Contract memorandum Essay

Teri is a fireman who lives and works in Boston, Ma. She is selling her home and found a purchaser named Jack. Teri got a proposal from Jack for $300,000. Teri acknowledges the offer and they sign an agreement with that impact. After the agreement is marked, Teri learns of a Boston decide that all firemen should live inside the Boston city limits. Teri chooses not to move and contacts Jack to tell him she won’t be moving all things considered. Jack sues Teri in city court, requesting explicit execution as per the first arrangement. Teri contends that, albeit explicit execution is typically proper in land deal cases, the adjudicator has the prudence to deny explicit execution. ISSUE #1: Regardless of whether Jack is expected explicit execution? RULES: In Raynor v. Russell, 353 Mass. 366 (Mass. 1967), a cop had gone into an agreement to sell his home. The cop was intending to move to property in a town in excess of ten miles from the city, but since a specific rule was acknowledged by the city essentially requiring its cops to live inside ten miles of it, was not a satisfactory ground for precluding explicit execution from securing the agreement looked for by the buyer in a suit in value. Likewise expressed in Raynor, The court held that †the imminent buyers were entitled in lieu of the help allowed by the last announcement to explicit endless supply of the price tag less the sums previously paid as a store, just as intrigue thereon.† The court additionally presumed that â€Å"there was no difficulty indicated adequate purpose behind denying explicit performance.† The court held that since explicit execution was to be in all actuality, the value set by the oral understanding made by the purchasers must be paid. In Joseph A. Cardillo Revocable Trust v. Cardillo, 17 LCR 55 (Mass. Land Ct. 2009), is that Joseph looks for explicit execution of the understanding and a request that Charles be constrained to pass regarding the matter property to Joseph for a thought of $ 125,000. Explicit execution is likewise allowed when the purchaser sensibly depended on an agreement and the ceaseless consent of the selling party and the buyer’s position has been changed for the more terrible. Likewise expressed in Joseph, the court requested â€Å"specific execution of a composed understanding between two siblings splitting a pipes business that incorporated the buy by one of the siblings of the other’s half enthusiasm for the business land held by the two as inhabitants in common.† Investigation: A Judge will allow explicit execution in a land or land bargain as expressed in Raynor,†the buyers were entitled of the help conceded by the last pronouncement to explicit endless supply of the price tag less the sums previously paid as a store, just as intrigue thereon.† Since Teri had marked an agreement with Jack the Judge should allow Jack explicit execution dependent on the first understanding. As expressed in Joseph, Specific execution is allowed when the purchaser sensibly depended on the agreement with the dealer and the buyer’s position has changed for the more awful. End: Accordingly, explicit execution is certifiably not an exacting and supreme right and it rests in sound legal tact. Jack ought to get explicit execution in view of the obligation owed him in the first consented to arrangement. ISSUE #2 Be that as it may, will Teri’s conditions cause the appointed authority to utilize his tact and deny explicit execution? RULES: In A. B. C. Car Parts, Inc. v. Moran, 359 Mass. 327 (Mass. 1971), the offended party advances from a last announcement in the Superior Court preventing explicit execution from claiming a supposed oral agreement to sell property in Cambridge and requesting the arrival to the offended party with enthusiasm of the store it paid to the litigant simultaneous with the supposed creation of the agreement. So as to qualifies the purchaser for explicit execution on an agreement of offer, it is essential that the purchaser delicate the price tag to the merchant for the benefit of the purchasing enterprise inside the sensible time suggested by law except if the vender proves a reluctance or powerlessness to pass on. Additionally expressed in A.B.C. Automobile Parts, the court expressed that â€Å"in request to qualifies him for explicit execution on this agreement it was important that Kagan delicate the price tag to the respondent for the benefit of the offended party enterprise inside the sensible time suggested by law except if the litigant prove a reluctance or failure to convey.† There was proof that Kagan was eager to get the show on the road to perform, and this was every one of that was required in the conditions. Investigation: The Massachusetts Superior court may deny explicit judgment as expressed in A.B.C. Vehicle parts, a request Teri to restore the store with enthusiasm to Jack simultaneous with the creation of this agreement, if the appointed authority utilizes his legal circumspection in doing as such. End: Along these lines Jack is expected his obligation of explicit execution due to the coupling contract that he had with Teri. Be that as it may, the appointed authority may utilize his attentiveness and deny the particular execution to Jack and require the arrival of Jack’s store as expressed in A.B.C. Car parts. It is to the judge’s legal watchfulness.

