive relationship. In order for the organizational tasks to be completed, a good relationship is needed from the organizational culture to resource management. For effective management of internal relationships, my CPO facilitates through providing managerial skills required in different departments of the organization, the employer should facilitate regular training, favorable working environment, effective means of communication and strong internal controls. LG 3.2- critical enquirers and problem solvers, impacts of external environment on the CPO and industry                External environment involves external factors such as customers and competitors who affect the operations of the business from outside (Xue 2008). My CPO involves a method of combining education based on classroom with practical work experience. Within this sector of the industry, a number of key factors are considered for effective management and better interrelationships. Some of these factors include; the size of the industry, consumer demand of its products and the rate of growth. The current business world has been facing a lot of challenges in its effort of meeting the needs of the customers. A major issue is on the lack of clarity in the scope of the functions of the business. This issue may have a positive impact to my CPO and its industry sector as many business people would be seeking for the relevant knowledge. External stakeholders such as customers, competitors, and the government may contribute to a better relationship if well catered for by the industry. LG 3.3 business management                The topic investigates on the role of management on staffing. This is a very essential area that needs to be carried out with all due knowledge as it determines the progress of the business. Learning goal 4: ethical and social responsibility facing society and business                Ethical means to do with what is wrong and right, based on morality (Cafoliete 2010). Social responsibility is refers to an ethical theory that an individual or organization has an obligation to act for societal benefits (Amaeshi 2013). An ethical decision facilitates better services and creates a good image of an organization. My CPO and industry may consider offering training on how to ethical business characteristics and ensures customer needs are fully met (Bates 2013). Lack of enough skills may lead to a challenge in my CPO on making business decision that is ethical. LG 5: work collaboratively                Communication is a key factor in every business organization. Communication enhances better relationships with others in the industry thus facilitating work collaborations. My strength in this aspect is that my CPO consists of the largest communication department which links with other external organizations. The major weakness is on the poor communication skills currently displayed by many of the departmental attendants. My goal is to ensure that communication has been enhanced and effective channels installed. The strategies to be put in place include; in-service training and workshops should be held regularly, installation of communication devices in all departments and skilled managers employed. In order to assess whether the goals have been achieved, it should be measured in terms of profit margin and the number of customers. Aspect 2: working effectively in teams                Team work is a key tool in enhancing effective operations and increased productivity. It brings unity thus enhancing collaboration with others. The strengths in this aspect are that majority of the group members are of the same age thus works well as a group. The weakness is on the team leadership as my CPO industry has a few experienced managers. My goal is to develop the strongest working team in the industry. The strategies set include ensuring that more skilled managers are employed, workshops held to regular basis to train members on how to have strong working teams. Though it is hard to assess the strength of a team, my industry will check on the interrelationship between the internal and external environments to assess whether the goal has been met. References Amaeshi, K., Nnodim, P. (2013). Corporate Social Responsibility, Entrepreneurship, and Innovation. Hoboken: Taylor and Francis. Augustine, C. H. (2009). Improving school leadership the promise of cohesive leadership systems. Santa Monica, CA: RAND. Bates, C. G. (2013). Global social issues an encyclopedia. Armonk, NY: M.E. Sharpe. Bender, T. (2012). Discussion-based online teaching to enhance student learning: theory, practice, and assessment (2nd ed.). Sterling, Va.: Stylys. Clayton, P. E. (2009). Essential law for your business: a practical guide to all legal and financial requirements (13th ed.). London: Kogan Page. Fisher, D., Frey, N. (2008). Better learning through structured teaching a framework for the gradual release of responsibility. Alexandria, Va.: Association for Supervision and Curriculum Development. LaFollette, H. (2010). The Blackwell guide to ethical theory. Oxford, OX, UK: Blackell Publishers. Menon, R., Kumar, R. (2010). The long view from Delhi: to define the Indian grand strategy for foreign policy. New Delhi: Academic Foundation in association with Indian Council for Research on International Economic Relations. Schuh, C. (2012). The CPO transforming procurement in the real world. Berkeley, CA: Apress ;. Snoeyenbos, M., Almeder, R. F., Humber, J. M. (2011). Business ethics (3rd ed.). Amherst, N.Y.: Prometheus Books. Steinberg, D. (2009). EMF: Eclipse Modeling Framework (2nd ed.). Upper Saddle River, NJ: Addison-Wesley. Source document

