Similarities and Differences of Paradise Lost and...

Between the two novels, Paradise Lost and Frankenstein, there are many striking similarities. What makes these two books so wonderful to read is the author s ability to write about the ultimate struggle; the struggle between God and Satan, or Good and Evil. The characters in Paradise Lost and in Frankenstein seem to be very similar to one another. God and Victor Frankenstein have many similarities. One of their similarities is that they are both creators of new life. The monster, Victor s creation, also shows remarkable similarities, but not with God. The monster shows similarities with Satan and Adam. At first these characters seem very plain and tasteless, but as the stories go on and the characters become deeper beings, the interest†¦show more content†¦Just as Satan and Adam both fall from God s grace, the monster appears to fall from the grace of his God and his creator as well, Victor. Because the stories are so similar, it s almost as if the monster is living the epic poem Paradise Lost! In both novels the reader is able to feel sorrow for the evil beings. The reader almost feels compassion for the beings suffering. Is this because we, as people, better relate to sin? It seems that the reader wants to side with evil because even when our key examples, Adam and Eve, seem faultless, they can t refuse to into a life of sin. Through this, the reader feels sympathy for someone or something that is an outcast. Outcasts of these two stories are Adam and Eve to God, Satan to God, and the monster to Victor. We, as readers, also begin to see the unfairness of our society today. While most of Frankenstein resembles God and Satan or Gad and Adam, Eve is not forgotten. Eve is just less noticeable. Mary Shelly did this on purpose. All of Mary Shelly s good verses bad relationships seem superficially masculinized. By making Frankenstein more masculine, Mary Shelly is pulling away from Milton s idea of Eve and his female illustration that the fall was due to a woman. Whenever Paradise Lost is mentioned in Mary Shelly s novel, Frankenstein, Eve is always left out. Eve is never mentioned. The absence of the Eve character is seen when the monster asks Victor for a female companion. The monsterShow MoreRelatedTheme Of Allusions In Frankenstein987 Words   |  4 PagesFrankenstein Allusions Mary Shelley, author of Frankenstein, references many other works of literature in her renowned book. To name a few of the referenced works there were John Milton’s Paradise Lost, the Greek â€Å"Prometheus myth†, and the widely known poem by Samuel Taylor Coleridge, â€Å"The Rime of the Ancient Mariner†. Each of these allusions gave a new meaning to Shelley’s story, affecting how each of the readers interpreted her words. Paradise Lost shares many parallels with Frankenstein. TwoRead MoreFrankenstein1237 Words   |  5 Pagesï » ¿Literature: Frankenstein Essay Frankenstein is a gothic horror novel that was written by Mary Shelly and was published in 1818, when gothic aesthetic, romanticism and science were beginning to spike in western culture. The novel follows the story of Victor Frankenstein in creating a monster which causes destruction around him, as Victor had ambition and thirst to reveal the secrets of nature. The novel could be viewed as a warning to the readers and audience about having a greed for knowledgeRead MoreFrankensteins Origin: Assessing Thompsons Argument for the Creatures Literary Ancestors 1443 Words   |  6 PagesThe greatest modern stories often hail from ancient myths, and Mary Shelleys novel, Frankenstein, proves no exception to this claim. Replete with references to John Miltons Paradise Lost and the ancient Greek myth of Prometheus, the story of Frankenstein seems, in many ways, very much like the Creature himself—which is to say, cobbled together from various scraps of previously existing parts. Terry W. Thompson, however, argues convincingly that scholars continue to ignore one of FrankensteinsRead MoreThe Foil Of Mary Shelley s Frankenstein, And The Modern Prometheus1046 Words   |  5 Pageswhose traits, by differences and similarities, help to emphasize and enhances the qualities and actions of the protagonist. Many characters, such as Elizabeth Lavenza, Henry Clerval, Robert Walton and Frankenstein’s creature, in Mary Shelley’s Frankenstein, Or, The Modern Prometheus qualify as foils for Victor Frankenstein, the protagonist. However, Frankenstein’s creature is the most effective foil for Victor Frankenstein. The creature’s similarities and differences with Frankenstein along with hisRead MoreJohn Milton s Paradise Lost2313 Words   |  10 PagesThe concept of revenge has prevailed as an integral component of literature,  exemplified in Paradise Lost written by John Milton among other works. In Paradise Lost, Satan acts as the main proponent of revenge. The actions of his character create the basis for a Miltonic ideal of revenge, later modified by Emily Brontà « and Mary Shelley. Wuthering Heights written by Brontà « presents Heathcliff as a modernization of Satan. The characters share the experience of evolving from their lives as outcastsRead MoreFrankendoodle And Frankenstein1079 Words   |  5 PagesFrankenstein is a classic science fiction novel written by Mary Shelley, through the ages, many adaptations have taken the story through various forms of popular culture. SpongeBob Squarepants, a popular children s television show often alludes to classic literature, and makes it entertaining for all ages. While this example is quite comical, it does hold classical elements associated with Frankenstein, but takes a spin on the classic science fiction novel. In this essay I will consider the similaritiesRead MoreA Comparison Of Frankendoodle And Frankenstein1199 Words   |  5 Pagesâ€Å"Frankendoodle† in Comparison to the Original text â€Å"Frankenste in† Frankenstein is a classic science fiction