Political Systems Essays - Political Philosophy, Politics, Elections

Political Systems Since the production of humankind the world has been constantly evolving. With each day, man creates, nations develop and political frameworks change. A political framework is a significant arrangement of social organizations. Political frameworks have numerous capacities. Political frameworks make assets for instruction, wellbeing, government assistance, industry and international strategy. Political frameworks have changed definitely finished hundreds of years are as yet evolving regular. To get why and how political frameworks change, there are numerous elements. Some main considerations are advancement, upset and economy. A main consideration and effect on why a political frameworks change is because of the nations social economy. The methodology wherein a nation manages certain political procedures are influenced by inside divisions of pay, riches and occupation, likewise by monetary reliance or neediness. There is continuously a positive relationship between financial turn of events and equity or pay. The Linearity hypothesis expresses that monetary advancement prompts urbanization which prompts correspondence which prompts significant levels of training and thusly prompts Democracy. This hypothesis works superbly in demonstrating how financial aspects lead to a change in political frameworks. Wealthier countries for example, the United States, Japan and other European nations frequently have more evenhanded salary disseminations than less fortunate nations. As indicated by Robert J. Mundt, a political specialist, in cutting edge mechanical countries the wealthiest 10% of family units get around one fourth of the national pay, while least fortunate get 40% and around 20% get just fifteen percent of the national pay; in center salary nations like Brazil, the wealthiest 10% gets forty-six percent of national salary and the least fortunate forward percent get just eight percent. A case of a nation that social economy impacted the adjustment in their political framework would be the Russian Alliance. The social economy lead to the fall of Communism. The Russian alliance was a socialist nation having faith in state claimed and midway arranged government. A long time back the socialists had the option to stay aware of the other enormous cash forces of the world. In any case, as time went on and they attempted to make up for lost time, their economy was too difficult to even consider controlling. Their items were low quality and their amount was made on a need premise. There was no effectiveness. The individuals of Russia would need to hang tight years for vehicles, lofts and held up hours in lines for basic things like food and other fundamental necessities. The soviets started to contend with the legislature. In 1991, Russia had experienced the most noticeably terrible of it's swelling and modern issues. In the long run Russia turned into the Russian League and there was a conclusion to Communism. Urbanization is another explanation that political frameworks change and create. Individuals come up short on recourses on their provincial terrains and are compelled to escape to the greater urban communities. Individuals go to the greater urban areas wanting to locate a superior life for their families and themselves. As additional individuals go these urban areas, it makes more employments. Industry develops and the social economy additionally develops. Political frameworks start to make governments that take a shot at international strategy and exchange which makes more cash. In the long run the political frameworks shape their legislatures to resemble those of the other greater wealthier nations on the planet. Another factor that changed numerous nations political frameworks is that of a progressive change. Two nations that were firmly impacted by the progressive change were Russian and Germany. After World War I, Russians accepted the upset lead to the breakdown or colonialism and private enterprise. Russia was doing a long time before the war. Industry was as yet developed and the individuals appeared to be cheerful. That didn't keep going long however, the war changed everything. At the point when the Russian military did battle against Germany, the tsarist government fell. As the tsarist government self-destructed so did the Russian economy. The administration wound up stuck in a circumstance that they didn't realize what to do. In 1917 just conservatives over the intensity of the tsar. This bunch would have liked to make the nation increasingly present day and vote based. Be that as it may, in an odd new development, the pioneer of the moderate democratics, deceived his western partners and settled on a harmony concurrence with Germany. In the long run a Russian unrest made a gathering with the assistance of Germany lead to the fall of government and private enterprise. Not long after Russia turned into a socialist nation. Progressive change is clear when taking a gander at China's advancement as a legislature. China and Russia's political change are comparative from various perspectives. One of the greatest progressive developments in China was Maoism. Maoism was made by an individual named Mao Zedong. Mao had confidence in fortifying and

What to Look For in a University

What to Look For in a University Deciding where to continue a higher education can be overwhelming, and with each college boasting about how they are the best fit for you, how can you be sure? Here are a few things to keep in mind when deciding and to hopefully help you figure out where you belong. Academics/Admission rate This should be, for anyone looking at higher education, the number one priority. And while no college advertises as being easy, every college has a different rank. Thus, looking at admissions rates can help determine how competitive a college is. Remember, being realistic with yourself is important, while challenging yourself is, too. Applying to one university with a 5% acceptance rate is incredibly risky, but applying to universities with high acceptance rate is not challenging. Balance is everything. Location Gif from Giphy Prospective students tend to ignore this one, especially students who grew up in a suburb. The I cant wait to get out of here! feeling  is something I know all too well. But the truth is that you will get homesick, and when you do, it is important to be able to get home to the comfort of your own bed and home. By no means does this mean that the adventure of going across the country is a poor choice, but be mindful of who you are and how dependent you are on your family. Cost/Aid Gif from Giphy Loans are a pain to pay off, and finding a job right away your freshman year may be unrealistic. Choosing a university that offers financial aid and academic scholarship is a wise financial choice, especially if your parents are the ones paying  the bills. ANYTHING except the dorms Basing a college choice on where you will live for less than 8 months is crazy! And the truth is that all dorms are small and rather plain at first (it makes decorating all the more fun). So please please do not cross a college off of the maybe list because the dorms are not completely updated or renovated. In the grand scheme of things, it is not important at all. Rachel Class of 2020 I am studying Middle Grades Education with concentrations in Social Sciences and Literacy in the College of Education. Although I now reside in Champaign, I am originally from Vernon Hills, a Northwest suburb of Chicago.