Not All is Cheerless, Dark and Deadly in Shakespeares King Lear Essay

Not All is Cheerless, Dark and Deadly in King Lear      Ã‚  Ã‚   'All's Cheerless, Dark and Deadly' Are Kent's Words a Fair Summary of The Tragedy of King Lear? Samuel Johnson asserted that the blinding of Gloucester was an 'act too horrid to be endured in a dramatic exhibition', and that he was 'too shocked' by the death of Cordelia to read the play again until he was given the task of editing it.1 Nor was Dr Johnson alone in finding himself unable to stomach the violence and apparent injustices that unfold in King Lear. The 18th century certainly found the play 'all cheerless' and preferred Nahum Tate's 1681 watered-down version of Shakespeare's original.    King Lear is a dark play, with the near triumph of the malcontent Edmund, the intense sufferings of Lear and Gloucester, and the seeming lack of justice at the piece's conclusion. Shakespeare locates his tragedy in an extreme and entropic universe that makes his audience uncomfortable, and indeed is supposed to. On its own, the sheer violence of Act III.7 bears witness to Kent's nihilistic utterance at the plays close. However, Lear's universe, as I have just stated, is one of extremes, and not merely negative ones. As A.C. Bradley notes:    There is in the world of King Lear the same abundance of extreme good as of extreme evil. It generates in profusion self-less devotion and unconquerable love.2    The play contains a cluster of characters that are unequivocally good. Kent, for instance, is a paradigm of devotion. In Act I.I he is publicly insulted and humiliated. In spite of Lear's threats, Kent remains determined to serve his master, even braving the storm to be near him. Cordelia too, is traduced and punished by Lear, and yet she is the... ... condemned to short lives - 'nor live so long'. Edgar's closing words are disturbingly equivocal. They allude to the antithesis constantly at work in the play   a mixture of hope and despair. Perhaps the couplet is ultimately nihilistic, and the play as a whole equally so. Redemption remains unattained. However, while I would agree that Kent's words that 'All's cheerless, dark and deadly' may be the overriding message of the tragedy, I do not believe that King Lear can be simply summed up in such a comment. To do such a thing would be to see the drama two-dimensionally   to ignore the world of polarities, of good as well as evil, which Shakespeare creates in which to hold his play.       Works Cited: 1 Johnson as Critic, ed. John Wain, Routledge & Kegan Paul 1973, pp. 216-217 2 A. C. Bradley, Shakespearian Tragedy, Macmillan 1908, pp. 304 -305    Not All is Cheerless, Dark and Deadly in Shakespeare's King Lear Essay Not All is Cheerless, Dark and Deadly in King Lear      Ã‚  Ã‚   'All's Cheerless, Dark and Deadly' Are Kent's Words a Fair Summary of The Tragedy of King Lear? Samuel Johnson asserted that the blinding of Gloucester was an 'act too horrid to be endured in a dramatic exhibition', and that he was 'too shocked' by the death of Cordelia to read the play again until he was given the task of editing it.1 Nor was Dr Johnson alone in finding himself unable to stomach the violence and apparent injustices that unfold in King Lear. The 18th century certainly found the play 'all cheerless' and preferred Nahum Tate's 1681 watered-down version of Shakespeare's original.    King Lear is a dark play, with the near triumph of the malcontent Edmund, the intense sufferings of Lear and Gloucester, and the seeming lack of justice at the piece's conclusion. Shakespeare locates his tragedy in an extreme and entropic universe that makes his audience uncomfortable, and indeed is supposed to. On its own, the sheer violence of Act III.7 bears witness to Kent's nihilistic utterance at the plays close. However, Lear's universe, as I have just stated, is one of extremes, and not merely negative ones. As A.C. Bradley notes:    There is in the world of King Lear the same abundance of extreme good as of extreme evil. It generates in profusion self-less devotion and unconquerable love.2    The play contains a cluster of characters that are unequivocally good. Kent, for instance, is a paradigm of devotion. In