Use Of Conventional Fuels ( Coal And Oil ) For The...

The use of conventional fuels (coal and oil) for the production of energy has caused detrimental effects on the planet with the emissions of greenhouse gases. Switching most of, but hopefully entirely, the world’s population to alternative renewable energy is the only way to save Earth from the decline of the ozone layer. The ozone layer blocks UV radiation that causes many health problems for people and animals, but the ozone layer also aids in the regulation of the planets normal homeostasis. Without this perfect balance life could no longer sustain as it is known to be, or even possibly not at all. These renewable sources are far cleaner than conventional sources, which will in turn help everyone in the world. Along with the higher†¦show more content†¦Conventional energy sources cause damage directly to the Earth itself just to gather the oil. This large amount of time and effort is essentially a waste when the oil gathered is used so rapidly, the earth canâ€℠¢t even replace it at a rate to keep up with demand. This will lead to the loss of this seemingly simple commodity (Breede, Security and energy capture: the military perspective). The availability of the sun is just as you see it daily. Along with that, the conversion of solar rays to usable energy does not release any damaging greenhouse gases, unlike the beloved petroleum oil used to widely today. Where understandably anyway we gather energy will have some sort of impact on the planet, but the impact of the gathering, transportation, and burning (converting to usable energy) has a by far larger impact in just about every way, compared to any form of renewable energy (Union of Concerned Scientist, Environmental Impacts of Renewable Energy Technologies). Still with this knowledge the switch to renewable energy has been slow to progress. So to increase availability of renewable discovery of several different forms have been introduced to consumers, including the well-known solar, win d, geothermal but also the less common such as biomass, hydroelectric and hydrokinetic. This range of options is to make sure that fuels should be an absolute last resort. Some

Biologically Enhancing Soldiers - 1158 Words

Connor Gabriel Biologically Enhancing Soldiers Our ability to upgrade the bodies of soldiers through drugs, implants, and exoskeletons may be upending the ethical norms of war as we ve understood them.I first saw in the movie, Captain America.The only difference now is that this possibility is slowly becoming a possible reality. The possibilities are endless by doing this to soldiers, whom are willing of going thru the process. From having soldiers that don’t need sleep or only need to eat 1 MRE ( Meal Ready to Eat) a week. Almost any idea we could think of in biologically improving a soldier, could actually happen, and will only benefit the soldier and the military as a whole. Imagine if you were a soldier, stuck behind enemy†¦show more content†¦This idea is a win win for both the military and US population by simply how it saves money and food. The use of human enhancement technologies by the military is not new. Broadly construed, vaccinations could count as an enhancement of the human immune system, and this would place the first instance of military human enhancement (as opposed to mere tool-use) at our very first war, the American Revolutionary War in 1775-1783. George Washington, as commander-in-chief of the Continental Army, ordered the vaccinations of American troops against smallpox, as the British Army was suspected of using the virus as a form of biological warfare. Having said that, how can one argue that this isn’t a safe or legal action due to the fact that the first President. George Washington, gave the orders to due so? Due to these enhancements being biologically, and one of the ideas is enhancing soldiers to not feel pain or possibly even fear. Everyone is aware that war is a terrifying place. Imagine an army of soldiers that do not feel pain or even fear itself. Being able to take bullets without even flinching. Also, having the possibility of giving someone the ability to not feel fear would advance our military to an indescribable level. By not feeling fear, soldiers decision making would speed up, and be more reasonably do to not being scared. What if a soldier gets captured and is tortured