Should Colleges Be Free Essay - 1186 Words

Should colleges be free in America? It is a question that is more relevant today than ever before. As education is one key factor that determines the nation’s fate going forward, this question is worth debating. Making free college education may sound good theoretically but requires herculean efforts to make it practically possible. The main question is whether such program be effective in the long run or not? If, yes how long will the government able to support these costs and from where? Are tuition costs only the concern that discourages students from attending colleges? There may arise several skepticisms that can withhold the idea of free colleges. As both colleges and students won’t be benefitted by such plans the college education should not be free. â€Å"Free public college is a great political talking point, but it is a flawed policy.† [Kelly,1] As mentioned by Andrew p. Kelly, tuition-free college merely shifts the cost of education from the group of taxpayers to all the taxpayers. Technically, free college isn’t really free. Someone does have to pay for it. The only option to cover tuition cost is to increase the tax rates or cut services for elsewhere. It is not fairer to cut other services just to make students pay for educations. Why would one pay more tax if they are rich? People who are rich did something to accomplish it. They were not innate wealthy. Most of the wealthy person have worked their way up and worked their entire lives to get where they are. Thus,Show MoreRelatedShould College Be Free College?848 Words   |  4 Pages Free College Why are not more people going to college? One obvious answer would be cost, especially the cost of tuition. But the problem is not just that college is expensive. It is also that going to college is complicated. Free college is not just about cultural and social, neither economic. It means navigating advanced courses, standardized tests, and forms. It means figuring out implicit rules-rules that can change. College graduates have higher employment ratesRead MoreShould College Be Free? Essay1520 Words   |  7 PagesShould college be free? A current universal problem poses this question. In today’s world, full of public education standards that hold students maybe too high and in a generation bogged down by student debt, this issue qualifies as a problem more than many are maybe even willing to admit. While the prospect of free college proposes excellent ideals such as a stronger and smarter generation, no student loan problems, and a higher educated society, the truth may a ctually lie in the reality thatRead MoreShould College Be Free College?1614 Words   |  7 Pagescandidates because of his belief that tuition and cost of living at public colleges and universities should be free. 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I am sure that the government would find some way to get their money back from allowing free tuition, or twice theRead MoreCollege Should Not Be Free876 Words   |  4 Pagesmake public college tuition free. A recent movement to federally mandate college funding has struck the interest of the lower, impoverished members of society. However, if college tuition were free it would be unfair, unregulated, and cost-ineffective in the long run. What does free really mean? Does it include just tuition, or room, board and books? Also, would it be completely free? Someone has to pay something somewhere down the line. There is no way to make college completely free. It would beRead MoreShould College Be Free?893 Words   |  4 Pagesor not college should be free. Images of students rallying and protesting can be often seen in the news. They are in favor of making college free. I disagree and feel that college should not be free. People would be more likely to fail because there would be no financial consequence, the financial burden would be passed on to taxpayers who wouldn’t even benefit from it, and it would not be fair to those who work hard through earning scholarships and serving in the military. College should not beRead MoreShould College Be Free844 Words   |  4 PagesShould college be free? Posted on  May 8, 2011  by  writefix Should college education be free, or should university students be required to pay tuition fees? Some countries have free education from kindergarten to university, while  students in other countries have to pay  at every step of the way.  This essay will look at some of the reasons for this difference  at university level. Free third level education has several advantages. First of all,  everyone can attend, so the gap between rich and poorRead MoreCollege Should Be Free759 Words   |  3 Pages Should the cost of earning a college degree be free? Some students,parents, and educators say that it is morally wrong for a child to spend their entire life going to public school for free and having them to just turn around and pay for college. The students, parents, and educators all would agree that the cost of obtaining a college degree should indeed be free. Those who are against this issue believe that the students themselves or their parents who are financially able should pay for someRead MoreShould College Be Free?1907 Words   |  8 PagesShould College Be â€Å"Free† in America? As many young millennials rally behind Bernie Sanders and his outlandish claims of free public college for all, others sigh and shake their heads in disapproval. Are these college students really entitled to free higher education? Is it every American’s unalienable right to have a college education? Despite the recent push for free college in the United States, the economic burden and drop in personal responsibility it would create proves that colleges shouldRead MoreShould College Be Free?1916 Words   |  8 Pagesthroats since elementary, I am planning to attend college. My sisters and I being the first generation in our family to attend college, everything is a little scarier. Nothing scared me more than seeing the cost of the tuition. My parents dropped out of college after one year because they didn’t put the work in to get scholarships, and tuition was too much. My oldest sister is in her third year of college and is already planning to come out of college w ith $70,000 debt, because she is in a private school

Likert Found Participative Leadership On Teamwork,...