Act I.I he is publicly insulted and humiliated. In spite of Lear's threats, Kent remains determined to serve his master, even braving the storm to be near him. Cordelia too, is traduced and punished by Lear, and yet she is the... ... condemned to short lives - 'nor live so long'. Edgar's closing words are disturbingly equivocal. They allude to the antithesis constantly at work in the play   a mixture of hope and despair. Perhaps the couplet is ultimately nihilistic, and the play as a whole equally so. Redemption remains unattained. However, while I would agree that Kent's words that 'All's cheerless, dark and deadly' may be the overriding message of the tragedy, I do not believe that King Lear can be simply summed up in such a comment. To do such a thing would be to see the drama two-dimensionally   to ignore the world of polarities, of good as well as evil, which Shakespeare creates in which to hold his play.       Works Cited: 1 Johnson as Critic, ed. John Wain, Routledge & Kegan Paul 1973, pp. 216-217 2 A. C. Bradley, Shakespearian Tragedy, Macmillan 1908, pp. 304 -305   

Executive Summary Essay

Posted by Petra at 1:43 PM No comments: Wednesday, January 9, 2008 9. Pricing Price is the amount of money a buyer has to sacrifice in order to get what he/she wants. Pampers’ tends to make their products available to wide range of customers, so their price must also be affordable, reasonable and relatively low. I’ve already mentioned that Pampers’ makes constant improvements of the products, but also ofthe production process with new technology. That makes possible lowering of the price with noback step in the product’s quality. P&G generally uses the strategy of price reductions on recognized brands, cost control throught the organization, and introduction of economy-priced products worldvide. Pampers’ often uses price promotion mix by giving coupons and temporary discounts togenerate higher sales. Price promotion mix is generally used to reinforce the basic price mixwhich includes fixed prices and terms of payment, whereas price promotion mix representsadditional reductions in order to tempt customer to buy. For example, Pampers’ coupons are given in some stores on the register when a customer buyscompetitors’ products†¦ This is a way in encouraging potential customers to join the crew and discouraging them in buying competitors products! Pampers’ also uses non monetary promotions in order to avoid contractions in customers’ qualityperception and to enhance brand loyalty. Pampers’ must be careful with its pricing decisions because the demand for diapers isrelatively elastic nowadays. That means that sudden change of prices can decrease the demand in the extent that higher profits wouldn’t be able of covering that. The biggest cause of this sensitive situation is the presence of competition with similar, slightly differentiated products.

How African American Police Officers Are Socialized

In order to impose control on their employees, â€Å" administrators are socialized by the organizations they work in and adopt behaviors and preferences that are consistent with organizational goals, thereby minimizing the influence of their own personal values on bureaucratic behavior† (656 Wilkins williams). According to Wilkins and Williams, police are an oddity, in that they have an innate culture that pushes them away from the social norms they are used to. This article for example, is all about how African American police officers are socialized from â€Å"Black to Blue†. What this means is that the socialization of most police departments is so strong, that police officers can lose their prior identity. The overarching and powerful socialization begins as cadets, and continues over the course of their career. It becomes strong enough that it essentially replaces their existing set of norm, and replace them with the police’s. One must also take into account not just the socialization process, but also the subculture that can be present within police departments. These do vary on a department, to department basis. Some of these types include Ceremonial crime-fighting commandos, and anti-military social workers. Ceremonial crime fighting commandos have a â€Å"strong emphasis on rules and procedures; obedience to the police system; cohesive, interdependent task organization; and authoritarian management â€Å" ( Jermier Et Al 183). What this means is that they most closely align withShow MoreRelatedRacial Profiling: Individual Prejudice or Organizational Protocol?1626 Words   |  7 PagesDuring the reconstruction of the South, the first sense of racial profiling began with â€Å"Black Codes†. â€Å"Black Codes† were created to maintain a new form of slavery. These â€Å"codes† made it punishable by imprisonment and indentured servitude for any African American who loitered, remained unemployed, drunk, or in debt. The â€Å"Black Codes† were a transparent form of what we call racial profiling