What Is a Hominin Reassessing our Ancient Family Tree

Over the last few years, the word hominin has crept into the public news stories about our human ancestors. This is not a misspelling for hominid; this reflects an evolutionary change in the understanding of what it means to be human. But it is admittedly confusing to scholars and students alike. Up until the 1980s, paleoanthropologists generally followed the taxonomic system developed by the 18th-century scientist Carl Linnaeus, when they spoke of the various species of humans. After Darwin, the family of Hominoids devised by scholars by the middle of the 20th century included two subfamilies: the subfamily of Hominids (humans and their ancestors) and that of Anthropoids (chimpanzees, gorillas, and orangutans). Those subfamilies were based on morphological and behavioral similarities in the groups: thats what the data had to offer, comparing skeletal differences. But debates as to how closely related our ancient relatives were to us heated in paleontology and paleoanthropology: all scholars had to base those interpretations on was morphological variations. Ancient fossils, even if we had complete skeletons, were made up of myriad traits, often shared across species and genus. Which of those traits should be considered significant in determining relatedness of species: tooth enamel thickness or arm length? Skull shape or jaw alignment? Bipedal locomotion or tool use? New Data But all that changed when new data based on underlying chemical differences began to arrive from laboratories like the Max Planck Institutes in Germany. First, molecular studies in the late 20th century showed that shared morphology does not mean shared history. At the genetic level, humans, chimpanzees, and gorillas are more closely related to one another than we are to orangutans: in addition, humans, chimps and gorillas are all African apes; orangutans evolved in Asia. More recent mitochondrial and nuclear genetic studies have also supported a tripartite division of our family group as well: Gorilla; Pan and Homo; Pongo. So, the nomenclature for analysis of human evolution and our place in it had to change. Splitting Up the Family To better express our close relationship to the other African apes, scientists split the Hominoids into two subfamilies: Ponginae (orangutans) and Homininae (humans and their ancestors, and chimps and gorillas). But, we still need a way to discuss humans and their ancestors as a separate group, so researchers have proposed a further breakdown of the Homininae subfamily, to include Hominini (hominins or humans and their ancestors), Panini (pan or chimpanzees and bonobos), and Gorillini (gorillas). Roughly speaking, then--but not exactly--a Hominin is what we used to call a Hominid; a creature that paleoanthropologists have agreed is human or a human ancestor. Species in the Hominin bucket include all of the Homo species (Homo sapiens, H. ergaster, H. rudolfensis, includinging Neanderthals, Denisovans, and Flores), all of the Australopithecines (Australopithecus afarensis, A. africanus, A. boisei, etc.) and other ancient forms like Paranthropus and Ardipithecus. Hominoids Molecular and genomic (DNA) studies have been able to bring most scholars to consensus about many of the previous debates about living species and our closest relatives, but strong controversies still swirl around the placement of Late Miocene species, called hominoids, including ancient forms like Dyropithecus, Ankarapithecus, and Graecopithecus. What you can conclude at this point is that since humans are more closely related to Pan than gorillas, Homos and Pan probably had a joint ancestor who probably lived between 4 and 8 million years ago, during the late Miocene. We just havent met her yet. Family Hominidae The following table is adapted from Wood and Harrison (2011). Subfamily Tribe Genus Ponginae -- Pongo Hominiae Gorillini Gorilla Panini Pan Homo Australopithecus,Kenyanthropus,Paranthropus, Homo Incertae Sedis Ardipithecus,Orrorin,Sahelanthropus Family Hominidae Finally... Fossil skeletons of hominins and our ancestors are still being recovered around the world, and there is no doubt that new techniques of imaging and molecular analysis will continue to provide evidence, supporting or refuting these categories, and always teaching us more about the early stages of human evolution. Meet the Hominins Toumaà ¯ (Sahelanthropus tchadensis)Lucy (Australopithecus afarensisSelam (Australopithecus afarensis)Ardipithecus ramidusFlores man (Homo floresiensis Guides to Hominin Species AustralopithecusDenisovansNeanderthalsHomo erectus and Homo egaster Sources Agustà  J, Siria ASd, and Garcà ©s M. 2003. Explaining the end of the hominoid experiment in Europe. Journal of Human Evolution 45(2):145-153.Cameron DW. 1997. A revised systematic scheme for the Eurasian Miocene fossil Hominidae. Journal of Human Evolution 33(4):449-477.Cela-Conde CJ. 2001. Hominid Taxon and Systematics of the Hominoidea. In: Tobias PV, editor. .Humanity from African Naissance to Coming Millennia: Colloquia in Human Biology and Palaeoanthropology Florence; Johannesburg: Firenze University Press; Witwatersrand University Press. p 271-279.Krause J, Fu Q, Good JM, Viola B, Shunkov MV, Derevianko AP, and Paabo S. 2010. The complete mitochondrial DNA genome of an unknown hominin from southern Siberia. Nature 464(7290):894-897.Lieberman DE. 1998. Homology and hominid phylogeny: Problems and potential solutions. Evolutionary Anthropology 7(4):142-151.Strait DS, Grine FE, and Moniz MA. 1997. A reappraisal of early hominid phylogeny. Journal of Human Evolution 32(1):17-82 .Tobias PV. 1978. The earliest Transvaal members of the genus Homo with another look at some problems of hominid taxonomy and systematics. Zeitschrift fà ¼r Morphologie und Anthropologie 69(3):225-265.Underdown, Simon. How the word hominid evolved to include hominin. Nature 444, Nature, December 6, 2006.Wood, Bernard. The evolutionary context of the first hominins. Nature volume 470, Terry Harrison, Nature, February 16, 2011.

Who moved my cheese Essay - 811 Words

Who Moved My Cheese? nbsp;nbsp;nbsp;nbsp;nbsp;I agree that fear does drive me everyday. From early in the morning until I go to bed at night. I’m afraid if I stay in bed and don’t go to work, I’ll be fired. I’m afraid if I don’t pretend to like everyone at work that they won’t like me. I’m afraid that if I tell my boss what I really think of his idea, he’ll find a way to fire me. I’m afraid that if I don’t attend the parent meeting at school, they will think I’m a bad parent. These are just a few of the fears that run through my mind. nbsp;nbsp;nbsp;nbsp;nbsp;Sometimes I wonder what life would be like to just tell people what I really think of them, instead of staying silent because I’m afraid of what they’ll think. Sometimes†¦show more content†¦nbsp;nbsp;nbsp;nbsp;nbsp;My father left our family when I was around 12 years old and never kept any contact with us. I always wanted to call him or write him and tell him how horrible I thought he was for that. But, of course because of my fear of confrontation, I did not. Instead, I send him Christmas and birthday cards each year and pretend it never happened. It is easier to me than dealing with it. I guess you would call that, a fear of dealing with negative feelings. I will never do that to my children. nbsp;nbsp;nbsp;nbsp;nbsp;Speaking of children, I have lots of fears concerning them. I fear they will make the same mistakes I did and not learn the same valuable lessons. I fear they will be disappointed and not be able to deal with it. I fear they will grow up and not use their minds, as they should. I fear them not choosing the right path. Most of all I fear they will not be happy with themselves. The fears I have about my children are some of my greatest fears. I do not want them to be unhappy. nbsp;nbsp;nbsp;nbsp;nbsp; nbsp;nbsp;nbsp;nbsp;nbsp; nbsp;nbsp;nbsp;nbsp;nbsp;I have been at my mother in-laws house before, after a big dinner and I didn’t want to help with the dishes because none my of sister in-laws would. But, I feared they would be angry with me if I didn’t help, so I did. Had I told them what I really thought I might not have to ever go back there again or I might not even be married? Then that brings on anotherShow MoreRelatedWho Moved My Cheese by Spencer Johnson1037 Words   |  4 PagesWho Moved My Cheese? is a motivational book written by Spencer Johnson in the form of a business fable. The book was said to be written to reveal profound truths to individuals and organizations dealing with change. Mr. Johnson has sold over 26 million copies and published his work in 37 different languages putting it amongst the best-selling books of all time. Mr. Johnson saw the discouragement that overcame people after failing to adjust to something that has altered their lives so he was influenceRead MoreWho Moved My Cheese1185 Words   |  5 Pages Who Moved My Cheese Who Moved My Cheese by Spencer Johnson, tells the story of how our surrounding environment changes, how we need deal with these changes instead of adapting to it, and how to succeed in life. In this story there are four characters: two mice, Sniff and Scurry and two litter people Haw and Hem, all of them looking for cheese in the maze to survive. Every day, they put their jogging suit and