The Philippines Facts and History

The Republic of the Philippines is a sprawling archipelago set in the western Pacific Ocean. The Philippines is an incredibly diverse nation in terms of language, religion, ethnicity and also geography. Ethnic and religious fault-lines that run through the country continue to produce a state of constant, low-level civil war between north and south. Beautiful and fractious, the Philippines is one of the most interesting countries in Asia. Capital and Major Cities Manila is the capital with a population of 1.78 million (12.8 for metro area). Other major cities include: Quezon City (within Metro Manila), population 2.9 millionCaloocan (within Metro Manila), population 1.6 millionDavao City, population 1.6 millionCebu City, population 922,000Zamboanga City, population 860,000 Government The Philippines has an American-style democracy, headed by a president who is both head of state and head of government. The president is limited to one 6-year term in office. A bicameral legislature made up of an upper house, the Senate, and a lower house, the House of Representatives, make laws. Senators serve for six years, representatives for three. The highest court is the Supreme Court, made up of a Chief Justice and 14 associates. The current president of the Philippines is Rodrigo Duterte, elected June 30, 2016. Population The Philippines has a population of more than 100 million people and with an annual growth rate of around 2 percent, it is one of the most populous and fastest growing countries on Earth. Ethnically, the Philippines is a melting pot. The original inhabitants, the Negrito, number only about 15,000, consisting of about 25 tribes scattered over the islands. According to the 2000 census which is the latest available containing ethnic information, the majority of Filipinos are from various Malayo-Polynesian groups, including the Tagalog (28 percent), Cebuano (13 percent), Ilocano (9 percent), Hiligaynon Ilonggo (7.5 percent) and others. Many more recent immigrant groups also live in the country, including Spanish, Chinese, American and Latin American people. Languages The official languages of the Philippines are Filipino (which is based on Tagalog) and English. More than 180 different languages and dialects are spoken in the Philippines. Commonly used languages include Tagalog (26 million speakers), Cebuano (21 million), Ilocano (7.8 million), Hiligaynon or Ilonggo (7 million), Waray-Waray (3.1 million), Bicolano (2.5 million), Pampango and Pangasinan (2.4 million). Religion Due to early colonization by the Spanish, the Philippines is a majority Roman Catholic nation, with 81 percent of the population self-defining as Catholic, according to the Pew Research Center. Other religions represented include Protestant (10.7 percent), Muslims (5.5 percent), other Christian denominations (4.5 percent). Approximately 1 percent of Filipinos are Hindu and another 1 percent are Buddhist. The Muslim population lives mostly in the southern provinces of Mindanao, Palawan, and the Sulu Archipelago sometimes called the Moro region. They are predominantly Shafii, a sect of Sunni Islam. Some of the Negrito peoples practice traditional animist religion. Geography The Philippines is made up of 7,107 islands, totaling about 117,187 square miles. It borders on the South China Sea to the west, the Philippine Sea to the east, and the Celebes Sea to the south. The countrys closest neighbors are the island of Borneo to the southwest, and Taiwan to the north. The Philippine islands are mountainous  and seismically active. Earthquakes are common, and a number of active volcanoes dot the landscape, such as Mt. Pinatubo, the Mayon Volcano, and the Taal Volcano. The highest point is Mt. Apo, 2,954 meters (9,692 ft.); the lowest point is sea level. Climate The climate in the Philippines is tropical and monsoonal. The country has an average yearly temperature of 26.5 C (79.7 F); May is the warmest month, while January is the coolest. The monsoon rains, called habagat, hit from May to October, bringing torrential rain which is abetted by frequent typhoons. An average of 6 or 7 typhoons per year strikes the Philippines. November to April is the dry season, with December through February also being the coldest part of the year. Economy Prior to the global economic slowdown of 2008-09, the economy of the Philippines had been growing at an average of 5 percent annually since 2000. According to the World Bank, the countrys GDP in 2008 was $168.6 billion US or $3,400 per capita; in 2017 it had grown to S304.6  billion US, a nominal growth rate of 6.7 percent, but per capita purchasing power has dropped with the population growth to $2,988 US. GDP is predicted to continue on its expansionary path and grow at an annual rate of 6.7 percent in both 2018 and 2019. In 2020, growth is expected to level out at 6.6 percent. The unemployment rate is 2.78 percent (2017 estimate). The primary industries in the Philippines are agriculture, wood products, electronics assembly, garment and footwear manufacturing, mining, and fishing. The Philippines also has an active tourism industry  and receives remittances from some 10 million overseas Filipino workers. Electrical power generation from geothermal sources could