Case Study Capital Gains Tax and Fringe Benefits Tax

Questions: Case study 1: Capital Gains Tax Case study 2: Fringe Benefits Tax Answers: Introduction Capital gains tax is referred to a tax wherein there is a sale or transfer of an asset of capital nature. On the sale of the asset there can be a capital gain or capital loss. Where the sale value of the asset is more than the cost of purchase, cost of associated purchases and the cost of improvement the same is referred to as capital gains. On the other hand where the value of the sale of the asset is lower than the cost of purchases and other above mentioned costs the same is referred to as capital loss. Part A According to the provisions of the tax act of Australia, an individual can claim an exemption of the main residence. For an individual to claim the tax exemption in regards to the same the individual must have stayed on it and there must be a dwelling on the same. From the provision above it can be asserted that the exemption cannot be claimed on a vacant piece of land (Kenny, n.d.). A dwelling takes the form of a main residence of the below mentioned conditions are satisfied: The individual and the family lives in it The personal belongings of the individual are in the same The mail of an individual is delivered to the same address The address is on the electoral roll (Lloyd, 2015). The address of the residence is connected with the essential services such as gas, electricity are linked with the same address. In addition to the main residence factor there are other factors as well. Other factors are also considered for the same wherein weights are assigned to such factors based on the individual circumstances. The length of time an individual stays in the same and the intention of occupying the same is also of certain relevance (Protocol amending convention with Australia regarding double taxation and prevention of fiscal evasion, 2002). In this case the individual had contracted for the sale of the house which was his main residence but the same could not be concluded. The deposit the seller that made in regards to the purchase was forfeited by the seller. Later the house was sold to a different seller for the agreed sum. According to the ruling TR 1999/19 where a seller receives and forfeits the deposit in connection with the sale of the house the same is eligible to be taxed under the heading capital gains. The same ruling also is applicable in the case of forfeiture of the purchase payment instalment (Australian income tax legislation 2013, 2013). Hence in the current scenario considering the exemption of the main residence the CGT on the same would be exempt however, considering the ruling TR 1999/19 the deposit forfeited by the seller would be taxable as capital gain. The assets in regards to Capital Gains Tax can be classified into three broad categories such as personal use assets, collectables and other assets. The articles like jewellery, paintings, stamps, rare coins etc are classified as collectables. The assets that are of personal nature such as clothes, boat, household item, furniture etc are classified as personal use assets. Also included can be a debt arising from an activity other than one made to produce assessable income, such as a loan made to help out a family member or friend. According to the tax laws in Australia certain assets are exempted from the levy of Capital Gains Tax. The most common amongst the same are the house of an individual used as his main residence and his personal motor car (Australian income tax legislation 2013, 2013). Whether if the person had a lodger or rented the home are also considered in allowing the exemption. The other assets which are exempted from the capital gains tax have been described below: The assets which have been acquired by the individual before 10th of September 1985 Collectables such as paintings, coins, and stamps Prizes from gambling Awards which have been given for brave conduct or valour The share of an individual in pooled development funds The compensation received by an individual on the account Inheritances of certain types Generally a collectible is disregarded for the purpose of capital gains if the same was purchased for less than $500 or the same was acquired before the 16th of December 1995 (Goerke, 2014). Hence since the same is more than $500, it would be classified as a capital gains asset. Hence the capital gains of $110000 would be taxable. Generally a gain made on the transfer of a capital asset is taxable under the head capital gains however in certain circumstances the capital gains are disregarded for the purpose of taxation: Where the asset transferred was acquired before the 20th of September 1985 Motorcycles, cars and other like/similar vehicles (DZHUMASHEV and GAHRAMANOV, 2010). Compensation that has been received on account of personal injury Where the main residence is sold Where the item sold is a collectible such as jewellery or antique and the same was acquired for less than $500. Personal asset which has been used by the individual personally for instance motor cars, boats etc. Dave in this case sold the asset for $60000, the in ordinary course of business would have been categorized as a capital loss but since the same is exempt from tax on account of being a personal effect the capital loss would be ignored. However as per (subsection 118-10(3) of the ITAA 1997 act the purchase value of the asset should be less than or equal to $10000 to be classified for the same (Pope, 2005). Since the purchase value is more than $10000 the same is a capital asset and the consequent gains or loss would be accounted for. The capital gains liability of Dave has been computed below: Particulars Amount Amount Deposit Forfeited 85000 Sale of painting 125000 0 -15000 110000 Loss of sale of boat 60000 -110000 -50000 Sales of Shares 80000 Cost of Purchase -75000 Cost of Borrowings (Third elements of cost base) -5000 Stamp Duty -500 -500 Exchange of shares or units (Subdivision 124-E) -10000 134500 Dave has a capital gains liability of $134500 for the current year but since he has attained the age of 55 and has paid the amount to super funds he is entitled to a lifetime exemption of $500000. Hence the capital gains of $134500 would be exempt. He does not have capital gains loss. Part B Starting the 1st of April 2014, regardless of the distance covered by the car (Division 10A of the FBTAA) a flat rate of 20% would be applied to determine the value of the fringe benefit. As a consequence the FBT in this scenario would be $6600 ($33000*20%). However since the asset was not used for the