novel written by Mary Shelley, through the ages, many adaptations have taken the story through various forms of popular culture. SpongeBob Squarepants, a popular children s television show often alludes to classic literature, and makes it entertaining for all ages. While this example is quite comical, it does hold classical elements associated with Frankenstein, but takes a spin on the classic scienceRead MoreWhy Does Frankenstein Begin and End with Waltons Letters?1188 Words   |  5 PagesWhy does Frankenstein begin and end with Walton s letters? Victor Frankenstein is a scientist whose ambition will be fatal. His story is central to Mary Shelley s Frankenstein. Nevertheless, Shelley gave a frame to Victor s tale as Frankenstein begins and ends with Captain Walton s letters. In this analysis, I will show that Shelley did not insert the letters by chance, but that they add a deeper dimension to the novel. Walton s letters play an important role for the reader may find manyRead MoreAnalysis Of Mary Shelley s Frankenstein 1758 Words   |  8 PagesFrankenstein was published over 200 years ago. Ever since it was published, it has been one of the most famous books known to literature. History.com Staff states that this book, by 21-year-old Mary Wollstonecraft Shelley, is frequently called the world’s first science fiction novel (History.com Staff). According to Wikipedia, Shelley was an English novelist. She was born August 30th, 1797. She died on February 1st, 1951 (Wikipedia). Shelley came up with the idea of Frankenstein as she andRead MoreThe Renaissance And Romanticism During The 19th Century1245 Words   |  5 Pagesconsidered one of the greatest poets of the English language(†¦). His most popular work is Paradise Lost, about? which he wrote during the Renaissance(†¦). Ben Johnson is known for writing satires(†¦). His most famous works are Volpone, â€Å"On My First Son†, and â€Å"Song: To Celia† (†¦). â€Å"On My First Son† was written after the tragic death of his 7-year-old son(†¦). The major works produced during this time are Paradise Lost by John Milton, The Faerie Queene by Edmund Spenser, Romeo and Juliet by William Shakespeare

Analyzing The Writing The Size Of A Bible - 1257 Words

Savannah Quinn Trace Ashley Lemak English 112 January 14, 2016 Preliminary Writing Assignment Every writer has a different way of shaping his or her elements of writing, the different skills they possess in shaping those elements of writing differ from author to author. The best skills are the ones that get a person where they need to be to accomplish the highest amount of beauty within’ their writing. Fortunately, I have possessed some skills within’ my lifespan as those who write encrypting essays and marvelous works. In my writings, I tend to fall deep within’ a world of wonder. It’s almost like Alice when she fell down into the crazy world of wonderland and discovered the most precocious things. I’m able to come up with things quickly that come together nicely and shape a paper into the best form it can turn out to be. Writing or typing quickly and forming new fresh ideas for others to analyze, accept, and appreciate. I also am obsessed with writing a book the size of a bible for every piece of writing that I create. Some may say it is n ot a good habit, but I swear it’s one of the best ones that one could possess. I do fond writing over reading, but even then, I’m a sucker for love stories and mysteries. I must admit I’ve never cried so hard over a simple clichà © novel as much as I did in â€Å"The Fault in Our Stars.† I really don’t mind the comments of how ridiculous or idiotic the book may seem to others, because to me, it was one of the many beautiful love stories that IShow MoreRelatedAnalysis Of The Old Testament Book Of Esther1060 Words   |  5 PagesTHE BOOK OF ESTHER Course: Introduction to the Old Testament book of Esther Related Courses: Finding similarities in the Old and New Testament books Intended Audience: Adult Bible Class Objective After completing this lesson, students: a) Will readily be able to expound on where God is evident in the book of Esther b) Will apply the practices of searching the scriptures for similarities in Old and New Testament books. c) Will be able to show and find Christ even when he is not named or mentionedRead MoreThe ‘Book Publishing in 2010’ by Bradley and Bartlett2082 Words   |  9 Pages  greatly   reduce    supply   chain   costs   Ã¢â‚¬â€œ   printing,   shipping,   storage,   returns,   etc.    Religious   books   will   stay   in   Print   Ã¢â‚¬â€œ   The   Bible   is   the   world’s   best   seller   - ­Ã¢â‚¬     new   translations   of   the   Bible   can   be   printed   in   multiple   languages   and    distribution   to   emerging   country   markets   focused   on,   as   literacy   rates   rise   Read MoreThe ‘Book Publishing in 2010’ by Bradley and Bartlett2069 Words   |  9 Pages   Bible   is   the   world’s   best   seller   - ­Ã¢â‚¬     new   translations   of   the   Bible   can   be   printed   in   multiple   languages   and    distribution   to   emerging   country   markets   focused   on,   as   literacy   rates   rise    in   these   parts   of   the   world   - ­Ã¢â‚¬    this   could   defy   communist   China   but   people    want   the   power   to   read,   know   and   decide   for   themselves!   