their running shoes to find their favorite cheese. The two mice use the try error methodRead MoreWho Moved My Cheese?1579 Words   |  7 Pagesprepared for it. Who Moved My Cheese?, by Spencer Johnson, is a short parable about four different characters adapting or not adapting to unexpected change. This story and the lessons it contains, can serve as a guideline to adapting to change in both one’s professional and personal life. But change is a difficult and frightening experience, and resistance to change is often also an undeniable fact of life. The Four Characters There are four characters in Who Moved My Cheese? who can each representRead MoreWho Moved My Cheese817 Words   |  4 PagesIntroduction Who Moved My Cheese is a well-articulated business fable about how to deal with change in organizations, personal life, and in various situations involving changing paradigms. There are four characters identified in the fable and are described in the below figure. It’s important to note that both Sniff and Scurry are mice in the story and Hem and Haw represent two little people. This paper is being written with the objective of identifying the character in the fable whichRead MoreWho Moved My Cheese1896 Words   |  8 PagesIntroduction Who Moved My Cheese? tells a story of change, of how we react to it, and the trouble we can find ourselves in when we dont follow that change. The story is about four characters, two mice, and two little people. The characters live in a maze chasing cheese. The cheese represents anything we chase after in life and believe it will make us happy. The story details the trials and troubles we all have in daily lives. Book Summary Who Moved My Cheese?, by Spencer Johnson, is a parableRead MoreWho Moved My Cheese?817 Words   |  4 PagesWho Moved My Cheese? â€Æ' Ever read a story that relates to your personal life? I just recently read the story Who Moved My Cheese? , By Spencer Johnson. I’m not much of a reader, but this story really made me think. This story makes you think about the way you live your life and how you deal with change in your life. The author could have easily just given the message in a few paragraphs, but he gave the messages in a story involving two mice and two little people stuck in a maze. They all areRead MoreWho Moved My Cheese1509 Words   |  7 PagesAbstract â€Å"Who Moved My Cheese† is a story about the simplicities and complications of life. The differences between the four characters depict each of our emotional states and how we react to change in our lives. Who Moved My Cheese is a story about the simplicities and complications of life. The differences between the four characters depict each of our emotional states and how we react to change in our lives. The four characters are Sniff, Scurry, Hem and Haw who reveal the different stages weRead MoreWho Moved My Cheese?876 Words   |  4 Pages In the video â€Å"Who Moved My Cheese?† the mice that were less complex minded, inventoried their food â€Å"cheese† daily and realized the need for change with situation (shortage). On the other hand, the two little men got comfortable in familiar surroundings, letting their guard down, and not realizing the subtle changes in their environment. The two little men followed their daily route to the food, only to notice the food was gone. â€Å"Hem† one of the two men believed that the cheese would come backRead MoreWho Moved My Cheese?905 Words   |  4 PagesWho Moved My Cheese? is a story of four characters: two mice ( Sn iff and Scurry) and two little people ( Hem and Haw), The characters live in a maze and are in constant search for cheese. Every morning the mice and the humans went their separate ways, through the corridors and hallways of the maze, in search of cheese. One day both groups stumble upon a â€Å"Cheese Station C.† This corridor had more cheese than any other. Pleased with their findings, Hem and Haw started to get more and more comfortableRead MoreReflection on Who Moved My Cheese1731 Words   |  7 PagesWho Moved My Cheese? This book, by Spencer Johnson, reveals the truths about how we deal with change that happens in our lives which effects us in so many ways, either positively or negatively. The book takes an amusing approach to what happens when you don’t adapt to change and what happens when you do. In the book, cheese is used as a metaphor for what you want to have in life. All my life I wanted the nice house, the beautiful wife, the kids, money, the dog, the nice tuck to pull the nice

Accounting Theory and Current Issues Positive Accounting Research