entire period of 365 days the same would be reduced proportionately for the period the car was not held and the period the car was not available for private use (Stokes and Wright, 2013). In this case the car was not held for the month of April and the same was not available for private use for 10 days in the year. Hence the FBT calculation would be as follows: Particulars Amount Value of Car 33000 Rate of FBT 20% Total number of days in year 365 Days Car not held 30 Days car not available for private use 15 Total days car used for private purpose 320 FBT 5786.301 An employer can provide loan to an employee which is known as the loan fringe benefit. The same can be provided at no rate of interest or at a rate of interest which is lower than the benchmark rate. For the year ended 31dt March 2015, the benchmark rate for interest for FBT is 5.95%. In the current scenario a loan of $500000 was advanced to Emma by Periwinkle on the 1st of September 2015. The employer charged an interest rate of 4.45% from the employee (FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 136). However since the same is lower than the benchmark rate the difference would be chargeable as FBT (Herault and Azpitarte, 2014). In the current case the value of the FBT would be as below: Particulars Amount Amount of Loan 5,00,000.00 Interest at 5.95% for seven months 17,354.17 Less: Interest at 4.45% for seven months 12,979.17 Value of FBT 4,375.00 According to QC 17815 which was last modified on the 2nd of June 2014, the value of the property fringe benefits is dependent upon the rule applicable in that case (How can I benefit from the 2004 tax laws?, 2005). Regardless of the valuation rule used the contribution received or receivable from the employee is reduced from the taxable value of the fringe benefit (ATO, 2016). The rules applicable in this context have been summarised below: Whether the benefit provided is an external property fringe benefit or an in-house property fringe benefit. In the scenario of the same being an in-house property fringe benefit if the property was manufactured or was purchased for resale (THORNTON, 1992). If the same is similar or identical to the property sold by the employer in the ordinary course of business The same is sold to customers who sell it to public or the same is directly sold to the public If the above mentioned conditions are satisfied than the value of the fringe benefit would be the amount that the employee can reasonably be expected to pay less any amount which has been recovered or is expected to be recovered. In the current scenario the value of the FBT would be $2600-$700= $1900 since the employee under question is not a whole seller or a distributor hence, the value of the FBT would be the retail price of the property (Ingles, 2001). For the year ended 31st March 2016 the FBT rate is 49% which is inclusive of the medical ivy. Hence the employer would have to pay the same on the value of the FBT calculated in each individual case. Particulars Amount FBT Loan 4,375.00 FBT CAR 5786.30137 FBT Goods 1900 Total FBT 12,061.30 Tax on FBT @ 49% 5,910.04 The tax treatment would change if the shares are purchased by Emma instead of her husband as she would be able to get the exemption on that part of the loan which is used for the purpose of generating income. Investment in shares qualifies for the same. According the previous rules the investment could have been made by the employee or an associate but the new rules allow for the investment to be made by the employee only (Herault and Azpitarte, n.d.). In that case the Loan FBT would be as: Particulars Amount Amount of Loan 4,50,000.00 Interest at 5.95% for seven months 15,618.75 Less: Interest at 4.45% for seven months 11,681.25 Value of FBT 3,937.50 And the total tax liability in case of FBT would be as: Particulars Amount FBT Loan 3,937.50 FBT CAR 5786.30137 FBT Goods 1900 Total FBT 11,623.80 Tax on FBT @ 49% 5,695.66 Conclusion The employer needs to register for FBT once it has been determined that the employer is paying fringe benefits and the tax on the same needs to be paid. In regards to the same the FBT return need to be submitted for the financial assessment year i.e. from the 1st of April to the 31st of March. In case there is no liability in regards to FBT the employer on the other hand needs to complete the Fringe Benefits Tax-notice on non-lodgement (Herault and Azpitarte, n.d.). References ATO, (2016).Loan and debt waiver fringe benefits | Australian Taxation Office. Australian income tax legislation 2013. (2013). North Ryde, N.S.W.: CCH Australia. DZHUMASHEV, R. and GAHRAMANOV, E. (2010). A Growth Model with Income Tax Evasion: Some Implications for Australia*.Economic Record, 86(275), pp.620-636. Goerke, L. (2014). Income tax buyouts and income tax evasion.International Tax and Public Finance, 22(1), pp.120-143. Herault, N. and Azpitarte, F. (2014). Recent Trends in Income Redistribution in Australia: Can Changes in the Tax-Benefit System Account for the Decline in Redistribution?.Economic Record, 91(292), pp.38-53. Herault, N. and Azpitarte, F. (n.d.). Recent Trends in Income Redistribution in Australia: Can Changes in the Tax-Transfer System Account for the Decline in Redistribution?.SSRN Electronic Journal. How can I benefit from the 2004 tax laws?. (2005).Nursing, 35, p.3. Ingles, D. (2001). Earned Income Tax Credits: Do They Have Any Role to Play in Australia?.The Australian Economic Review, 34(1), pp.14-32. Kenny, P. (n.d.). Capital Gains Tax Exemptions in Australia and New Zealand: Rationale and Reality.SSRN Electronic Journal. Lloyd, P. (2015). Excise Tax Harmonisation in Australia at Federation.Aust Econ Hist Rev, p.n/a-n/a. MACNAUGHTON, A. (1992). Fringe benefits and employee expenses: Tax planning and neutral tax policy.Contemporary Accounting Research, 9(1), pp.113-137. Passant, J. (n.d.). John Passant (ATTA) Australasian Tax Teachers Conference 20 Minute Talk - Income Tax in Australia: From Appearance to Reality.SSRN Electronic Journal. Pope, J. (2005). REFORM OF THE PERSONAL INCOME TAX SYSTEM IN AUSTRALIA.Economic Papers: A journal of applied economics and policy, 24(4), pp.316-331. Protocol amending convention with Australia regarding double taxation and prevention of fiscal evasion. (2002). Washington: U.S. G.P.O. Stokes, A. and Wright, S. (2013). Does Australia Have A Good Income Tax System?.International Business Economics Research Journal (IBER), 12(5), p.533. THORNTON, D. (1992). Discussion of Fringe benefits and employee expenses: Tax planning and neutral tax policy.Contemporary Accounting Research, 9(1), pp.138-141.