today. From a ruling class perspective, the minority groups are constantly undermined, intimidated, attacked, imprisonedRead MoreJust Say No Programs And The War On Drugs Laws1375 Words   |  6 Pagesincarceration traced to the differential treatment of African-Americans and people of color by the police. Evidence suggests that racially profiled Blacks detained and investigated by the police occurs more frequently in poor black urban communities than other communities. Unwarranted attention from the police that has resulted from a longstanding culture of racism in the United Sates. Like many U.S. citizens socialized in American culture, police officers too are suspicious of black skin as well as thinkRead MoreAnalysis Of The Movie Rampart 948 Words   |  4 Pages The movie, Rampart, which is set in Los Angeles in 1999 and focused on the life of 24 year vete ran Officer Dave Brown of the Los Angeles Police Department (LAPD) as a part of the Rampart division. He is a man of his own breed who follows his own code of justice disregarding the solid line that stands between right and wrong. Brown is prone to using violence and intimidation to maintain his own idea that he is the unnoticed, underappreciated vigilante for the public. Although he has a hero complexRead MoreThe Theories Of Criminology And The Riots930 Words   |  4 PagesEvery crime has a correlation with a theory in criminology. These theories explain why crime happens and some even go to the extent to come up with a solution to prevent or stop crime. This paper will explore how certain theories of criminology connect with the riots that happened in Ferguson, Missouri. Facts from different articles will be used to back up the theory. The theories will explain why rioters committed the crimes did. The paper will take the actions of the protestors and explain whyRead MoreThe Pe rception Of Law Enforcement3313 Words   |  14 Pagesrace and police officers of another. This brings up the question of whether police officers are really the â€Å"enemy† the public believes them to be through their consumption of rampant negative media coverage, or are they merely one cog in a very large wheel of cascading failures in our society and the criminal justice system. 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The they show a diverse variety of cultures, from American to Chinese, including White, African American, Chinese, Hispanic, Muslim, Christian, wealthy, poor, law makers, law enforcers, law breakers, and more. These people are who they are because of how they were raised, their experiences, and the values, rituals, and beliefs of their culture that they grew up with.Throughout my final paper I will be explaining how the movie tied into our c lass discussion specifically towards raceRead MoreRacial Disparities Of The United States Justice System3104 Words   |  13 Pagesextensive literature detailing the higher likelihood of minorities, specifically African Americans, being arrested, receiving harsher sentences, and being incarcerated more frequently than Whites. As of 2008, African Americans comprised 13% of the general population, yet made up 38% of prison and jail inmates. Latinos comprised 15% of the general population, and 19% of the prison and jail population. An African American male born in 2001 has a 32% chance of spending time in prison at some point inRead MoreMy Thoughts, Emotions, And Behavioral Modifications Essay2059 Words   |  9 Pageswill analyze my awareness of my personal reactions through reflections on my interaction with particular peoples, segments of readings from the Culturally Diverse text book, and a video called the Shadow of Hate. Part A: Reflections 1. When asked how I would describe the extent of me contact with people who are of different racial groups, part of the LGBT community, and of different religious groups my initial response would be to say that I have had a very broad and extensive history of inclusionRead MoreEssay on Black Panther Party2252 Words   |  10 PagesFounded on October 15th 1966 in Oakland, California, the Black Panther Party for Self Defense was an organization opposed to police brutality against the black community. The Party’s political origins were in Maoism, Marxism, and the radical militant ideals of Malcolm X and Che Guevara. From the doctrines of Maoism they saw the role of their Party as the frontline of the revolution and worked to establish a unified alliance, while from Marxism they addressed the capitalist economic system, and exemplified

Aristotle s Theory Of Moral Virtue - 1269 Words