Likert found participative leadership to improve the teamwork, communication and overall participation of achieving objectives. The style engaged the whole organisation or the specific team, with the responsibility of achieving objectives being spread across. He concluded the style to be the best in terms of long-term benefits to organisations. Gary Yukl made similar findings in 1971. Yukl highlighted the different levels of participation and how behaviour affects the effectiveness of leadership. Yukl’s four management styles included: †¢ Autocratic – The leader makes the decisions and there is no consultation from the subordinates †¢ Consultation – The leader asks for opinions, but makes the decisions †¢ Joint Decision – The leader invites ideas from subordinates and included them in the decision-making process †¢ Delegation – The leader allows the subordinates to make the decisions All of the above include a different level of participation from the subordinates, expect for the autocratic model. The modern context From the above basic concepts and findings, the theory of participatory leadership began emerging. Interestingly, the term ‘participatory’, which is defined by the Cambridge dictionary as â€Å"the idea that things can be achieved more easily if everyone works together and is involved in making decisions†, embraces a number of different styles. 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Read MoreAn Effectiveness of Human Resource Management Practices on Employee Retention in Institute of Higher Learning: - a Regression Analysis6702 Words   |  27 Pagesexpectancy toward effective performance management on their retention. Quantitative data was collected using the non probability self administered questionnaire that consist of questions with 5-points Likert scales distributed to our samples of 278 individuals. By using a multiple regression analysis, it is found that, training and development, appraisal system compensation are significant to employee retention except employee empowerment. Base on the results, training, compensation and appraisal is a fundamentalRead MoreChange Management49917 Words   |  200 PagesAnd Change ORGANISATIONAL DEVELOPMENT AND CHANGE UNIT – I LEARNING OBJECTIVES The student is expected to learn the following concepts after going through this unit. 1. Change 3. Planned Change 5. Unplanned Change 2. 4. 6. Stimulating Forces Change Agents Lewin’s Three Step Model The change means the alteration of status quo or making things different. It may refer to any alteration which occurs in the overall work environment of an organization. When an organizational system is disturbedRead MoreManagement Control Systems Pdf115000 Words   |  460 PagesStyles and the Design of Control Systems: Corporate Culture and Design of Control Systems, Decentralization and Design of Control Systems, Organizational Slack and Design of Control Systems, Stakeholder Controls and Design of Control Systems, Communication Structures and Control Process – Establishing a Customer-Focussed Total Quality Culture: Implementing Total Quality Management – Impact of Information Technology on Control Systems Design: Providing Information for Operational and Strategic DecisionRead MoreMGT1FOM Key Management Theorists26579 Words   |  107 Pagesorganizations and their members. 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Globalization Phenomena Free Essays

Introduction The speed of globalization phenomena has created an impact not only in the economic, social and political dimensions of human life, but also in the area of education (see Winarti, 2011). As companies become multinational, people become more mobile and vice-versa. This requires schools and teachers to able to accommodate children from various backgrounds and prepare them for life in a complex and diverse world. We will write a custom essay sample on Globalization Phenomena or any similar topic only for you Order Now Responding to that complexity, the Partnership for 21st Century Skills (http://www.p21.org/) indicates that the basic knowledge expected by students in this new millennium should include: English Language, Reading Comprehension, Writing English, Mathematics, Science, Government/Economics, Humanities/Arts, Foreign Languages, History/Geography. Meanwhile, the applied skills needed are critical thinking/problem solving, oral communication, written communication, teamwork/collaboration, diversity appreciation, information technology application, leadership, creativity/innovation, lifelong learning/self-direction, professionalism/work ethics, and ethics/social responsibility. While those 21st century skills are urgently required by the modern students, these requirements are often challenging for future Indonesian teachers studying in elementary school teacher education programs. Years of learning experience under the centralized government has resulted in the students being in the mode of the blue collar workers’ mentality, requiring detailed instructions for every single project (see Winarti, 2012). Â   Being in such a condition, the researcher, who is simultaneously a lecturer with curriculum development responsibilities, was motivated to introduce emancipatory education, which is known to be used widely in developing countries (see Gerdes, 1985; Gordon, 1986; Zeuner, 2013), to deal with the gap between the required and the present mode of teaching and learning. This type of liberation education was introduced in the Curriculum and Learning Development course, which is a compulsory subject for future teachers, especially future elementary school teachers known in Indonesia as the student teachers of Pendidikan Guru Sekolah Dasar (PGSD). For a detailed description of this study’s theoretical framework, the sections that follow discuss the concepts and goals of emancipatory education and the design of the PGSD Curriculum and Learning Development course. The article, then, considers research methods, results and discussion, conclusions and recommendations. How to cite Globalization Phenomena, Papers