Question: Discuss about theAccounting Theory and Current Issuesfor Positive Accounting Research. Answer: Introduction The present study is based on critical evaluation of Half a Defence of Positive Accounting Research written by Paul V Dunmore for Massey University, Wellington, New Zealand. In this research paper, positive approach to accounting is examined in a broader sense in order to understand cause and effect relationship. This article aims to develop casual explanations of human behaviour in accounting settings. The objective of present literature critique is to assess the relevance of present article in the field of positive accounting. For this aspect, an initially summary of the article will be provided by focusing on its main argument. It will be followed by research questions and theoretical framework to develop an understanding of its literature review. By considering literature review, significance and limitation of the article will be evaluated in order to draw a valid conclusion. Summary of The Article Positive accounting theory is one of the crucial segment of academic accounting research which aims to evaluate and forecasts actual practices in accounting. This approach is in contrast with the normative accounting which is focused on the description of optimal accounting standards. Half a Defence of Positive Accounting Research had evaluated ontology and epistemology of positive research by considering deficiencies of present practices of accounting research. Further, it also determines ways to improve approach of present accounting to promote better practices that can be followed by individuals. A foremost argument in the article is that positive accounting requires better theoretical models which are highly specific and vulnerable. The article states that inappropriate progress in positive accounting is due to ad hoc quantitative models which are restricted to expected sign of a relationship between two variables. These models are not structured in a proper manner due to which i t cannot be operationalized. In the contemporary era, there is a need for effective measures to which theoretical models can be tested rigorously. It is because accounting concepts are to be operationalized carefully in support of interesting concepts which are beneficial and significant for businesses. Policy makers are required to focus on consideration of appropriate functional form with can be form better linear relationship with the existing accounting concepts. Study of Paul V Dunmore shows that after the establishment of reliable manner for measuring a concept then it will be considered standard for further studies. This approach will prevent reinvention of measurement of each study and promote improvement in standards. A further argument in this article is about transference in attention away from the testing of hypotheses towards an approximation of parameters. For this aspect, confidence intervals for parameters is needed to be compared with theoretical predictions or with comparable measurements of those parameters from other relevant studies. In accordance with the present article, there is a need for data archives of measurements of important concepts for the testing of particular theories and contribute to the archive. It is because forming of cautious measurements is a substantial skill for which results are to be acknowledged as part of the discipline in research activity. These measurements work as resources as well as constraints for future theoretical advances. In last, there is a necessity for widespread replication, in order to draw valid conclusions from hypothesis testing. This will assist in confirmation of accuracy of measurements and for exploring the limits of applicability of research findings. Research Question Considered article is focused on the critical evaluation of positive accounting research, and its research questions are enumerated as below: What is required for a successful positive research program? What are the vulnerable models that are tested stringently What are the ways of analytical modelling? Whether should be focused on measurement instead of testing? To determine the viability of existing results in order to explore limits of applicability of previous findings? Theoretical Framework The review reveals severe drawbacks in the performance of positive accounting research which holds it back from giving an effective involvement in broad-based projects. A basic requirement of a significant qualitative research is that the conceptual outlines maintain the standards of testing in order to limit their applicability in the research. Such theories must be formulated with tests against each other for reaching an appropriate conclusion. The need for extensive replication of the research may