become important in the future. History of the Philippines People first reached the Philippines about 30,000 years ago, when the first people immigrated from Sumatra and Borneo via boats or land-bridges. They were followed by an influx from Malaysia. More recent immigrants include Chinese beginning in the ninth century CE and Spanish conquistadors in the sixteenth. Ferdinand Magellan claimed the Philippines for Spain in 1521. During the next 300 years, Spanish Jesuit priests and conquistadors spread Catholicism and Spanish culture across the archipelago, with particular strength on the island of Luzon. The Spanish Philippines was actually controlled by the government of Spanish North America prior to Mexican independence in 1810. Throughout the Spanish colonial era, the people of the Philippines staged a number of uprisings. The final, successful revolt began in 1896  and was marred by the executions of Filipino national hero Jose Rizal (by the Spanish) and Andres Bonifacio (by rival Emilio Aguinaldo). The Philippines declared its independence from Spain on June 12, 1898. However, the Filipino rebels did not defeat Spain unaided; the United States fleet under Admiral George Dewey actually had destroyed Spanish naval power in the area in the May 1 battle of Manila Bay. Philippine-American War Rather than granting the archipelago independence, the defeated Spanish ceded the country to the United States in the December 10, 1898, Treaty of Paris. Revolutionary hero General Emilio Aguinaldo led the rebellion against American rule that broke out the following year. The Philippine-American War lasted three years and killed tens of thousands of Filipinos and about 4,000 Americans. On July 4, 1902, the two sides agreed to an armistice. The US government emphasized that it did not seek permanent colonial control over the Philippines, and set about instituting governmental and educational reform. Throughout the early 20th century, Filipinos took increasing amounts of control over the governance of the country. In 1935, the Philippines was established as a self-governing commonwealth, with Manuel Quezon as its first president. The nation was slated to become fully independent in 1945, but World War II interrupted that plan. Japan invaded the Philippines, leading to the deaths of over a million Filipinos. The US under General Douglas MacArthur was driven out in 1942 but retook the islands in 1945. Republic of the Philippines On July 4, 1946, the Republic of the Philippines was established. The early governments struggled to repair the damage caused by World War II. From 1965 to 1986, Ferdinand Marcos ran the country as a fiefdom. He was forced out in favor of Corazon Aquino, the widow of Ninoy Aquino, in 1986. Aquino left office in 1992, and later presidents are Fidel V. Ramos (president from 1992–1998), Joseph Ejercito Estrada (1998–2001), Gloria Macapagal Arroyo (2001–2010), and Benigno S. Aquino III (2010–2016). The current president, Rodrigo Duterte, was elected in 2016.

Health Policy Issue Paper Health Care - 1605 Words

Health Policy Issue Paper Health care is our nation’s greatest strength and most serious challenge. The organizing, financing, and delivery of health care in the United States is affected by a broad range of forces such as public, private, national, as well as local (Shi Singh, 2015). The main theme of the Obama campaign of 2008, was to change health care provisions that were preventing American’s from accessing adequate health care. In March 21010, the Patient Protection and Affordable Care Act (PPACA) was passed by the U.S. congress and signed into law by President Obama, aimed at creating significant changes that impact every health care organization (Shi Singh, 2015). The PPACA was enacted with the goal of increasing the quality and affordability of health insurance and this goal is achieved by increasing the Medicaid coverage for low income, uninsured-adults under 65 years of age, with income up to 138% of the federal poverty level (Ayanian, 2013). Moreover, the Medicaid expansion d emands for the full practice of advanced practice nurses, with the increase in the number of insured population and this will provide more autonomy in practice for advanced practice nurses. This paper discusses in detail about the PPACA, and one of its key components â€Å"Medicaid expansion policy’. The Patient Protection Affordable Care Act The PPACA, otherwise known as affordable care act or Obama care, enacted by congress in March 2010, and signed by President Obama, establishes theShow MoreRelatedEssay On Texas Public Policy1673 Words   |  7 PagesTexas Inmates’ Health Care: Public Policy Effectiveness Research Is Texas public policy effective? The Texas government million-dollar question. This research paper will inform the readers on what public policy and effectiveness is in relation to Texas government. It will review five scholarly journals that all describe public policy and its effectiveness in Texas. 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Zinc Deficiencies Free Essays

