Financial Revolution in Australia in the 2004

Fiscal Scenario in Australia Three different examinations have already been instated by the Government this year. These studies are expected to bring significant changes to the financial structure of Australia after a very long time. The last financial revolution in the country is dated back to the Financial Services Reform Act in 2004.Advertising We will write a custom essay sample on Financial Revolution in Australia in the 2004 specifically for you for only $16.05 $11/page Learn More Ripoll Review Different views are coming in from different sections of the financial industry. The PJC chairman has summarized the precedence for the investigational inquiry. Ripoll thinks that the financial services licensing sector needs immense attention to draw out some conclusive results. Although the industry stakeholders agree that some kinds of reforms are important, they fear that the reforms might just make the system complex and imposes more constraints. Ripoll is confident; he says they’re planning to not only introduce reforms in the system, but to make it simpler and clearer. There are numerous issues prevailing in the industry that the PJC is concerned about. Some of these include understanding of PI and financial advice and tax deductions. Many people are hoping that these issues will be addressed in PJC’s report on November 23rd  (Papandrea, n.d). Henry Review The Henry Review conducted under the Secretary of Treasury is also on its way. Superannuation guarantees and the superannuation preservation of age caught a lot of attention of stakeholders. The Henry Report was released on 2nd May entitled â€Å"Australia’s Future Tax System†, includes 138 suggestions for long term reforms in tax and transfer system. At present, 125 taxes are obligatory by all levels of government in Australia. 90% of tax proceeds are attained from only 10 of these taxes. This has led to a conclusion in the taxation circles to br ing in any reforms in taxation the best thing would be to increase these 10 taxes and eliminate all the 115 other taxes. A number of recommendations have been given in the report. Let’s take an overview of the major highlights of the report; Business taxation suggestions An overall reduction in company tax rate to 25%, reduction of compliance cost for small businesses, enhancement of capital allowance allowed for write off of income producing assets, updating of taxation rules regarding trusts, revision of small business capital gains tax rules and increase lifetime limit of retirement exemption.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Consumption taxes The report excludes consideration of GST but provides a few points which if implemented could be effective for the operation of GST. Land Natural Resources Taxes The highest attention gaining reform suggested by Henry report is the introduction of Resource Rent Tax RRT. It proposes replacing all current resource charging arrangements at both feederal and state levels and impose a uniform RRT imposed and administered by the federal government (Thompson, 2010). Government’s Response to Henry’s Report The government has announced that it will adopt a limited number of recommendations and some suggestions have been pointed out as potential misinterpretations of the recommendations which the government says it will not implement at any stage. Overall NO CHANGES have been intended to be made. The government has agreed to take up these changes immediately; company tax rate deduction from 30 to 29% in 2013-14 and 28% from onwards, tax off set for exploration companies where exploration expenditure results in tax loss. Offset will extend to geothermal exploration, improved downgrading for small businesses with an instant write off for assets worth $5000, increase in employer contribution from 9 to 12% by 2019-20. A new resource SUPER PROFITS TAX RSPT for mining projects at 40% from 1st July 2012 will be deductible against the company income tax. Some critics have raised fingers on the government considering only a few tax reforms suggested in the report. Cooper Review Most of the stakeholders are expecting this year’s investigation of the Coopers Review to outline a major breakthrough in the superannuation systems. The first phase of the review gathered 100 entries from the business sector. Some have argued that the current system is effective and should not be amended. Some are of the view that trustee model should not be changed, but major areas for its improvement have already been identified.Advertising We will write a custom essay sample on Financial Revolution in Australia in the 2004 specifically for you for only $16.05 $11/page Learn More Other issues majorly addressed are the superannuation funds’ prudential requirements. A lot of debates have come up on this. Some groups think that the current liquidity and capital requirements are not enough. Preliminary results of the inquiry are expected to be shared soon. On the other hand, phase two of the inquiry has already begun. Overall View Some people are of the view that to live in Australia equities should be overweighed in the emerging markets. In the recent years, maximum equity funds have been entering the market from Asia. Addressing the insecurities of the stakeholders, and the suggestions coming up from the reviews should be addressed with the highest priorities. The Australian financial institutions seem to be undergoing a major change. Although all the suggested changes cannot be implemented it’s important that the stakeholders’ interests are safeguarded and that decisions are taken with full guidance to them. References Papandrea, V., n.d. Inquiries Galore. Inquiries and Reviews, IFA 483. Thompson, W.D., 2010. A long-term plan for Australian tax reform-the Henry report and the government’s response. Professional Updates Taxation Law, 62(5), pp.305-08. This essay on Financial Revolution in Australia in the 2004 was written and submitted by user Jackson Bates to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Reform Impulse essays