arise in order to verify the conclusions driven from the testing of hypothesis. A shift in focus is also required to develop a conceptual framework. This shift should be from theory testing towards ascertainment of the basic outlines of the research. Better measurement tools are the need of an accounting research to be perfect. This may result in better evaluation and testing of the models developed so far. In addition, the models which form the basis of hypothesis testing must be developed. These models must be clearly stated and must be free from environmental vulnerability. Some good research has been considered for illustrating the examples. Major criticism outlined in the article by Paul V Dunmore are enumerated as below: Positive accounting does not provide any prescription as it explains and predicts what would happen instead of clarifying what ought to happen. This aspect does not satisfy major aim of positive accounting theory. Theory of positive accounting is not value-free as it merely focused on the explanation of what people might do by ignoring the aspect that what are they are actually required to do. In this theory assumption is made that each action of management and shareholders have their self-interest with the primary goal of maximising their own wealth without consideration of its adverse aspects. According to Kuhn normal science appropriately fits to be used in positive accounting research instead in actual sciences. An accounting research which is positive in all aspects has a significant contribution towards understanding the behaviour of humans. This is because positive accounting research included some behavioural patterns. Kuhn also argues that a model is replaced only when it can no longer support the concept of normal science, and it incurs some revolutionary crises in some forms. Due to some reason it has been analysed that social system does not remain stable is not but adoption of amended system appropriately suited to advance knowledge will not lead to any crises. The concept of normal science suggests that core characteristic features of the collective communal system included in positive accounting research are noticeable and practical drawbacks of the research. The objective of this social system is to furnish some queries related to human behaviour to the researchers. Thus, it assists them to have solutions to these queries with a very little effort. The social system may not necessarily add to our already formulated information related to human behaviour in the context of accounting. The stability of the social system remains in doubt for an extended period of time. But this does not imply adoption of a new system every time a new crisis is addressed in the research, which best suits the existing information. Thus, Kuhn views normal science as an enlightening activity, authenticated by the participating group. He describes normal science in a corrective context area of the set of practices, beliefs, and attitudes that are well modified to adjust to the needs of the group and solve a number of queries related to the matter of accounting research. If all the theories are formulated in a way that they have some amount of truth in them, then they could serve a wide variety of economic interests. They also emphasise the importance of measurement of hypothesis testing rather than just testing of hypothesis. Watts and Zimmerman (1978, 1986, 1990), almost patented Positive Accounting Theory; however it can be said that their theory was much narrow in comparison to the broad-based concept of positive research. They had put forward the idea that accounting events occur because of the functions performed by parties that enter into competent contracts of work with some particular objective. These functions comprise of not only specific accounting operations but also other decisions which are related to pricing and other important functions of the management (De Angelo, 1981) Positive accounting research is a social system which is well-established for contribution in the research projects. However, the purpose of each research may be different from another. The notion of the disciplinary matrix used by Kuhn (1970) advises that positive research may be an example that can be optimally used for solving puzzles, irrespective of its contribution in the social system. The potential of accounting research can be attained only by anticipation of future crises and opportunities in it.. Many other areas of positive accounting research are not based upon these theoretical models. The significance of these important literature models attempts to derive their inferences from the prices that the