Zinc deficiency is the inadequate amount of zinc in the body to meet its demands. Zinc is vital to the body functions such as, a healthy immune system and wrongdiagnosis. com states is best known for minimizing the effects of the common cold or upper respiratory infections. We will write a custom essay sample on Zinc Deficiencies or any similar topic only for you Order Now It can enhance the functions of the liver, muscles and bones. Other functions of zinc in the body are to wound heals; aid enzyme activity; DNA production and cell division. When there is an insufficient amount of zinc available for metabolic needs the condition is called hypozincemia. Inadequate quantities of zinc in the daily diet are the main reason why zinc deficiencies occur. Zinc deficiency is uncommon in areas where the diet is high in meat but Solomons, N. W. (2001) concludes that people who diets consist primarily plant based food sources that are low in bioavailable zinc often have zinc deficiencies. People who are vegetarians, elderly and those whom are malnourished can be at risk of the deficiency. Pregnant women or those that are breastfeeding are at risk from zinc deficiency due to the high demands for zinc from a developing infant. Chronic diseases such as alcoholism, diabetes and cancer are at risk of developing zinc deficiency. Excessive loss of zinc can occur if you have liver disease or after a trauma, burns and protein losing conditions such as enteropathy. In children zinc deficiency can develop as impaired growth and taste as well as a delayed sexual maturation. The symptoms include impaired immunity, night blindness, anemia, lethargy, and impaired wound healing. A deficiency in zinc can cause malfunctions of these organs and functions. Zinc does not get stored in the body; therefore for treatment it is important to eat food high in zinc every day. Red meat, shellfish, nuts and beans are examples of suitable food sources for the mineral zinc. Dietary supplements also contain zinc therefore vegetarians whose diet does not include adequate sources of zinc, supplementation may be necessary. Pregnant or breastfeeding woman may also need zinc supplementation due to their required high demand and is a positive effect on growth in premature infants. Nutritional-supplements-health-guide. com states there are two ways of achieving supplements and those are zinc sulfate and zinc gluconate. According to pediatriconcall. om a dose of 35-40mg daily can be used for treatment of zinc deficiency. In patients with diarrhea, a uniform dose of 20 mg of elemental zinc should be given during the period of diarrhea and for 7 days after cessation of diarrhea in children older than 3 months. To meet the need for absorbed zinc in the human body through our dietary intake, it requires an increase in zinc content or a decrease in the phytate content. Phytate is a phosphate storage compound that chelates zinc and theses two substances affects the bioavailability of zinc. If diagnosed and treated promptly, zinc deficiency has a good prognosis of a full recovery but because there is no definitive test for zinc deficiency, a delayed or missed diagnosis of the condition is possible. There are multiple diagnostic tests available for zinc deficiency such as zinc taste test. As taste and smell is dependent on there being enough zinc in the body , a simple 10 second test can be done where 1- 2 teaspoons of the solution is sipped and held in the mouth for exactly ten seconds after which is spitting out. If there is no specific taste sensation it indicates a major deficiency of zinc, a metallic taste similar to baking soda indicates a moderate deficiency exist. Left untreated, a zinc deficiency may lead to complications of an enlargement of the liver and spleen, severe malnutrition, recurrent infections and eventually death. pr-usa. net claims ‘deficiency is a significant public health issue, causing 800,000 deaths overall and putting at risk more than two billion people due to ailments such as diarrhea and pneumonia’ and maternal zinc deficiency may cause fetal malformations and low birth weight. References http://www.nutritional-supplements-health-guide.com/zinc-deficiency-symptoms.html http://www.ehow.com/how_4514397_identify-zinc-deficiency.html#ixzz1CqQF0cNK http://www.merckmanuals.com/professional/sec01/ch005/ch005j.html http://www.patient.co.uk/doctor/Zinc-Deficiency.htm How to cite Zinc Deficiencies, Essay examples

Build International Business Networks free essay sample

Sydney| 10-12 March 2013| $ 300| It provides an excellent opportunity for all the entrepreneur and new companies to work along with topmost established and contemporary brands to get an international exposure and to find their target customers, retailers, suppliers and manufactures and for discovering new labels and keeping up-to date with trends and network to build relationships with new designers and wholesalers as well. | 2. Franchising amp; Business Opportunities Expo Sydney| 15-17 March 2013| $ 300| It is to make franchising offer the new investors an established and successful business environment. | 3. Australian International Sourcing Fair 2013 Melbourne| 13-15 Nov. 2013| $ 1400| It is all about making business easier. It connects manufacturers to retailers and importantly promotes a diverse array of exciting product options from fashion and textiles to homewares. | 4. China Clothing amp; Textiles Expo Melbourne| 13-15 Nov. 013| $ 1400| It serves as an ideal