Income Tax for Australian Business Taxation Concessions

Question: Write a discussion onIncome Tax. Answer: Section 6-5 of the Income Tax Assessment Act 1997 (Cth), referred to as ITAA, 1997 explains the core concept of ordinary income in context to Australias income tax provisions. A further elaboration is given in Sub-section 6 5 (1) of the Act where it is provided that an assessable income of a taxpayer includes income derived according to ordinary concepts, which in general terms is known as ordinary income. Apart from these references, the terms income or ordinary concepts have not been defined either in ITAA, 1997 or anywhere in the Income Tax Assessment Act 1936 (Cth) (ITAA, 1936). Since the inception of income tax laws under the 1936 Act, the explanation of these terms has been left to the courts. The lawmakers left it to the courts to interpret the meaning to income and income according to ordinary concepts according to the circumstances of the transaction occurring between the parties involved. This concept becomes relevant to the current case study of Ragco, where the company entered into a commercial transaction. It is pertinent to apply the decision taken by the High Court of Australia in the case of Westfield Ltd v FCT to this case study, as the transactions in this case and that of Ragco mentioned above are both beyond the definition of the specific type of receipt   both are inducement payment, which are received by the taxpayer as an incentive for business transaction involving the concept of a lease.As there does not exist any specific test to determine What is ordinary income? in each individual case, Australian courts developed certain principles to answer this question. Most of these principles used for determining what constitutes as ordinary income are general in nature. Some very specific ones which have particular traits attached with them and include Personal Exertion, Business Income and Property Income. Why these principles become important in the context of the term ordinary income can be found in the explanation given by Jordan CJ in the case of Westfield Ltd v FCT to the term income according to ordinary concepts and I quote: what forms of receipts are comprehended within [income], and what principles are to be applied to ascertain how much of those receipts ought to be treated as income, must be determined in accordance with the ordinary concepts and usages of mankind unquote.Another significant observation of the courts has been that these concepts as well as usages of the term mentioned above never remain constant but keep changing. This is followed by the notion that in case the ordinary concepts and the usages keep changing with time, then the definition of income shall also keep changing. Hence, income cannot be taken as having a specific meaning which shall remain static or fixed forever. In establishing this process, Australian courts identified certain factors which are considered relevant and which were found to be decisive in their individual or collective nature. The Australian Taxation Tribunal , in the case of California Copper Syndicate Ltd v Harris (Surveyor of Taxes) observed that, and I quote:To determine whether a receipt is of an income or of a capital nature, various factors may be relevant. Sometimes, the character of receipts will be revealed most clearly by their periodicity, regularity or recurrence; sometimes, by the character of a right or thing disposed of in exchange for the receipt; sometimes, by the scope of the transaction, venture or business in or by reason of which money is received and by the recipients purpose in engaging in the transaction, venture or business unquote. Conclusion: While concluding this case study, it is important to mention that prior to the case of Westfield Ltd v FCT and California Copper Syndicate Ltd v Harris (Surveyor of Taxes), there were certain principles considered relevant to the business income and these were based on the fact that when a business is being carried-on, it does not automatically convey the meaning that each receipt and every profit of the business entity shall be ordinary income. Although in case the receipt or the profit earned has been made in the course of carrying-on a business and which shows a sufficient connection which in itself establishes a fact of significance, then there is a case of establishing the fact to determine whether ordinary income has been derived.However, it has been observed that the sufficient connection may also exist in case