users of accounting information use as a base to their decisions. Further research has been conducted to develop a controlling system that seeks to understand the factors which cause adoption of some theories (Davila and Foster, 2007). These approaches presuppose the rational behaviour of humans (Fukuyama 1995, p. 13). These approaches of theories also suggest that the primary model of balanced, self-focused behaviour of humans is accurate. Some accounting research also evaluates the performance without the presupposing the behaviour of humans (Gibbins, 1984). These examples are not comprehensive when taken as a whole, but they attempt to demonstrate that the entire positive research program is much broader concept than the theory of accounting research. Any research which promotes a better understanding of the environment and causes related to a particular occurrence of accounts in the aspects of human psychological theory meets the criteria of a positive accounting theory. The purpose of an accounting research is to extend the understanding the applicability of various theories in various accounting research. A better approach is to ascertain the validity of the findings of the research. Significance and Limitations of The Article Research paper provided by Paul V Dunmore has a valuable contribution to offer to the wider project for understanding human behaviour. It is because of its inimitable setting used in the research regarding the particular range of behaviours that accounting encompasses. Provided research paper, will assist policy makers in future research for developing better theories by working on existing cons in models of positive accounting. However, there is a significant limitation in the analysis section. In current practice main outputs contains statistically significant coefficients but its interpretation cannot be made for connecting suspect measurements which are inconsistent with sample and theories which are not challenged and whose applicability is presumed instead of evidenced. Study of Flick (2015), shows that tools and models which are supposed to be used in the analysis must be appropriate to the objective of study else it will adversely affect the reliability of the study due to inadequacies related to hypothesis and qualitative research Limitations and benefits of the research article are cited in the study but it is not clear from a reader perspective. Constraints identified in the study affects the validity of research due to which it can be considered for further studies (Creswell, 2013). Theoretical conclusions drawn by the Paul V Dunmore by research analysis is viable as it is supported by proper justification, facts and previous research studies. Conclusion Present literature critique concludes that this article has exposed a wide gap between how positive accounting research is actually practised and what would be required for. The study shows clear the fact that development of rigorous theories is not an easy task, and most of the existing theories will fail when properly tested. The present article will assist policy makers in developing better theories by working on existing cons in models of positive accounting. The present article was presented in clear and concise manner to answer research questions and to draw valid findings. In present research article, there is a requirement for widespread replication, in order to draw valid conclusions from hypothesis testing. By this aspect, there will be confirmation of accuracy of measurements through which researcher can explore the limits of research findings of the study. References Books and Journals Creswell, J.W., 2013. Qualitative inquiry and research design: Choosing among five approaches. Sage. Davila, A., Foster, G., 2007. Management control systems in early-stage startup companies. The Accounting Review 82 (4), 907-937. Flick, U., 2015. Introducing research methodology: A beginner's guide to doing a research project. Sage. Fukuyama, F., 1995. Trust, the Social Virtues and the Creation of Prosperity. Free Press, New York. Gibbins, M., 1984. Propositions about the psychology of professional judgment in public accounting. Journal of Accounting Research. 22 (1), 103{125. Kuhn, T. S., 1970. The Structure of Scientific Revolutions, 2nd Edition. University of Chicago Press, Chicago. Watts, R. L., Zimmerman, J. L., 1990. Positive accounting theory: A ten year perspective. The Accounting Review 65 (1), 131-156. Watts, R., Zimmerman, J., 1978. Towards a positive theory of the determination of accounting standards. The Accounting Review 53, 112{134. Watts, R., Zimmerman, J., 1986. Positive Accounting Theory. Prentice Hall.