platform for the attendees to exchange the latest news, views and information that are currently prevailing in the sector, while participating business houses can also devise strategies for more effective order placement as well, thanks to the business acumen they gain by attending the show. | 5. Canton Fair (China Import and Export Fair) – Guangzhou China| 1-5 May 2013| $ 400| It provides a platform for national and international vendors, suppliers, manufacturers and ntrepreneur to show their products, for national and international visitors to place orders, sharing and exchanging information and cooperation opportunities. | Part 2. Reflect Social and Cultural Awareness in Developing and Maintaining International Business Networks Research sources of cross-cultural information: 1. Austrade 2. pwc: ww. pwccn. com/home/eng/doing_biz_invest_cn. html 3. Kwintessential: http://www. kwintessential. co. uk/resources/global-etiquette/china- country-profile. html 4. The Australian: http://www. heaustralian. com. au/business/lack-of-cultural-diversity-a- risk/story-e6frg8zx-1226546776157 5. Australian chamber of commerce and industry: http://www. acci. asn. au Profile cross-cultural communication styles for a specific country: China- * Greeting and closings (written and s poken): Greetings are formal. Chinese are not keen on physical contact, especially when doing business. A handshake with a simple and kind salutation, like â€Å"Ni Hao† (Hello! ), and a slight nod of the head is the standard way to greet men and women, whatever their age or seniority. Be sure not to slap, pat or put your arm around someones shoulders and not to be overly vigorous while shaking hands, as the Chinese will interpret this as aggressive. They respect their elders and they are always greeted first, so an extra show of courtesy in the presence of them will reflect well on you. * Proper forms of address: Address the person by an honorific title followed by their surname. If they want to move to a first-name basis, they will advise you which name to use. Generally speaking, there are four main categories: 1. You can call some directly by his job title and put it before his/her surname or full name. This is often used in the workplace on more formal occasions. e. g. Director Liu 2. To address based on professional qualification, which expresses respect to those being addressed. e. g. Lawyer Wang 3. To address based on educational qualifications. e. g. Dr. Zhang 4. To address based on professions. e. g. Teacher Chen If a person has no professional title, simply use â€Å"Mr. †, â€Å"Madam†, â€Å"Miss† plus the last name. * Making an appointment: Appointments are necessary, and, if possible, should be made between one-to-two months in advance, preferably in writing. Arrive at the appointment on time or slightly early. The Chinese view punctuality as a virtue. Provide the agenda first and reconfirm prior to meeting. Be aware that when their holidays and lunch time are and avoid making an appointment on those days or at those time, especially during the Chinese New Year and National Day. * Eye contact and tone of voice: Eye contact is a basic respect and manner. If you look at the other direction while talking to people, they will deem that you have no respect or are telling a lie. Don’t use exaggerate tone of voice while speaking but maintain regular intonation. Speak in short, simple, jargon-free sentences. Pause frequently. * Formal introductions: 1. Addressing others: Seniority is valued in China. It is important to address your counterparts by their title (Chairman, Director, etc. ). Find out who the most senior person in the room is and address them first. 2. Introducing yourself: Say your name clearly and remember to state your company or the company you work for and your position. As a point of reference, know that Chinese will refer to his/her company first, then his/her title, and then their name while introducing themselves to others. Having a Chinese name, ideally one with meaning rather than a transliteration your English or other language name will be taken as a sign of respect as well. 3. Giving/Receiving business cards: Similar to introductions, hand out business cards to the most senior official first. Chinese use both hands when giving and receiving anything of value, including gifts and particularly business cards; you should do the same as this is one of the first points at which you will make an impression. Take a moment to look at and acknowledge the individual’s card. * Body language: You should always be calm, collected and controlled. Body posture should always be formal and attentive as this shows you have self-control and are worthy of respect. If you are beckoning to someone, motion towards you using your palm and hand pointed downwards. Never palm up. Furthermore, don’t use your index finger or point while speaking. * Direct and indirect communication style: Indirect communication is the preferred method of transmitting news in China. It means that information (usually bad news or self-boasting) is either transmitted via a third party or through half truths. It usually involves the word â€Å"maybe. † For example, â€Å"Maybe you need to come to work on Saturday for a meeting. † When your Chinese counterparts