the transaction undertaken is one-off transaction but is still carried out in the ordinary course of business as was undertaken by Ragco with Bonzacash and which was in cidental to the business activity of Ragco. Hence, this shall not constitute this transaction as ordinary income for Ragco as described under ss 25 (1) and 26 (a) of the Act. When this incident is viewed under the traditional approaches adopted while classifying receipts either as income or capital, the conclusion will be that this receipt was of capital nature because it is an isolated and non recurrent transaction and has been received in lump-sum under the once and for all condition. Introduction The Australian Taxation Office (ATO) introduced Capital Gains Tax (CGT) with effect from 20 September 1984 as part of the Income Tax Assessment Act, 1997 (ITAA, 1997) and effective this date, all assets which a taxpayer acquired, commenced or built were to be subject to the new CGT legislation. It was soon observed by experts that this legislation did not have provisions for retirement benefits of small business owners as the equity they accumulated while building-up their business was the only superannuation they had after retiring. In this context, there are various CGT concessions available under specific circumstances to the stakeholders when the Small Business Entity (SBE) makes a capital gain. These concessions for SBEs are described under Division 152 in Part III of the ITAA, 1997. Small Business Concessions Now that the rules have been put in place and assuming that the stakeholder has complied with the requirements of stated in Subdivision 152A, it is time now to look at the applicable concessions which the stakeholder will be eligible on the capital gain which it has been, says Taylor, (2003). Subdivision 152C: 50% Active Asset Concession In those cases where the stakeholder is unable to fulfil the conditions of Subdivision 152-B, it has the option of availing the 50% concession provided it satisfies the conditions of Subdivision 152A. The stakeholder can also avail the 50% Active Asset Concession along with any other concession for which the stakeholder becomes entitled to. This can result in the stakeholder paying only 25% CGT on the capital gain which it makes from the sale of the small business asset, as per CCH Editors, (2011). Subdivision 152D: Small Business Retirement Exemption A stakeholder can avail this concession only after the application of the 50% active assets concession, provided it plans to utilise the proceeds received from the sale of its small business assets for funding its retirement needs, as specified under Section 152-305. For this, the individual stakeholder should satisfy the conditions mentioned under Subdivision 152A and should be over 55 years of age. In case of stakeholders below 55 years of age, who satisfy the conditions mentioned in Subdivision 152A, this concession is available provided they use the proceeds for investing into a complying superannuation fund. As per Section 152-320, there is a lifetime limit of $500,000, say CCH Editors, (2012). Subdivision 152E: Roll-over Roll-over provision implies that the stakeholder uses the proceeds from sale of small business assets for purchasing other assets to replace the sold ones. The purpose of this concession is to defer the CGT liability till a later CGT event takes place. Section 152410 states that if the stakeholder satisfies conditions of Subdivision 152A then only it can elect of using the roll-over concession. However, the stakeholder must note that the rollover concession shall be fully reversed if the proceeds are not invested in the purchase of replacement active assets within 2 years of the relevant CGT event. The reversal happens only after the stakeholder triggers CGT Event J5 as per Section 104197, as per Smith Koken, (2011).The stakeholder must note that Section 104-198 states that in cases where the cost of the replacement active assets is less than the cost of the disposed-off assets, then it is liable to CGT payment on the difference between the two amounts provided CGT event J6 has been triggered. To evaluate the CGT liability, the stakeholder must first calculate the capital gain it made on the disposed-off asset, then it should apply any applicable discounts, as the prescribed under Division 115 and Subdivision 152C. Only then should it reduce the discounted capital gain from the replacement assets cost as stated under Section 152415, explain Smith Koken, (2011).Record KeepingDivision 121 implies that all stakeholders must keep records which can help the authorities to ascertain:1. Date of acquiring the capital asset.2. Amounts which essentially form part of the assets cost base.3. Date of disposal of the capital asset.4. Amount of the capital proceeds received by the stakeholder.Hence, records should be maintained for all CGT assets even if the capital gain is not subjected to CGT. The following assets are the only capital assets which do not require maintenance of records as capital gain or loss is always disregarded on their sale: Motor Vehicles (as detailed under Section 1185). Collectible and personal use assets costing less than the threshold (as detailed under Section 11810). Depreciable Assets (as detailed under Section 18824) Trading