The   Bible   canRead MoreNat Turner s Rebellion And The Abolition Of Slavery1789 Words   |  8 Pagesslaves during the time period was uncommon, since slave owners had not treated slaves in a harsh manner. The ways in which Nat Turner worked to combat against slavery were evident through his childhood, where he spent hours each day reading and analyzing the bible. He spent several years planning the different aspects of the rebellion, doing his best to minimize the possibility of exposing slaveowners to the plan for the rebellion. The events following the rebellion led to massive changes to the institutionRead MoreEssay on Educational Goals and Philosophies1840 Words   |  8 Pagesknowledge in many areas, especially math and education, as well as gaining practical experience in the public school system. At the present time, it is not my plan to attend graduate school. Since I took some extra time to earn an Associate of Arts in Bible, I will have already been in college for five years when I graduate, and I am eager to get out there and start teaching now. Math teachers are in short supply right now, and if I am able to get a good teaching position with only a Bachelor of ScienceRead MoreDiscipleship Ministries Proect4996 Words   |  20 PagesHoliness (First Baptist Church, 2-3). The layout of expectations for the believer in the church is understandable and shows how a disciple can grow through the experiences that the church provides. There is Bible study happening in the church mostly from Sunday School and small group Bible Study where some spiritual formation and discipleship occurs. There is also a great deal of mentoring that is happening within the church, mostly in the women’s ministry. Certain individuals in the church areRead MoreCharacter Analysis Of Fahrenheit 4511801 Words   |  8 Pagescaptain, because maybe the job of burning might one day burn you back. With best wishes, A fellow polymath. 39. After my completion of the opening chapters of the book, I found myself content with both the plot, as well as Ray Bradbury’s writing style. I obtained a sense of how both government and society were organized during this dystopian future. I also gain insight as to what Guy Montag’s feelings are towards his wife, Mildred, as well as the curious young girl, Clarisse clellan. Read MoreCoun 521 Psychological Report1996 Words   |  8 Pagesdifficult people. The position of senior pastor will demand that as well. The assessment reports â€Å"in stressful situations, hardiness has been shown to be associated with high levels of well-being.† The HS does not have norms reported as of the writing of most recent volume of The Measures of Clinical Practices and Research: A Sourcebook, Fifth Edition. This is the source from where the instrument was taken. 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Taxation Law and Practice

Question: Describe about the "Negative Gearing and its Effects". Answer: Introduction Australian investors are making the most of the real estate sector by reaping rich profits from the combination of negative gearing and discounts on capital gains. The housing sector is coming under pressure because of the savings being made by taxpayers on capital gains tax (CGT) because of the loopholes left by negative gearing. The investors are getting encouraged and are taking full advantage of the benefits being rolled out by the Australian taxation Office (ATO). Especially making use of the benefits are the high income individuals whose tax savings are increasing, (Barkoczy, 2015). A survey conducted by The Australia Institute has revealed that these factors are putting the government to a loss of $7 billion annually. The survey also reveals the fact that taxpayers falling in the middle income bracket, who are contributing the highest percentage of tax amount to the ATO, is not getting anything from these benefits. In fact, 67% of the benefit goes to the top 20% of the taxpaye rs and only about 4% of households in the low income earning are being benefited by this scheme, (Barkoczy et al, 2010). When the benefits of negative gearing are combined with the discounts given on capital gains to taxpayers, a vast majority of investors in Australia are being encouraged to invest in the residential property sector, thus pushing-up the prices in this sector. This is also lowering the percentage of the genuine home buyers who want a home for their own use, (Nethercott, Richardson Devos, 2010). Even the financial institutions are encouraging investment in housing sector with the result that investment is getting concentrated in the limited investment property sector and this is an alarming situation for the Australian economy. Investors are becoming rich at the cost of other peoples money by collecting tax benefits and are also booking their losses against the rental incomes they are earning without paying any tax to the government, (Ault, Arnold Gest, 2010). The Interest Factor in Negative Gearing In the opinion of the taxation experts, and I quote Negative Gearing is a benefit derived by a taxpayer from an investment property in the form of a loss. Unquote. The biggest factor playing a prominent role in this happens to be the interest which the borrower pays on the loan taken from the financial institutions for buying the investment property. The property may or may not earn large amount of rental income, but the borrower gets the advantage of claiming the interest amount from any other assessable income which it declares during the income year in which the interest is being paid, (CCH, 2015). Thus, even if the investment property does not provide any income, it does give an avenue for reducing the tax liability to the borrower[1]. Moreover, if the rental income is low and the expenses incurred on maintaining the investment property are high, the taxpayer can still claim deduction of the excessive expenses from other assessable incomes earned. In other words, the loss being i ncurred by the investor from the investment property is getting compensated by the tax saving being made from the other assessable incomes and the deductible expenses which would also include the interest payment made on loan taken for buying the investment property, (Lindahl, 2008). Taxation experts consider such investments as unusual investments because the government is compensating the loss being generated by the investor. IN the normal course of running a business, the owner tries to make the most from their investments and take utmost care and work with the intention to make profit, (Lindahl, 2008). But in the case of negative geared investment properties, all the investments in the residential investment properties, are made with the sole intention of creating a loss so that the advantage of negative gearing can be taken for availing the permissible deductions. Another factor which favours the investors is that although investors are incurring losses in cash terms on the investment property, the property itself is actually getting increased in value, (Bakker Kloosterhof (ed.). 