politely say â€Å"Not a big issue† or â€Å"The problem is not serious†, they usually mean â€Å"There are still problems†. Part 3. Review Own Participation in International Network Participate in a networking event: Fashion Exposed Sydney * Establish face-to-face connections with at least 3 attendees: Australian designer – Chief Designer : Terry Biviano Australian wholesaler – President : R. M. Williams Chinese manufacturer – President : Zhang, Da Fu * I met the Chinese manufacturer, Mr. Zhang Da Fu at the event. We shook hands with a simple salutation in Chinese â€Å"Ni Hao† to each other first, then introduced my company, job title and my name to him, and then we exchanged business cards with both hands to each other. We had a small talk about the journey, hotel, weather and Sydney. Finally, I invited him to join Linkedin and Skype and Wechat on mobile phone for keeping in touch and the future cooperating opportunity. * Two days later, Mr. Zhang Da Fu went back to China and he did join Linkedin and Wechat and added me to be one of his connections and showed his interested in cooperating with my company. We made an appointment to chat on Wechat on Mar. 30 for the further discussion. Report on the networking event: * Event description, including type of network, purpose and objective: Fashion Exposed – Sydney It is Australias most anticipated designer trade event and will fuse business with fashion with FREE industry seminars and a first-look at the upcoming season. It provides an excellent opportunity for all the entrepreneur and new companies to work along with topmost established and contemporary brands to get an international exposure and to find their target customers, retailers, suppliers and manufactures, for discovering new labels and keeping up-to date with trends and network to build relationships with new designers and wholesalers and for sourcing from the most comprehensive range of apparel, accessories and footwear labels as well. Printed material for the event : Contact details or business cards of the 3 contacts : Australian designer – Terry Biviano Chief Designer Private Label : terry biviano Address : Red Doors, Level 5, 104 Commonwealth Street, Surry Hills, NSW Australia Tel/Fax : 61-2-92803318 Email : [emailprotected] com Australian wholesaler – R. M. Williams President R. M. Garment Co. , Ltd. Address : Level 11, 52 Alfred St. , Milsons Point, Sydney NSW, Australia Tel/Fax : 61-2-90285401 Email: [emailprotected] com Chinese manufacturer – Zhang, Da Fu President Dafu Garment Manufacture Co. : 1188? Adderess : 1188 Qixin Rd, Shanghai, China / : 00286-21-54957117 Tel/Fax : 00286-21-54957117 :[emailprotected] com Email : [emailprotected] com Copies of emails or letters sent to contacts seeking and / or providing feedback information or ideas: Dear Mr. Zhang, I am so glad to meet you at the Fashion Exposed event in Sydney and talk to you on Wechat and thank you for showing your interest in cooperation with us as well. I did meet a few outstanding designers at the event, who showed their high interests to cooperate with us and are willing to assign us to be their supplier. Therefore, I will visit you and your factories when I go back to China at the end of April. Therefore, please provide us your quotation first so that I can have a further discussion with the designers. Thank you very much and looking forward to meeting you soon! Regards, Grace Tsung Calculate costs of the event: | AUD| Entry Fee| 0| Flight| 0| Hotel| 0| Transportation| 25| Food/Drink| 70| Business cards | 175| Total| 270| Analyse Event: A. Effectiveness of the event: Beside the wonderful venue, it was exactly a successful event, which not only provided enough integral resources for the visitors but also organized well. I collected all the information I need, such as the latest fashion trend, tools and knowledge to buy better and sell more, business and visual merchandising, etc. rom the seminars, and also found some potential co-operators who are customers, designers, manufacturers, suppliers and wholesalers and exchanged our business cards with one another. B. Effectiveness of your communication: Because I just start to work half the year in Australia and half the year in China, I am good at English. When I spoke to Australian designers or other English native speakers, I couldnâ €™t express all that I would like to let them know, and they speak English so quickly that I couldn’t understand all that they expressed as well. Therefore, after the event, I have to email every one I got their business cards and invite them to join Linkedin or others, like Skype. C. Value of outcomes: Since I am in Sydney at a good hour, I don’t need to spend extra fees on hotel and flight. Also, this is the industry, which I was familiar to, so it is not difficult for me to build relationships and networks in this field. This time, I exchanged more than 50 business cards and got 20 personal contact details at the scene. I will keep participating any related

Saenz v Roe Case Brief Essay Example