Reform Impulse essays Today many people speak about the pace and revolutionary speed of life. It appears that this has to be the time of greatest change in American history. Those who lived in the United States during the mid-1800s may have thought differently. When Alexis de Tocqueville visited the U.S. in 1831, he was amazed not only by the nation's fast pulse but also by the reaction of the citizens to this tremendous growth. Americans were surely on the move, but not everyone agreed on the direction. Many were worried about territorial expansion, increasing population and expanding diversity that was causing increasing animosity and selfishness that individualism brings. These concerns initiated the reform tradition or reform impulse as it is Individuals from a wide range of backgrounds and interests had various reasons for wanting reform or changing the direction they saw the country moving. Humanitarian or secular organizations hoped to reduce the stresses and inequities created by social disorder, violence, and widening class divisions. Others wanted to spread the word of God and eliminate the arising societal evils. Specific-cause associations included the American Temperance Society, the American Peace Society and the Society for the Prevention of Pauperism. The American Bible Society, the American Tract Society and the American Female Moral Reform Society were among the religious groups that brought the missionary effort to the U.S. population. For whatever the problemcrime, poverty, prostitution, intemperance and ignorancean organized effort existed. Temperance often headed the list of the moral reform enterprises, since drinking was such a critical part of American culture. The consumption of whisky, rum, and hard cider exceeded six gallons per person per year. In 1826 the national organization, the American Temperance Society, was formed. This was followed six years later by th...

Marketing Management Assignment Example | Topics and Well Written Essays - 1500 words

Marketing Management - Assignment Example This has led to the growth of tremendous competition in the world wide markets among various fast foods brands in quick service or packaged formats. In this particular assignment, the focus is laid on Dominos Pizza, which is considered as the leader in the pizza delivery business in the US on the basis of consumer spending and occupies the second position in the globe, while comparing in terms of sales (Annual Report, Item 1). The company, founded in the year 1960, provides quality products that are made available to the consumers at affordable prices with excellence in product delivery (Dominos.com, 2008). I. Marketing Mix The marketing mix of a company increasingly talks about the process of value generation, value communication, value distribution and value capture through the 4 P’s of marketing which is commonly represented as product, place, promotion and price. Product The world’s second largest pizza company in the world in terms of volume has a highly diversifie d line of product portfolio. The company’s main product offerings are mostly the diversified kinds of pizzas that help the company to cater to the hunger needs of the consumers belonging to the mass markets by providing the required and desired nutritional food value through its food products to the customers. Apart from the basic product offering of pizzas, the globally present pizza manufacturer and delivery brand focuses on the process of value generation, value distribution and value capture through a widely diversified portfolio comprising of various categories of product like pasta, breads, chicken products, sandwiches, chips, drinks, deserts as well as some by product type auxiliary offerings. It also needs to be mentioned that in an attempt to service and cater to the needs of the customers in a better manner, the company also allows the consumers and customers to opt for customized product offering depending on their personal choice and preferences. Among each of the se diversified product lines, the company has various product variants which helps their product appeal to a broad range of customers in the American region as well as in various countries all over the globe. Place The largest pizza delivery company in the US follows a very generalized yet highly well developed and advanced model for the process of distributing value to the consumers. The company follows the strategy of expanding and entering in various markets through the process of offering franchisees. By the process of offering franchisees in various markets, the company gets the option for going for both intensive as well as exhaustive distribution of products. As of today’s date, the company has presence in various locations all over the globe with a store count of more than 9000 worldwide (Annual Report, p. 14). Promotion The company uses a mix of online and offline processes for promoting its products. For the purpose of increasing product and brand awareness in new m arkets, the brand goes for exploiting traditional promotional media like the television, hoardings, banners, newspaper ads, etc. The company also goes for in store promotions like offering discounts, coupons, value for money combo packs to promote its