In books one and two of the Nicomachean Ethics, Aristotle lays a foundation for and explains reasoning behind his theory of moral virtue. Aristotle does this to give understanding of what it means to be morally virtuous, and how to achieve it. I believe Aristotle’s theory, in the face of objections regarding the relativity of virtue, is sufficient to achieve an understanding to what it means to be morally virtuous and how to act in a morally virtuous manner. Aristotle uses book one of the Nicomachean Ethics to layout the foundational frame work from which he arrive at his theory of moral virtue. He begins by focusing on human activity, noting that all action is directed at something other than itself. He focuses on how each activity a†¦show more content†¦Rather, the value of an action is dependent on the goal; an action is morally good if it brings us closer to the goal of being humans. To be good, is to complete your action well, and the action which distinguishes humans from animals is the ability to reason; therefore happiness is an activity of a rational being which follows and acts in accordance with virtue. Aristotle divides the soul into two portions: the irrational and rational soul. The irrational soul is comprised of two aspects, the vegetative and appetitive. The irrational soul focuses on nutrition and growth of the being, along with governing urges without regards to virtuousness, and the rational soul controls the urges produced by the irrational soul. It is the rational faculty which provides the ability to assess and determine which urges to follow that were produces in the irrational soul. Aristotle uses this framework from book one in book two to further discuss moral virtue in book two of the Nicomachean Ethics. Just as there are two types of ends and soul, there are two kinds of virtue: intellectual and moral. Intellectual virtue is that which is taught over an extended period of time. In contrast, moral virtue is that which is learned and obtained through habit. The key difference between the types of virtue is the requirement of using extended rational to conclude and obtain

Analysis of Liberalism and Democracy Essay - 1069 Words

Analysis of Liberalism and Democracy Liberalism has an ambivalent relationship with democracy, as liberals are against collective power, but support political equality. In the nineteenth century liberals were often opposed to democracy as they saw it as a threat to individual rights - the people are not a single entity but rather a collection of individuals with different opinions and interests, and so it is impossible for every view and opinion to be respected. Since the twentieth century most liberals have come round to the idea of democracy, and support it, but they still have reservations. Liberals defend democracy for a variety of reasons. First of all it ensures public accountability.†¦show more content†¦Leading on from this is the issue of property - according to John Locke, it was crucial that those with property were able to protect their rights against the government. The government has the right to expropriate property through taxation, therefore the owners of property have the right to control who makes up the tax-making body. This idea was summed up in the slogan ‘no taxation without representation’. Also, liberals believe that political participation is important in itself, as it allows personal self-development and political education. Self-development is very important to liberals - modern liberals in particular see freedom as the ability to develop skills, broaden understanding and gain fulfilment. Therefore any kind of self-development is very important. Democracy also allows individuals more control over their own lives - they play an active part in government, and indirectly affect all decisions made over their lives. This self-determination is very significant to liberals, as they believe that freedom is very important, and noone should have power over another individual without some degree of consent - democracy provides this consent, as people are able to choose a representative for themselves. Liberal democracy is based on competition and electoral choice,Show MoreRelatedPolitics is the Manner in Which Society is Organized1767 Words   |  7 Pagesthat is democracy and liberalism, will be discussed. These are not just political systems but they are also a set of rules and theories. Democracy is the branch of politics that has to do with the organisation of society through the collectively binding decision-making of the entire population. Liberalism on the other hand is a philosophy of politics that has to do with the freedom of control and interference from a governmental organisation. 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Secondly, this analysis will address neo-liberal institutionalism, followed by an analysis of theRead MoreThe Development Of Liberalism After The Chinese Economic Reform And Open Up1708 W ords   |  7 PagesFriedrich von Hayek elaborates the necessity of economic freedom to the formulation of liberalism. In the 1980s, China, a country undergoing dramatic economic program, worshiped Hayek’s idea, and fiercely debated the extent of government interventionism in this entire process. Following Hayek’s logic, a pure and complete economic freedom would inevitably lead to political liberalism. In contrast, a manipulated economy, like the one China developed before 1977, suppressed consumers’ freedom, and facilitatedRead MoreEssay on Strength and Weaknesses of Classical Realism1037 Words   |  5 PagesClassical Realism, with its implication that humans are intrinsically evil, is often characterized as a pessimistic analysis of human nature. 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Computation of the Taxable Income and the Tax Payable for Ethan Jones