Stock (as detailed under Section 11825), as per Newnham, (2016).Summary of the STS RegimeThis paper has discussed various CGT concessions available to the stakeholders of an SBE (Small Business Entity) when it makes a capital gain. The concessions, as described under Division 152 in Part III of the ITAA, 1997 are subjected to the eligibility rules as detailed under Subdivision 152A. It is mandatory for an SBE to fulfil these requirements before applying for the CGT small business concessions. The ambiguities do not end even after the stakeholders fulfil the requirements of Subdivision 152A, they are required to follow Subdivisions 152-B; 152-C; 152D and 152-E so as to avail the applicable concessions and to assess how to apply for the appropriate concession, assert CCH Editors, (2009).An important f actor which the stakeholders need to understand is that the SBEs CGT liability arises as soon as the SBE enters into a contract for the sale of a small business asset and not when the settlement takes place. Hence, it is necessary to take into account the timing of the sale of the asset for determining the CGT liability and its impact. In the view of this author, the stakeholders need the advice of a professional in order to understand whether they have a CGT liability or whether they can do away with the liability by deferring it to a future date, as per Newnham, (2016).SECTION 2: CRITICAL REVIEW AND APPRAISALThe Tax Regime for Small Businesses The biggest advantage of these provisions is that these concessions have been made applicable to all kinds of businesses which meet the threshold test requirements. Whether the stakeholder is a company, a trust or other type of entity, the concessions become applicable if it is relevant in terms of the provisions specified for identifying a significant individual to whom the concessions have been truly directed. Similarly, for the stakeholder to apply interaction with other applicable concessions, convenience has been provided such as in case the stakeholder does not qualify for the small business 15-year exemption, it can avail the small business 50% active asset reduction for reducing the CGT liability, explains CCH, (2012). Another advantage given to the stakeholders is the automatic application of the small business 50% active asset reduction if the basic conditions are satisfied. It is for the stakeholder to choose not to apply this provision as it may prefer instead to choose the small business retirement exemption or the provisions of the small business rollover, as per Caldwell, (2014). Choosing these options may allow a company or a trust to make large amounts of tax-free eligible termination payments under the provisions of the small business retirement exemption.These concessions for SBEs were covered under Division 152 in Part III of the ITAA, 1997. The federal eligibility rules for these concessions were detailed in Subdivision 152A and it was mandatory for the SBE to fulfil these requirements before the stakeholders apply for the CGT small business concessions. But at the state levels, states such as VIC, SA and WA did not enforce them strictly for the stakeholders to meet the requirements stated in Subdivision 152A, as they need to carefully study Subdivisions 152-B; 152-C; 152D and 152-E so as to understand the applicable concessions and to learn how to apply for the appropriate concession, assert CCH Editors, (2009).Critical ReflectionThe Simplified tax System (STS), as it was known at the time of introduction, was meant to offer the eligible SBEs a new platform to simplify their tax structure. When it was initially introduced in 2001, the STS amendments were aimed at reducing the income tax compliance burden of more than 95% business establishments. These provisions were meant for businesses having less than $1 million per annum turnovers, although their eligibility test conditions for other provisions were different, as per Caldwell, (2014). Although the Act was entitled as the Simplified Tax System (STS), from the proposed amendments, it was evident that it carried a broader agenda than mere simplification. In particular, although the new section 328 was specifically designed to introduce a regime of reduced taxes, providing simpler rules and to reduce compliance costs, it did not materialized as such in practice. Whereas the original STS allowed the eligible SBEs the option of adopting collectively the package offering four tax treatments and which comprised of simplified depreciation rules, use of cash accounting method for income tax purposes instead of accruals method, simplification of trading stock rules and ability to claim immediate tax deduction for their pre-paid expenses, there was no automatic entry but the SBEs were given the optional choic e to enter the STS, as per Newnham, (2016). However, if the SBE opted to enter the STS, it was required to compulsorily adopt all the four concessions. When it was introduced, it was estimated by the Federal Government that nearly 60% of the eligible SBEs will make the choice of entering the STS. However, the data subsequently released on 17 April 2003 by the ATO (Australian Taxation Office) revealed that not more than 14% of the eligible SBEs actually took the option of entering the STS, although in the2005 tax