Saenz v Roe Case Brief Paper Case Brief Saenz v Roe (1999) 1. Facts The facts of the Saenz V Roe case is that in 1992 the state of California wanted to change the Aid to Families with Dependent Children Program by setting a limit to new residents. By having this approved by the Secretary of Health and Human Services and having the Federal District Court implement it, there would a large number of new residents who would be treated unequally. By the time it became into law on April 1, 1997 a class action was filed to challenge it. Then Ms. Brenda Roe brought it up along with other first year residents to Rita Saenz in the Supreme Court. We will write a custom essay sample on Saenz v Roe Case Brief specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Saenz v Roe Case Brief specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Saenz v Roe Case Brief specifically for you FOR ONLY $16.38 $13.9/page Hire Writer 2. Issues The issue with this case is that does it violate the Fourteenth Amendment. Which in short says that no other state has the right to impose laws that violates the rights of other American citizens that moved from other states. Such as in this case people moving to California. 3. Holding In this case this state amendment clearly violates the Fourteenth Amendment of the U. S. Constitution. 4. Reasoning The reasoning behind is that California is trying to make it where new residents can’t benefit from Aid to Families with Dependent Children Program. If another state does not have that and that state’s citizen moves to California their rights under the Fourteenth Amendment would be violated. 5. Dissent The two justices that dissented are Chief Justice Rehnquist and Justice Thomas. There reasoning behind their dissent is that the framers might have intended the Fourteenth Amendment for other reasons that do not apply to this such as just being able to be a U. S. citizen in another state.

Arthur Murray(Ns) Pty Ltd V Fct (1965) 114 Clr 314 Essays

Arthur Murray(Ns) Pty Ltd V Fct (1965) 114 Clr 314 Essays Arthur Murray(Ns) Pty Ltd V Fct (1965) 114 Clr 314 Essay Arthur Murray(Ns) Pty Ltd V Fct (1965) 114 Clr 314 Essay Part A (i) the fact arises on Arthur Murray(NS) Pty Ltd V FCT (1965) 114 CLR 314 is that the taxpayer sold prepaid dancing lessons with prepaid fees attributable in part to lessons to be provided in future income years. The commissioner assessed the tax payer on the basis that prepaid fees constituted income derived by the taxpayer when received. The high court concluded that amount received in respect of service to be provided in future years are not earned until the future obligations for which they are paid are discharged. Arthur Murray’s case can be co-related with the given condition of RIP Pty Ltd as the company is providing funeral services which is provided only after the death of client. For this they are receiving money in advance in order to provide future service . that’s why the case is related to Arthur Murray case ii a) The professional people like Doctor, engineer and small business they can access their income in cash basis if their income turnover is up to $ 2 million a year. Section 6 of ITAA 97, Provisions for ordinary income and statutory income are given in s6-5 and s 6-10 in income tax assessment act 1997. Income is derived upon the arising of enforceable debt for taxpayer who carries business of supplying goods. Professional fees for services are derived upon the arising of recoverable amounts during course of carrying business however if the amounts are basically reward for the personal service then the fees are derived upon its reception. The prepayments for goods and services are assessable only when that services or goods are provided. Dividends, wages and salaries are derived when paid and received respectively. Likewise, interest is also derived upon it receipt but if the taxpayer is in the course of lending    business then accrual basis is appropriate. And, all the trading income is derived at the point of sales. (Gilders et. al. 2009). According to Arthur Murray case, income is derived when the service is provided . Relating to RIP Company with Arthur Murray principle, we can say that RIP Company will derive their income only when the service is provided to its client. b) Yes the Arthur Murray principle apply to the company‘s accounting treatment of amounts in funeral plan No 1 and 2. Funeral plan 1 is a fixed price contract and when the agreed amount is paid, the client is guaranteed deluxe funeral arrangement. Under funeral plan 2 company continuously receive installment until the death of the client . however the fund is refundable but only 85% upon the cancellation where as money received is not refundable in funeral plan 1 . On the both plan, the company ultimately receive providing funeral services in the future . if we co-relate their services with the situation of Arthur Murray, we can see that they first receive the money first but provide service later in the future to its client. That’s why Arthur Murray principle is applicable to RIP Pty Ltd. c) Yes the commissioner or any tax payer have a choice in the method of accounting for tax. There are some cases that can be introduced to answer this question briefly. Carden’s case , the judgment of Dixon J , with whom a majority of the court agreed ,stated it was necessary to use the tax accounting methods that would reveal a â€Å"substantially correct reflex of the taxpayer’s true income â€Å". The court concluded it was