2010). Capital Gains and Negative Gearing Let this paper take the case of capital gains in situation where an investor sells the investment property. At the time of sale, under normal conditions, the property is worth more than its price when it was purchased, (Bakker Kloosterhof (ed.). 2010). Since the value of the property has increased over the years, the investor is making a capital gain and this will be subjected to capital gains tax (CGT) according to the Australian taxation law. The taxpayer pays CGT on the net value of the capital gain, which is arrived at after deducting all the expenses incurred on maintenance and sale of the property, which the taxpayer can claim from sale amount of the asset, (Barkoczy et al, 2010). The Australian Taxation Office (ATO) introduced a 50% discount in 1999, which was allowable to taxpayers on the net Capital Gain made by them on the sale of a capital asset, provided the asset has been held by the owner for a minimum of 12 months and the net gain is then subjected to the CGT, (Barkoc zy et al, 2010). The purpose was to allow more investment in housing sector by luring the investors with the discount, as the taxpayer was to pay tax on only half of the capital gain amount which was earned from the sale of the investment property. The taxpayer is not only allowed deductions on the ongoing revenue losses (expenses incurred) during the period of ownership of the investment property, it is also getting the advantage of paying income tax on a fraction of the gain which it has made from the sale of the investment property, under the legally admissible negative gearing. This additional discount of 50% allowed on the capital gain amount in fact permits the taxpayer to collect the full amount of the investment made by it, at the expense of the government, (Nethercott, Richardson Devos, 2010). Effects of Negative Gearing and CGT on Housing In Australia, the ATO has been promoting a generous tax treatment to the investments being made in rental property sector. Unlike most of the advanced countries of the world, taxation in Australia does not follow a set limit for allowing the deductible expenses which a taxpayer can claim against those expenses which are related to investment properties, (McCouat, 2012). In the case of negatively geared properties, investment related expenses, including agent fees, stamp duty charges and the interest paid on the loan amount often exceed the rental income earned. The problem is not addressed logically as the investors are not making any losses because the value of the property increases every year, (McCouat, 2012). The other advantage available to the investor is that capital gains do not get included in the taxpayers taxable income till the property is sold. Hence negative gearing has become the combination of the capital gains, which are taxed at half the marginal tax rate after the sale of the property and the advantage provided to the taxpayer for claiming unlimited deductions on account of the incurred expenses. This taxation system is encouraging taxpayers to borrow more for the purpose of speculating in investment properties, (McCouat, 2012). Australia reports the second highest housing price to income ratio among the member OECD countries. This happens not because the houses in Australia are becoming more costly for the genuine Australian buyers, it also happens because the international property trends are showing that Australia has high level of house pricing in comparison to the other member OECD countries. The size of the losses being claimed by taxpayers from the investment properties has grown since 2000 in Australia. According to the available data, the net rental income in 2000 was $219 million and in the last one decade, this has turned into net rental loss, which in 2012 was $7.9 billion, (Lomas, 2011). Not only the tax revenues are getting reduced because of this combination of Negative Gearing and CGT Discount, it is also contributing to the problem of housing affordability in Australia. Another effect felt is on the increasing housing prices, but this is purely speculative because this is there because of the favourable tax treatment given to the investment properties and this is attracting more investors in buying the rental properties and the additional investors are able to outbid the genuine buyers, (Renton, 2012). Negative Gearing and Rental Income The growing rental loss trend is showing that Australian rental property investors are not concerned with the rental yield gained from the investments but are focussing on the capital gains only and these are being offered to them with the combo-pack of incentives of the negative gearing and the 50% CGT discount. The argument out forward by investors for to the government for not removing negative gearing is that if this is done it will increase the rentals and this will largely affect those majority of low income earners, who are the major users as tenants of the investment properties, (Renton, 2012). And the logic given by the investors is that it is because of the negative gearing factor that the investors are getting encouraged in building more houses for these low income earners. This, they state, is actually responsible in making the rental prices low and more investments has been out in to increase the supply of the rental properties, (Ault, Arnold Gest, 