Questions: Ethan Jones a Medical Registrar in a Melbourne Public Hospital earned a gross salary of $220,000 during the year ended 30 June 2014. He had PAYGW deducted of $73,000 from this salary. He salary sacrificed $10,000 of his gross salary to an ATO regulated superannuation fund. He received interest income paid by the bank of $4,500 into his bank account. However he did not provide a Tax File Number and tax of was deducted of $3,682 from the interest derived for the year. He received dividends of $7,000 from fully franked distributions for the year ended 30 June 2014. He received additional income and paid expenses as follows: Unfranked dividends of $30,000 Partially franked dividends (franked to 20%) of $10,000. Capital losses on sale of shares of $15,000. Net loss from carrying on a small business of $25,000. Bank charges of $50 on his investment account into which he banked his dividends and interest. Tax Agents Fees of $800. General Interest Charge of $550 on late payment of his income tax bill for the year ended 30 June 2013. Amount was not demanded until December 2013. Purchase of a raffle ticket for $150 from the Salvation Army. The prize was a motor vehicle. Gift to Royal Childrens Hospital of $1. Subscription to the Professional Cooks Association of $300. Laundry of $200 no receipts Parking meter fees on visiting clients $190 no receipts Protective clothing $290 no receipts Parking fine of $170 on expired meter while visiting a client Payment of $5,000 to ANR superannuation fund. Purchase of a medical brief case costing $600 for work. The brief case was purchased on 2/7/2014. Further Information: Rental Property Ethan Jones purchased a Motel during the 2014 taxation year and received rental income from the motel business operator during the year ended 30 June 2014. Details of the financial transactions for the year ended 30 June 2014 were as follows: Motel Purchased 1/9/2013 - land and buildings 500,000 Motel Building Construction cost construction in 2002 200,000 Mortgage - Period of loan is 30 years 450,000 Motel was listed by the Real Estate Agency available for Rent on 1/9/2013 Carport - built 15/05/2014 18,000 Rented from 1/10/2013 13,000 Net loss on rent from main residence see below* 10,000 Survey fees on purchase of property 800 Stamp Duty on Transfer of Land 32,000 Stamp Duty on Loan 500 Valuation fees re loan application 500 Loan Application Fees 600 Loan Mortgage Insurance (LMI) 8,000 Loan Establishment fees 700 Conveyancing fees on transfer of land 10,000 Mortgage documentation - Bank 2,000 Mortgage broker commission 3,500 Bank fees on Transfer of Land 1,400 Bank fees - investment account 120 Travelling to inspect rental property using 6cylinder V6 - 3000 kms ? Capital Gain Ethan has capital assets but decided to dispose of the following assets due to his debt levels due to the purchase of the motel Asset Cost Purchase Date Date of Disposal Proceeds House in Toorak 500,000 15/03/2009 16/05/2014 700,000 Shares in Coles Ltd 17,200 18/06/1997 17/03/2014 23,200 Shares in BHP Billiton 16,000 18/11/2008 19/04/2014 6,800 Ultralight aircraft 13,000 18/01/2013 19/11/2013 14,000 Painting 600 03/03/1969 30/01/2014 25,700 Gold Watch 450 21/10/1985 29/12/2013 50,000 Houseboat 10,500 28/9/1987 29/06/2014 85,000 Notes: The House in Toorak was rented out from date of purchase for the first 3 years of ownership. Ethan then occupied the premises as his main residence. During the period of ownership the property made a loss from the rental of $10,000, which was claimed by Ethan wants to claim as a tax deduction in his tax return see above.* The Ultra-light aircraft and the Houseboat were for Ethans own personal use. Ethan also has the following capital losses carried forward from the previous year. Capital loss on the sale of Macquarie shares of $5,000. Capital loss from the sale of his caravan which was destroyed in a car accident of $5,500. Capital loss from the sale of an engagement ring that was given by his ex-husband of $3,500. Ethan wishes to minimise his net capital gains. Required: Calculate the taxable income and the tax payable for Ethan Jones in relation to the year ended 30 June 2014. Answers: Ethan Jones Computation of the Taxable Income and the Tax Payable for Ethan Jones for the year ended 30.06.2014 Particulars Details Amount($) Earnings categorized as personal a) Income From Salary 1 137000.00 b) Interest