year, the figure increased to 27%, cites CCH, (2012).Criticisms of the SBE ConcessionsThus, contrary to what the Federal Government claimed, the ground reality remained that the small business concessions did not meet the much acclaimed promises of the governments good tax policy. The basis of these claims by this critic lies in the fact that the SBEs are actually facing more complexity as well as compliance costs on account of this regime. Observations made by this author o n the governments claim about increased simplicity have shown that it has become even more difficult for an SBE to enter the concessionary regime as they are required to furnish more detailed personalized assessments and hence create more complex layers to an already complexed regime as the assessments are not only time consuming, they are also costly, as the SBE has to seek professional advice. The increasing number of Taxation Rulings issued by the ATO for clarifying the ambiguities is creating more confusion than easing the eligibility criteria rules. This author is of the opinion that the SBE regime and the concessions are anything but simple and combined with the increased compliance costs, the claims of the authorities of providing a STS regime have gone flat.The complexities of the STS regime were also acknowledged by the Henry Review, which concluded that, and I quote: Small businesses bear a disproportionally higher share of the tax compliance burden. To reduce this burden and to provide small business with greater tax certainty, the existing small business tax concessions should be streamlined and broadened. Access to the small business tax concessions under the small business framework should be extended by increasing the small business entity test (turnover test) from $2 million to $5 million. Unquote. Going further in its criticism of the small business entity test, the Henry Review also suggested a number of changes in the concessions: Quote the small business entity capital gains tax concessions should be rationalized and streamlined. The active asset 50% reduction and 15-year exemption concessions should be abolished. The lifetime limit for the retirement exemption should be increased and taxpayers who sell a share in a company or an interest in a trust should be able to access the concessions via the turnover test. Unquote.Small Business CGT Concessions A Time for ReviewThis author firmly believes and is supported by the arguments put forwar d and discussed above that the SBE CGT Concessions need a review. In this context, the following need to be assessed by the relevant authorities to ease the situation.A. A staged increase in the threshold of turnover for the SBE from $2m to $5m. B. The 50% active asset concession should be treated at par with the 15 year concession allowed to companies. The criteria adopted should be that the capital gain made from disposal of an SBE will be treated as a non-assessable, non-exempt income as described in section 152-125 (2) of ITAA, 1997, if paid to a CGT Concession Stakeholder within 2 years of CGT events date. C. Allow those individuals, who have originally structured a sole trader or a partnership entity or if the SBE is controlled by a trust, and the same is rolled into a company by virtue of Subdivision 122A and 122B of the ITAA, 1997, to be eligible for the concessions from the date of commencement of the first business and not from the date of business being rolled into a comp any.D. Provide an alternative to the Significant Individual requirement as stated under section 152-110 (1) (c ) of the ITAA, 1997, by allowing those discretionary trusts, which are constituted as Family Trusts within the time-frame of the CGT event and which fulfill all the conditions put forward by the regime, to access the 15 year concession. E. In all its CGT concession norms, especially those which are allowed to individuals, the CGT Liability is determined by taking into consideration the effects of CPI on the CGT Gains made. A similar need is required here in case of the $500,000 lifetime limit being given under the CGT Small Business Retirement Concession. This should be subjected to the CPI at least on an annual basis. LIST OF REFERENCES Caldwell, R. 2014, Taxation for Australian Businesses: Understanding Australian Business Taxation Concessions. John Wiley Sons, Milton, QLD.CCH. 2009, A Practical Guide to Business Valuations for SMEs. CCH Australia Limited, Sydney, NSW.CCH. 2009, Small Business Tax Concessions Guide. CCH Australia Limited, Sydney, NSW.CCH Editors. 2009, Australian Master Accountants Guide. CCH Australia Limited, Sydney, NSW.CCH. 2010, Australian Master Financial Planning Guide 2010/11. CCH Australia Limited, Sydney, NSW.CCH Editors. 2011, Master Tax Examples 2010/11. CCH Australia Limited, Sydney, NSW.CCH. 2012, Australian Master Tax Guide 2012. CCH Australia Limited, Sydney, NSW.CCH Editors. 2012, Top 100 Tax Q As, 2012. CCH Australia Limited, Sydney, NSW.Newnham, M. 2016, Tax for Small Business: A Survival Guide. John Wiley Sons, Milton, QLD.Prince, J.B. 2013, Tax for Australians for Dummies, 4th ed. John Wiley Sons, Milton, QLD.Smith, B. and Koken, E. 2011, The Superannuation Handbook 2008-09 . John Wiley Sons, Milton, QLD.Taylor, L. 2003, Small Business and Tax. Pascal Press, Glebe, NSW.