2010). In case this argument is found to be correct, then the major portion of houses which are purchased for availing negative gearing should have been in the new housing sector. On the contrary, a survey of ABS shows that only 6% of investments have been made in the new housing stock and a large segment of investors are buying the existing housing stock, (Ault, Arnold Gest, 2010). This also becomes evident from the data which shows that the percentage of investment loans in the new house segment has declined. In 1992, the loans for new houses were just 18% of the total property loans and presently the figure is only 6%. This shows that more than 94% of loans in the investment housing property sector are for existing housing stock and only a small portion of the investments are being put for producing new housing stock into the market, (Ault, Arnold Gest, 2010). A Few Facts about Negative Gearing Fact 1 The reason for increase in rents in bygone times was because of the higher interest rate, combined with boom in the share market. This resulted in diversion of investments from the rental property market although this was limited only to Sydney and Perth, in fact, lending to rental property investors rose by 42% across Australia, (CCH, 2015). Fact 2 Negative gearing has been the fuel during each housing boom as it has been encouraging speculations in the property sector. In recent times, the impact has been seen as growing because the investors have a more easy access to credit. Moreover, the provision of 50% discount on capital gains, which was introduced in 1999 has also helped in making negative gearing a more attractive proposition for investors, (Barkoczy, 2015). Fact 3 It is wrong to suggest that benefits of negative gearing are majorly enjoyed by those investors who belong to the middle income earning segment in the society. This has been portrayed wrongly as the Taxation Statistics to prove this fact are taken after taking into account the deductions claimed by taxpayers for rental property investment, which are already reduced by negative gearing strategies, (Barkoczy, 2015). Fact 4 Most households which appear in the middle income earning segment are actually high income earning taxpayers but are included in the said segment before the deductions are subtracted from their incomes. Actually, more than 50% of the individual taxpayers involved in the negatively geared rental housing investments are in the top 10% bracket of personal taxpayers whose earnings are above $100,000 and about 30% who earned above $500,000, (Barkoczy, 2015). Negative Gearing and CGT Discount What Can be Changed? When there is a proposal to carry out some changes in negative gearing and CGT discount, it is very essential for those in the authority to consider how to retain the positive aspects of the current policy in the revised policy and also to consider a smooth transitional arrangements, (Renton, 2012). Negative gearing should be used for creating additional new houses to be built but as the discussion above shows, this can happen only in small numbers. Any proposal for reforming the policy should also take into account that negative gearing is only for the new houses and that to for the limited period. Such a change will not impact the investors who are planning of buying new housing stock only to avail negative gearing. Such changes in the policy framework will only make a positive impact on the building of new houses, (Lomas, 2011). Taxpayers who are wanting to invest money in residential property sector are finding that buying a house from the new house stock gives a bigger tax advantage as compared to buying from an existing housing stock. This increases the low investment rate being experienced presently in the new house stocks for rental investment properties. When a change in policies is made and which will affect the residential investment properties, it is important for the authorities not to frame such policies which may develop a sudden change in the property sector. If negative gearing can be restricted currently only for new investment property stocks, there is always the possibility that large number of unsold investment properties will be left unsold in the real estate sector and this will cause an instability in the prices of the houses, (Lomas, 2011). Conclusion Currently, the housing policy issue has become a diverse economic agenda for the Australian economy. Taxation experts speculate if it will be bad or good for the countrys economy if housing prices start increasing in Australia. The experts are of the view that answers to these speculative questions will be different for every individual. This is so because different people will offer different points of view and their views will depend chiefly on the type of house they own now or wish to buy one in the near future. Such situations may be good only for the investor who either has an investment property or who is looking for opportunities to downsize their present house or for those who are planning to move from a highly expensive area to a less expensive area. Such speculations, in their true meaning, are quite adverse for those taxpayers who are planning to buy their first home or for those who wish to buy a bigger house because their family is growing. References Ault, H. J., Arnold, B. J. and Gest, G. (2010) Comparative income taxation: a structural analysis. (3rd ed.) Amsterdam: Kluwer Law International. Bakker, A. and Kloosterhof, S. (ed.). (2010) Tax risk management. Amsterdam: IBFD. Barkoczy, S., Rider, C., Baring, J. and Bellamy, N. (2010) Australian Tax Casebook. (10th ed.) Sydney, NSW: CCH Australia Limited. Barkoczy, S. (2015) Australian Tax Case book, (12th ed.) North Ryde, NSW: CCH Australia Limited. CCH. (2015) Australian Master Tax Guide. Sydney, NSW: CCH Australia Limited. Lindahl, D. (2008) How Small Investors Can Get Started and Make It Big. Hoboken, NJ: John Wiley Sons. Lomas, M. (2011) How to Invest in Managed Funds. Hoboken, NJ: John Wiley Sons. McCouat, P. (2012) Australian Master GST Guide. (13th ed.). Sydney, NSW: CCH Australia Limited. Nethercott, L., Richardson, G. A. and Devos, K. (2010) Australian Taxation Study Manual: Questions and Suggested Solutions. Sydney, NSW: CCH Australia Limited. Renton, N. E. (2012) Family Trusts: A Plain English Guide for Australian Families of Average Means. (4th ed.) Milton, QLD: John Wiley Sons. Taxation Law and Practice Question: Discuss about the Taxation Law and Practice. Answer: Tax implication on sale and purchase of house As per the regulation of Income Tax Assessment Act 1997, an individual is required to pay tax on capital gain that arises due to sale of capital assets that includes sale of property. However, individual taxpayers are entitled to claim exemption on capital gain tax provided the required criteria under ITAA 97 be satisfied. The regulation of ITAA 97 on capital gain tax exemption provides that if the individual sells the property, which is main residence, including the adjoining land up to 2 hectares utilized for the purpose of domestic use (Ato.gov.au 2016). However, it is essential for the taxpayer to have only one residence during the taxation year while the taxpayer is entitled to own a new house against the sale of old house within a overlapping period of six months (Hulse and Burke 2015). Additionally, capital gain tax exemption under ITAA 97 provides that the taxpayer can claim exemption only the property has been used for residential purpose for minimum three continuous periods during the span of 12 months before its sale. Further, regulations under Australian Taxation Office provide that the property should not be rented in the same period of 12 months (Austlii.edu.au 2016). It is given that; you have acquired the old house on 31 October 1987, which is your main residence at present. Cost of acquisition was $190,000 including the legal cost of $1,900 and stamps duty $4,850 stating that you stayed in the house since its acquisition except for a period 31 December 2006 to 31 December 2014. As per the provisions of ITAA 97, it is essential that the taxpayer use the property for at least three continuous periods during 12 months time before its sale. Therefore if you sell the main residence during the month of December 2016, it is essential to use the house property for at least three continuous months between the period December 2015 and December 2016 (Rogers, Lee and Yan 2015). On the contrary, in case you acquire a new house against the sale of old one, maximum overlap period can be six months i.e. you need to purchase the new house within June 2017 to claim the exemption referring to the case of Hepples v. FC of T 91 ATC 4808, (1991) 22 ATR 465. If the above conditions are satisfied, you are entitled to claim exemption on the net taxable capital gain from the sale of house against the purchase of new one that can be determined either by using indexation method or by following discounting method @50% (Mangioni and Warren 2014). Considering the cost of acquisition and repairs cost of the old house, taxable capital gain from indexation method would be $186,827 while $ 135,525 using discounting method. Hence, maximum amount of exemption you can claim will be the total acquisition cost of new house. Assessable Capital Gain from old house Indexation method Amount $ Expected sales consideration 480,000.00 Less: Total cost of acquisition Cost on 31 October 1987 190,000.00 Indexed cost of acquisition 274,222.69 Legal cost 1,900.00 Stamp duty 4,850.00 Total cost of acquisition 280,972.69 Add: cost of repairs for the purpose of sale Repainting 6,200.00 Fence construction 3,600.00 Repair the front porch 2,400.00 Total cost incurred 293,172.69 Profit on sale of property 186,827.31 Discounting method Expected sales consideration 480,000.00 Less: Total cost of acquisition Cost on 31 October 1987 190,000.00 Legal cost 1,900.00 Stamp duty 4,850.00 Total cost of acquisition 196,750.00 Add: cost of repairs for the purpose of sale Repainting 6,200.00 Fence construction 3,600.00 Repair the front porch 2,400.00 Total cost incurred 208,950.00 Profit on sale of property 271,050.00 Discount @50% 135,525.00 Net taxable amount 135,525.00 (Source: Created by Author) Tax implications on the house expenditures In view of the regulations of ITAA 97 on capital gains, an individual taxpayer is eligible to claim deduction on the expenses incurred to acquire the capital asset along with the expenses incurred to improve the property in connection with the sale. Further, it is essential to incur such expenses only for the specific property or capital asset. Therefore, you are eligible to claim deduction on the expenses incurred for acquiring the property while determining the assessable amount of capital gain. Apart from that, expenses incurred during the current year for the purpose of repairing and improvement can be claimed as deduction in connection with sale of old house (McKerchar, Bloomquist and Pope 2013). Hence, total amount of expenses to be claimed (subject to indexation) is as follows: Amount $ Cost of acquisition on 31 October 1987 190,000.00 Legal cost 1,900.00 Stamp duty 4,850.00 Total cost of acquisition 196,750.00 Add: cost of repairs for the purpose of sale Repainting 6,200.00 Fence construction 3,600.00 Repair the front porch 2,400.00 Total cost to be claimed for deduction 208,950.00 (Source: Created by Author) Tax implications on apple watch and bravery medal Gifts received by the taxpayers are non-taxable as per the regulations of ITAA 97 if the gift has been received from the relatives or family members. However, if the gift has been received for personal benefits then the same cannot be claimed as deduction. Further, the taxpayer is entitled to claim deduction on gifts if it is received in terms of money or property as well