New Life free essay sample

Looking back when I first went to summer camp, I realized I was being spoiled at home. I was always the one often needed other peoples help. My cabin members got really frustrated whenever I couldnt do something by myself. I wished my parents had taught me how to take care of myself. Otherwise, I wouldnt be as embarrassed. Growing up Taiwan, most parents plan their childrens lives perfectly down to the minute. What tutoring are they going to take, what talent will they have, or even what their future career will be. Our decisions in life are made the moment we were born. Parents also tend to keep their kids home until they get married. Parents believe its their responsibility to take care of them, so children can focus on their studies and work. However, this turns the kids into a Ma-Bao, a child that is super dependent to their parents even after turning into an adult. We will write a custom essay sample on New Life or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I was an exception. As an only child, I had the whole familys attention. I didnt have to do chores- not that I knew how to anyway. Everything was done perfectly for me already, and my parents did their best to fulfill all my wishes. The only thing I needed to do was to study, study, and study. However, theres something different in my family compared to other Taiwanese families. Its my familys tradition to send the child somewhere far for college. For example, my mom and aunt went to Japan for college, and my dad went to the Military Academy. Though I was born in America, I spent most of my childhood in Taiwan until high school. So for me, I was somewhat destined to move to the States at some point in my life. However, rather than move out for college like my parents did, I came to America by myself when going into high school. The transition from being a Ma-Bao to being extremely independent right away was quite a big jump. Even though I was living with a family friend, I still had to learn how to do the dishes, do my own laundry, and even wake myself up. The first few weeks were the most dreadful days of my life. Okay, maybe it wasnt that bad, but I still came across a lot of challenges. Choosing my own class schedule for the first time was probably one of the toughest decisions I had to make in my life since my parents made all the decisions for me back in Taiwan. Since then, I needed to start making my own choices. Whether it was big or small, I knew Id need to take any responsibility for the choices I made. Taking care of myself was only half of the challenge. I also had to fit in the new society I was living in. I had visited America several times before moving, and my parents did their best to prepare me for the American lifestyle by sending me to several English tutors. They also let me travel around the world to give me an international perspective, yet starting a new life in a foreign country was still difficult. Converting measurement, finishing large food portions, and learning the slang people use are just a few challenges I had to go through when I first started my life here. Fortunately, I adapted really quickly. Now I can take good care of myself, make daily decisions easily, and feel more accepted by the people around me. Even though the way my parents send me away and hope Ill be able to be independent right away is like kicking a baby bird off the nest and hope it can fly, Im still glad my parents let me come to the States. If they didnt, Ill probably turn into an extremely spoiled kid who cant even wake myself up.