Income 2 Nil c) Dividend Income 3 46950.00 A 183950.00 Income From Business or Trade a) Small Business Loss (25000.00) b) Rental Income From Motel 4 111152.00 B 86152.00 Income from Sale of Capital Assets 5 - C 77217.00 Gross Total Income D =A+B+C 347319.00 Deduction from the Capital Gain Income 6 E (6541.00) Taxable Income D-E 340778.00 Tax Payable on Above including Medicare Levy 7 136928.22 Table Showing Details 1. Computation Of Income From Salary Pay received as salary = $220000 Less : Deductions for PAYGW = $73000 Salary sacrifice as super salary sacrifice = $10000 Taxable Salary Income of the Individual = $137000 2. calculation of interest income Interest Income received or accrued = $4500 Deduction at source from the above income = $3682 The above income shall not be included in the income because the tax has been already deducted from this income. Since the Tax File Number was not submitted the tax was deducted at Highest Marginal Rate of Tax. 3. Income Earned or Received in the form of Dividends Franked Distribution = $7000 Distribution of Unfranked nature = $30000 Partial Part of the franked distribution = $10000(20% of the total amount) Expenses deductible from the above incomes = ($50)(Bank Charges) Total Dividend Income = $46950.00 Also there is eligibility of credit from the above dividend income specially in relation to the franked ones amounting to = $7000 + 10000*20% = $9000 4. Rental Property Income Here the most important thing to note what is the intention of the assessee in relation to the property in question. We need to look at the point from where the intention is present. The intention is there from 1.09.2013. So this date forms the basis of allowance of any expenditure in relation to the property in question. Any expense incurred prior to this date shall not be allowed for deduction while calculating the taxable rental income. So there is a need for calculation of the ratio for the expenses incurred evenly throughout the year. Total number of days = 365 (Office) Allowable period 01.09.2013 to 30.06.2014 consists of 303 days. Hence the expense incurred evenly during the year will be allowed up to this ratio. Rental income receipt is from 01.10.2013. we can analyse each and every point as following: a) Income from last 9 months = 13000*9 = $117000.00 b) Main residence rental loss shall be fully taxable amounting to $10000.00 c) The fees paid for survey are related with the property cost. There is not income impact. d) Stamp duty on transfer of the capital asset (land in this case) is a part of capital gain calculation. e) Stamp Duty on loan part is to be added with the capital assets for which the loan was taken. f) Fees on valuation of the property shall be allowable in the ratio of 303/365 amounts to $500*303/365 = $415. g) The fees on loan application are a capital expenditure. h) Loan mortgage insurance is allowable in the ratio of 303/365 and since the lease period is 30 years then the amount again shall be divided by 30 = $221(8000*303/365*30) i) Loan establishment expenses are not revenue. j) The fees in relation to the transfer of the land shall be a part of the capital gain calculation. So there is no treatment here. k) A proportionate deduction will be allowed for the documentation charges in relation to the mortgage $2000*303/365 = $1660 l) Mortgage Broker Commission is an indirect expense in relation to the property loan. So this is not allowable. m) Bank fees in connection with the transfer of the land shall be dealt in the capital gain part. n) Investment Account bank fees = 120*303/365 = $100 o) The amount for the travelling expenses incurred for Inspection of the property is allowable. In absence of any amount it is assumed to be $1000. p) Borrowing expenses in relation to the mortgage are allowed only for a part of the 30 years and that too in the ratio calculated. $450000/30*303/365 = $12452 Taxable Rental Income = 117000 + 10000-415-221-1660-100-1000-12452 = $11152 5. Calculation of the Capital Gain Income 6. a) House in TOORAK: If assessee is using the property for main residence the entire property shall be not taxable but the exemption is available proportionately if the assessee is not using the place for own residence. Partial exemption is calculated as follows: Total Capital Gain * Number of days the property was used for own residence/ total days of ownership. In this case the assessee has a property since 15.03.2009 but for 3 year the property was rented. The sale date is 16.05.2014. So the assessee is eligible for a partial exemption only. The amount of partial exemption shall be calculated as discussed in the formula. Sale consideration of the house = $700000 Cost basis = $500000 Capital Gain = $200000*3 years/5 years 2 months = $116129 b) Shares held in Coles Ltd. In this we need to check whether the assets were acquired before 21.09.1999 or not. Since the shares were purchased on 18.06.1997, the assessee can follow either of the method(discount or indexation method) to calculate capital gain as favourable. Sale Consideration = $23200 Cost Basis = $17200 Capital Gain = $6000 option 1 discounting method. Discounting method is applicable on individuals. 