appropriate to recognize professional income on a cash basis. Similarly Henderson case concluded that partnership should account on an accrual basis for income years after 30 June 1964. Similarly in Fc of T v Firstenberg 76 AT (4141) case, the court stated that where the taxpayer is a professional Sole practitioner, it is appropriate his income to be consider as being cash basis . Imposing the use of accrual basis on a professional sole practitioner would represent unrealistic and un reasonably burden. We can say that if the company is a Pty Ltd or Partnership , the tax payer derives income on accrual basis and if the tax payer is a sole trader then the income should be derived on cash basis (iii) According to sec 6-5(1)(2) Assessable income include according to ordinary concept and if a person is an Australian resident then taxpayer income includes the ordinary income derived directly or indirectly from all sources whether in or out of Australia during the income year . In funeral Plan 1 as there is no policy of refunding, the amount $ 225,000 will be assessable income if the client dies abroad. Where as in Funeral plan 2, the amount $ 4125 will be assessable for tax purpose as there is no one to claim the refund (iv) According to sec 104-150 ITAA 1997 if a person make a capital gain and deposit is more than the expenditure occurred in connection with the prospective sale or other transaction . People make a capital loss if the deposit is less. According to taxation ruling 97/19 Para 7, we can consider that other CGT provision apply with the effect that a forfeited, deposit is assessable as a capital gain in certain circumstances. The amount $16200 paid by defaulting member is consider as capital gain and should be assessable income under sec 104 -150 of ITAA 1997and TR 97/19 . RIP is not incurring any expenses against the forfeited amount paid by default member. Part B I) in simple language , trading is a buying and selling securities or commodities on a short term basis , hoping to make quick profit The term trading stock is defined in section 70-10 of the 1997 Act to include anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a business. Trading stock of a mining business comprises those tangible assets that are held for sale in the ordinary course of that business. Caskets and other accessories are acquired by a company to provide their funeral services . these accessories are trading stock for that company without which they cannot provide their services . the amount of $25000 spend by a company for trading stock which is spend to gain accessible income can be claimed for general deductable under sec8 (1) ITAA 1997 . II) according to sec 44(1) ITAA 1936 , shareholder in a company whether the company is resident or nonresident states that the dividend other than that are paid to the shareholder by a company out of profit derived by it from any source is assessable income . Under sec 207 -5 ITAA 1997 , if a corporate tax entity makes a franked distribution to one of its member then as a general rule –amount equals to the franking credit on the distribution is included in the member’s assessable income and the member is entitled to a tax offset that is equal to the same amount of money . Here the cash dividend paid is $ 21000 which is fully franked which means amount is paid after deducting the tax. Total amount before tax can be calculated by multiplying by 30 and dividing by 70. Mathematically 21000*30/70 =30000. Therefore $ 30000 is the company’s assessable dividend. Sec 82 K2MD, ITAA 1936 (Expenses * no. f days of eligible service period) / total no. of days of eligible service period 57000*122/731 =9513 is deductable amount Sec 26-10 ITAA 1997 , you cannot deduct loss or outgoing for long service leave ,annual leave , sick leave or other leave except accrual leave transfer payment that is made in the income year According to thi s case the tax payer had not incurred a loss or outgoing under sc 51(1) in the income year in respect of its employees accrued long service leave and annual leave entitlement unless it is paid in that income year ( Nilsen Development laboratories Pty Ltd ORS V FC of T 81 ACT 4031; (1981)144 CLR 616 . III) Sec 8-1 1997 Act This section provides that â€Å"You can deduct from your assessable income any loss or outgoing to the extent that (a) It is incurred in gaining or producing assessable income or (b) It is necessarily incurred in carrying on a business for the purpose of gaining or producing your assessable income. however you cannot deduct a loss or outgoing to the extent that : (a) It is a loss or outgoing of a capital nature b) It is a loss or outgoing of a private or domestic nature of (c) It is incurred in gaining or producing your exempt income or (d) A provision of this act prevents you from deducting it† A deduction for the capital works under division 43 is based on the amount of construction expenditure, that is, capital expenditure incurred in respect of the construction of those capital works . There are three different types of capital works under sec 43-20 A building or an extension, alteration or improvement to a building Structural improvement or extensio n, alterations or improvement to structural improvement. Capital works being earthworks or extension, alteration or improvement to earthworks if they are constructed as a result of environmental protection activities, can be economically maintained in reasonably good order and condition. AS per above terms and condition, the payment of $250000 of architectural design is a capital work under division 43 so the construction expenditure is deductable under TR 97/25. The taxpayer‘s demolition expenditure is not a capital in nature and therefore is not deductable ie . ec 51(1) of the Act. (Mount Isa Mines Ltd V FC of T 92 ATC 4755;( 1992) 176 CLR 141) Similarly the cost of acquisition of land costing $ 1. 