as the value is more than $2. It is mentioned that the gift has been received in favor of saving a boy from shark attack i.e. Apple watch worth $650 will not be included in the assessable income since there was no personal benefit. Similarly, bravery medal received for saving the boy will also not attract taxability under ITAA 97 because it was neither a property nor it attracts any personal benefit. Assessability and deductibility of items to determine the taxable income for the year ended 30 June 2016: In order to determine the taxable income under ITAA 97, any income received during the taxation year is included in the taxable income while expenses are deductible if the expenses have been incurred to generate such income. However, there are certain incomes received by individuals fall under the exemption criteria including perquisites or allowances received under employment. Therefore, salary income against the occupation of teacher amounted to $72,000 would be included in the assessable income for the year ended 30 June 2016. Franked dividends received from Telstra Shares would be taxed as per the imputation system since the company attributed the dividend tax to the shareholders (Ato.gov.au 2016). Further, as the dividend is franked dividend, Telstra Company is required to state the amount of frank credit to claim the difference amount. Holiday received for opening a new savings account valued to $3,200 will be considered as gift that does not consider personal benefit as well as it neither a monetary gift nor a property. Therefore, it will not be assessable in the taxable income. Family Tax Benefit received for 10 years son would be attracted if the son is dependent and younger than 20 years as well as you meet the income test, in view of the case Jayatilake v FC of T (1991) 101 ALR. As per the rates provided under the regulations of FTB Part B, maximum amount to be received for 10 years old child amounted to $3,186.45 per year. Since the amount received $1,300 is lower than the threshold limit, the entire amount i.e. $1,300 will be exempted from the assessable income. Purchase of work clothing and shoes amounted to $450 is to be claimed as deduction since it is related to the work used for generating salary income with reference to the case of FC of T v. Edwards ( 1993) 93 ATC 5162. Cost of private car would be deductible to extent used for school purposes which was 5,600 km while the balance 19,400 km was used for personal purpose. Accordingly, the expenses on car can be deductible by using two methods i.e. cents per kilometer method or logbook method. In order to claim deduction under logbook method, it is essential for you to keep a logbook record for continuous 12 weeks while you must have the ownership. It is important to record all the trips related to work and personal use along with the maintenance of expenditure receipts. Another significant criteria required to be followed is the completion of logbook procedure once in five years or less (Ato.gov.au 2016). As per the regulations of ATO, an individual teacher is entitled to claim deduction for work related expenses on study costs and laptops (Wilkins 2014). Therefore amount of $3,650 including the cost of laptop purchased on 1.02.16 would be deductible as decided in the case of FC of T v. Finn (1961) 106 CLR 60. Superannuation contribution can be claimed as deduction as per the principles under Australian Taxation Office that is allowed for the salaried individual. Hence $3,000 on personal superannuation contribution would be deductible. Tax Agent fees incurred to manage own tax is deductible as per the legislation under Australian Taxation Office that is incurred to prepare or lodge the return on tax and other taxation advice. Hence, $750 for tax agent fees would be deductible. Taxable Income for the year ended 30 June 2016: Income from Salary 72,000.00 Less: Work related expenses Purchase of work clothing and shoes 450.00 Use of private car: 3,915.52 a) Cents per km method: 66 cents per km up to maximum of 5,000 per car 5,000 km out of 5,600 km * 0.66 cents 3,300.00 b) Logbook method Percentage of use for work purpose (5600/25000) km = 22.4% Total Cost incurred Registration and Insurance 1,700.00 Fuel 2,080.00 Speeding fine 450.00 Repairs and Services 750.00 Depreciation (for the period of use) 12,500.00 17,480.00 Entitled car expense (22.4% on $17480) 3,915.52 Since the deduction amount is higher in logbook method, it will be claimed as deduction Cost of study including laptop 3,650.00 Net income from work 63,984.48 Add: Franked dividends 2,850.00 Holiday receipt- Exempted Family tax Benefit- Exempted Less: Superannuation contribution 3,000.00 Less: Tax agent fees 750.00 Net taxable income 63,084.48 (Source: Created by Author) Tax payable/ (refundable) for the year ended 30 June 2016 Tax payable will determined based on the tax rates applicable from the year July 1 2015 provided by ATO along with the Medicare levy. Marginal tax is not applicable since the total taxable income is less than the threshold $87,000. Further, as per the legislation provided by ATO on PAYG withholding i.e. Pay as you go is required to be adjusted with the assessable amount of tax payable reference to the case of Chevron Australia Holdings Pty Ltd v FC of T (2015) FCA 1092. In case the PAYG amount exceeds the determined tax liability then the excess amount is to be claimed as refundable from the federal government of Australia (Ato.gov.au 2016). Tax Payable/ Refundable Net Taxable income 63,084.48 Taxable income on 0- $18,200 Nil Taxable income on $18,201- $37,000 3,572.00 Taxable income on $37,001- $63,084.48 8,477.13 Total tax 12,049.13 Add: Medicare levy @2% 240.98 Marginal tax rate is not applicable since the taxable income is less than $87,000 - Total tax payable 12,290.11 Less: PAYG withholding from salary 15,900.00 Tax refundable for the year ended 30 June 2016 -3,609.89 (Source: Created by Author) Reference List and Bibliography Ato.gov.au. 2016. Home page. [online] Available at: https://www.ato.gov.au [Accessed 16 Dec. 2016]. Austlii.edu.au. 2016. Australasian Legal Information Institute (AustLII). [online] Available at: https://www.austlii.edu.au/ [Accessed 13 Dec. 2016]. Dridi, W. and Boubaker, A., 2015. An Assessment of the Linkage between Financial Reporting and Taxation in Tunisia.International Business Research,8(4), p.168. Fouarge, D., Schils, T. and De Grip, A., 2013. Why do low-educated workers invest less in further training?.Applied Economics,45(18), pp.2587-2601. Hirte, G. and Tscharaktschiew, S., 2013. Income tax deduction of commuting expenses in an urban CGE study: The case of German cities.Transport Policy,28, pp.11-27. Hulse, K. and Burke, T., 2015. Private rental housing in Australia: Political inertia and market change.Housing in 21st-Century Australia: People, Practices and Policies, p.139. Kendall, W., 2014. A Statutory Comparative Analysis of Dividend Taxation Laws in Vietnam and Australia: Restructuring Regulatory Regimes to Attract Capital Investment.IAMURE International Journal of Business and Management,9, p.37. Mangioni, V. and Warren, N., 2014. Re-defining the land tax base in highly urbanised locations.Austl. Tax F.,29, p.455. McKerchar, M., Bloomquist, K. and Pope, J., 2013. Indicators of tax morale: an exploratory study.eJournal of Tax Research,11(1), p.5. Nijland, L. and Dijst, M., 2015. Commuting-related fringe benefits in the Netherlands: Interrelationships and company, employee and location characteristics.Transportation Research Part A: Policy and Practice,77, pp.358-371. Rogers, D., Lee, C.L. and Yan, D., 2015. The politics of foreign investment in Australian housing: Chinese investors, translocal sales agents and local resistance.Housing Studies,30(5), pp.730-748. Wilkins, R., 2014. Evaluating the Evidence on Income Inequality in Australia in the 2000s.Economic Record,90(288), pp.63-89.

Jacobs divison free essay sample

In determining whether or not to undertake the Silicone-X project, Mr. Soderberg should proceed as follows: First he should complete analysis on the Net Present Values and IRR’s of each the options; the labor intensive and the capital intensive. After reviewing the results, it would be obvious to Mr. Soderberg that he should recommend that the Jacobs division move ahead with production of the Silicon-X operating with the labor-intensive option. The NPV for the labor-intensive option is positive (acceptable) at 12, 16 and 20 % while the capital-intensive option is only positive at 12 and 16 %. Not only that, but the labor-intensive option meets the expectations for both the company guidelines and Mr. Reynolds’ 4 % above company expectations personal rule for undertaking new projects for the Jacobs Division. The major takeaway and conclusion that Mr. Soderberg would hopefully realize from the results of the research is that even though the NPV and IRR methods appear to make the same decisions (both positive and â€Å"acceptable† under financial terms) if projects are used independently, the labor intensive project should be chosen since the projects are mutually exclusive. We will write a custom essay sample on Jacobs divison or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The best NPV option (the labor intensive) should therefore be used. Another advantage in favor of undertaking the Silicone-X project and using the labor-intensive option is that Silicone-X could be on the market within one year’s time (compared to the two years it would take for the capital option) and that the required start-up costs for using labor is only $900,000 compared to $3. 3 million for using the capital intensive option. Another one of Mr. Reynolds personal opinions in regards to choosing a project to undertake is the disregarding the Discounted Rate of Return, in favor of the simple total return of a project in three years time. It is easy to tell that the labor option would have the higher total return on the short run (3 years) than the capital, even though the capital would create the higher return over a longer period of time. The quicker startup time, less capital involved in startup, and the lower debugging costs and time all point to using the labor over the capital-intensive option for undertaking the project. The effect of competition for Mr. Reynolds and the Jacobs Division should not have a dramatic effect of the decision between using the labor or capital-intensive projects, in my opinion. Jacobs would have the advantage of being the first to market, the low cost of the product would make it hard for competitors to undercut them, and even though getting a patent for the product was out of the question, given the research done on competitors, Mr. Reynolds believes that â€Å"odds are against someone devolving a cheaper or superior product† to compete with the Silicone X project. In regards to the pricing structure of the project, both the labor and capital-intensive projects have a break-even point at the price of $1. 90 per pound that should (according to projections) occur within the first year of operations. Again given the extra year for startup of the capital-intensive project, the labor-intensive project would reach its 540,000 pound breakeven before the 325,000 pound breakeven for the capital-intensive project would even have time to generate any revenue. There would be two different opinions of Mr. Reynolds and his tactics if you were a shareholder, given the level and amount of risk that each person was tolerable with. The risk-adverse shareholder would appreciate Mr. Reynolds cautiousness with accepting new projects, while the risk-tolerant shareholder would be less accepting of his ways once they become aware of the numerous opportunities for profit and growth that he passes up on by having standards above the norm for investing in new projects.