50% of the net capital gain is allowed as deduction from capital gain. Net capital gain means the capital gains left after adjusting any losses. This method is applicable only if the property is held for 12 months or more. Capital Gain as calculated above = $6000 Capital Loss in Macquarie shares = $5000 Discount = 1000*50% = $500 Net Capital Gain = $1000-$500 = $500 Option 2 Indexation Assets acquired before 11.45 am of 21.09.1999 are eligible for this method. Here indexed cost is to be calculated by taking the values of the Consumer Price Index. The Consumer price index of the quarter ended 30.06 are available and the multiplication factor is calculated as 123.40/82.60 = 1.4939. (Government, 2014) Sale Proceeds = $23200 Cost after Index(17200*1.4939) = $25695 Capital Loss = $2495. c) Share in BHP Billiton When the cost base is already higher than the sale proceeds, then there is no requirement of the calculation of the indexed cost base. Sale consideration = $6800 Cost Basis = $16000 Capital Loss = $9200 d) Ultra Light Aircraft Assets which are personal in nature shall be taxable only if their cost basis is greater than $10000. Here the cost of the asset is $13000. So, normal calculation of capital gain shall be there. Here the property is held for less than 12 months. Therefore the discount method is not available. Sale Price =$14000 Cost Basis =$13000 Capital Gain = $1000 e) Painting Pre Capital gain tax assets are not taxable. The assets purchased before the insertion of the capital gain provisions are not taxable. The painting is purchased before 20.09.1985 and hence no capital gain would be there. f) Gold Watch Gold watch is a collectible and the collectibles below $500 are not taxable. Since the acquisition cost of the asset is $450, hence the same is exempted from tax. g) House Boat This asset is used for personal purpose but the amount of acquisition is greater than $10000. Another important thing here is the option is available, discounting or indexation (since purchased before 20.09.1999). (Property, 2014) Option 1 Discounting method. Sale consideration = $85000 Cost basis = $10500 Capital Gain = $74500 Net Capital Gain = 50% of above = $37250 Option 2 Indexed method: Here the Consumer price index for the quarter ending on September is 119.70. the CPI in the numerator shall be 123.40. the multiplication factor is 123.40/119.70 = 1.0309. Sales Consideration = $85000 Indexed Cost = $10824(10500*1.0309) Capital Gain = $74176. Thus the discounting method is beneficial to the assessee. Capital gain amounts to $37250 as per discounting method. Now the overall computation of capital gain is given in the following table: Asset classification Name Capital gain/(loss)$ Net Capital Gain($) Collectables Painting(e) Nil Gold Watch(f) Nil Personal Used Items Aircraft(d) 1000 House Boat(g) 74500 75500 Other Assets Toorak House(a) 116129 Shares in Coles Ltd.(b) (2495) Shares in BHP Billiton(c) (9200) Capital Loss on Sale of share (15000) 89434 Grand Total 164934 Less: Capital Loss(NOTES) 10500 Net 154434 Discount (50%) 77217 TAXABLE CAPITAL GAIN 77217 NOTES: Capital Loss Macquarie Shares 5000 Destroyed Caravan 5500 Engagement ring sale Personal Item Loss not considered - Total Capital Loss $10500 6. Deductions ITEMS Amount ($) Fees of the Tax Agent 800 Interest Charge not allowed Nil Raffle Ticket Purchase 150 Gift made to Royal Children Hospital 1 Amount paid as Subscription to Cooking Association 300 Parking Meter Fees are not allowed - Expenses in relation to protective clothing 290 Parking Fine is disallowed - Contribution to ANR Super Annuation Fund 5000 Briefcase purchase is not allowed as for next year - TOTAL DEDCUTIONS 6541 NOTES: a) General Interest charge is not allowed since the same is made after due date. b) Expenses in relation to the parking and the laundry expense has no receipt in connection. So they are not allowed. c) Parking fines are specifically disallowed. 7. Computation of the total tax and medicare levy Particulars Amount($) Taxable Income(from Total Income Statement) 340778.00 Tax on above total income 126897.10 Levy in relation to medicare 6815.66 Budget repair levy 3215.66 TOTAL INCOME TAX PAYABLE 136928.22 References Calculator, Tax. "Australian Income Tax calculator." 2014-2015. Capital Gain. june 11, 2014. (accessed 2014). Government. "Austrailian taxation office." ato.gov.au. 2014. https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/ind39784n17290614.pdf. Office, Austrailian Taxation. "ATO, Deductions for Business." ato.gov.au. https://www.ato.gov.au/Business/Deductions-for-business/What-you-can-claim-and-when/What-is-an-allowable-deduction-/. Property. june 12, 2014. (accessed 2014).