2 m and demolishing expenditure of previous structure amounting $50000 and landscaping costing $ 40000 are not deductable. Sec 40-70(2) ITAA 1997 Calculation of deduction amount of capital expenditure Period of your C E* days used *4%/ 365 sec 43-210 ITAA 1997 The amount $2. 5 m is deductable under the rule. As per the above formula, 2. 5m * 330*4%/ 365 = $90411 is deductable Capital work deduction applies for sealed roads, sealed driveways, sealed car park, bridge, pipelines, retaining walls, fences, concrete or rock dams and sports field. Section 43-20(3)(a) Thus the on-site car park with the amount of $125000 is deductable iv Details | Amount | total| | Assessable income| | | | Profit from last year | | 2450000| | Cash dividend | 21000| | Sec 44 –(1)| imputation| 9000| 30000| Div 207| Total assessable income| | 2480000| | Deduction | | | | Material purchased | 25000| | Sec 70-10| Long service leave | 22000| | Sec 26-10| Rental storage space| 9513| | Sec82 KZMD| Architectural design | 250000| | TR97/25 Para 78| Construction of new premises | 90411| | Sec 43-15| Onsite car parking | 125000| | Sec43-20(3)| Total deduction | | 521924| | Taxable income | | 1958076| | Tax payable 1958076 *30% = 587422 Less tax off set 9000 Total tax payable 578422. 8

Pension Investment Essay Example | Topics and Well Written Essays - 1500 words

Pension Investment - Essay Example Personal investment decisions are made in the context of wider economic, social, economic and policy. In addition, ethics and regulation are known to have a significant impact on the structure of distinct investment products and the nature of distinct investment plans and strategies. More so, personal investment decisions should be based on a number of factors outside an individual control such as setting of interests by financial institutions like banks and inflation and other factors within an individual control such as making choices about the mix of assets that a person holds (Mazzucato et al, 2010 p. 53). All financial planning demands or requires a comprehension of how domestic or local context-in this case a person’s particular situation – is part of broader context incorporating the role of government and economy. It is rational to argue that at some particular point in life, an individual will save. By not using our money in the present, saving gives us an oppo rtunity to set aside resources for the future. People all over the world save differently depending on their vulnerability to unexpected changes in economic and personal conditions (Fabozzi, 1997 p. 45). Governments in the world encourage their citizens to save and cease the act of utilizing their money in present times because there are times when things change in both wider society and at personal level. Gillani’s investors should provide him with necessary financial information in order to help him implement effective financial education programs such as choosing the best method to invest in depending on the performance of economy and the interest rates that financial institutions charge. Gillani will benefit from his financial knowledge in the sense that he be in a position to attend one on one counseling sessions on his personal savings or finances thus making have lower debts and fewer delinquencies. It is important to note that risks can be calculated in the sense that people can assign possibilities or probabilities to likely future changes such as on the grounds of how results happened in the past. For example, if shares in the past have earned higher returns than bonds, then, people can assume that they will do so in the future. This kind of calculation is uncertainty that is generated by social and economic changes. The financial services sells financial products such a unit trust, life funds, saving accounts and pensions are the main products for personal savings or investments. . Investors make decisions based on information available to produce markets that price effectively. In order to make future investments, individuals must take risks considering that shares and stock are more risky to invest in but in the long run, they have higher returns than cash and bonds. It is also vital for Gillian to know that investors need to be assured that financial institutions such as banks are sane and that financial advisors and providers are acting i n an ethical or moral way. This is attained via formal ways of regulation and that financial services bodies own ethical codes and practices (Fabozzi, 1997 p. 73). These codes of ethics are engineered in the context of government policies that focus to regulate the domestic and international economy in pursuit