Foundation of Taxation Law Taxable Capital Gains

Question: Describe about the Foundation of Taxation Law for Taxable Capital Gains. Answer: 1. It can be observed from the given information that Fred who is Australia resident for tax purposes has received capital gains from sale of his capital asset i.e. house. The objective is to determine the net taxable capital gains for Fred for the current income year. Fred has purchased the capital asset in March 1987 i.e. after September 20, 1985 which acts as the threshold date for application of CGT on the derived capital gains from sale of capital assets (Woellner, 2014). Discount method and indexation methods are the two alternative methods to determine the taxable capital gains (Barkoczy, 2015). Discount methods is valid for long term assets and provide 50% exemption on the capital gains and the other 50% would be used for levying of the CGT liability (Section 115-25) (Sadiq et. al., 2016). Indexation method is used when the cost base of the capital asset is adjusted based on the inflation rate differential between September 1999 and time of purchase of the capital asset i.e. September 1987. In such cases, there would not be any discount that is applicable on the capital gains derived (Section 114-1).(Gilders et. al., 2016). However, discount method would be preferable to determine the taxable capital gains. As it will provide a lower value of capital gains tax for the taxpayer as compared to the capital gains tax calculated from indexation method (Nethercott, Richardson Devos, 2016). In this case there is no inconsistency because the enactment of the contract and contractual payment made are in the same income year. The enactment of contract and the settlement of the requisite payment is not required to take place simultaneously for the recognition of capital gains but it should ideally be in the same financial year (Hodgson, Mortimer Butler,2016). The cost base is the essential element to calculate the net capital gains for the taxpayer. It is the cost calculated from the addition of actual purchasing cost of the asset to the capital cost and the incidental cost occurred in way of stamp duty, fees in legal formalities, advertising for the asset to find the potential buyer and the expenses incurred for value addition to the existing asset or in maintaining possession and ownership of the asset (Section 110-25) (Deutsch et. al., 2015). ny previous year capital loss would be accumulated in the current years capital gains. However, the nature of the asset should be similar for adjusting the accumulated capital loss against the current year capital gains. If the capital loss has occurred from different asset, than these would not be offset against the capital gains. In such cases, the capital loss would be shifted to next financial year (Barkoczy, 2015). Capital gains for Fred Acquisition price of house $100,000 Proceeds received from sale of the capital asset $800,000 Incidental cost during buying and selling (stamp duty + total legal fees+ commission) (2000+2100+9900) $14,000 Capital cost (cost due to building of the garage) $20,000 Cost base (Acquisition price+ Incidental cost+ Capital cost) (100000+14000+20000) $134,000 Capital gains (Receipts from sale - Cost base) ($800000-134000) $666,000 Capital loss accumulated due to sale of shares $10,000 Net capital gains (capital gains capital loss) (666000-10000) $656,000 Taxable capital gains based on discount method (50% of the net capital gains) (0.5*656,000) $328,000 Capital loss occurred from sale of Antique vase The net capital gains in this case would be different because this loss is from sale of the antique vase, which will not be accommodated against the capital gains earned from sale of the home and hence would be shifted to next year and will only adjust against the capital gains earned from the antique vase in the future (Gilders et. al., 2016). Taxable capital gains (50% of the capital gains) (0.5* 666000) $ 333,000 2. It is apparent from the information provided that Emma as an employee has potentially received fringe benefits on account of car, loan and bathtub. The relevant discussion in regards with these is carried out below. Car fringe benefit Fringe Benefit Tax Assessment Act (FBTAA), 1986, Section 8 tends to state that car fringe benefit would arise only when employer owned car is being used by employee in his/her personal use. In the given situation, the car owned by the employer is used by Emma for satisfying his personal needs and hence the employer has extended car fringe benefit to Emma (Woellner, 2013). Now that it is apparent that car fringe benefit has indeed been extended, the taxable value of this benefit needs to be established. One of the key inputs required in this endeavour is the gross up factor which varies with regards to the good being classified as Type 1 or Type 2. Since the car attracts GST liability, hence it would be termed as Type 1 good and the applicable value for FY2016 is 2.1463 (Gilders et. al., 2016). The relevant formula for estimation of car fringe benefit value is in accordance with Section 39F , FBTAA, 1986 and stated below (Wilmot, 2012). The various input values in the formula shown above are discussed below. Capital value of Car = Money spent by employer to purchase the car Expenses incurred= (33,000 550) = $ 32450 The statutory percentage is determined by the two following critical inputs. Year in which car purchases Distance travelled for personal usage by the employee With regards to the applicable norms, for any vehicle purchased after 2011 and the annual distance travelled not exceeding 15,000 km, 20% is the statutory percentage to be deployed. The car used by Emma in the given case fulfils both the above conditions and hence statutory percentage to be considered is also 20% (Deutsch et. al., 2015). Days for which car was available to Emma = 366 (FY2016 days count) 30 (Car given to Emma only on May 1, 2015) 5 (Unavailability caused by repairs) = 331 days It is noteworthy that there has been no deduction for a period of ten days when the car was idle in the parking as it was available for use as it was in working condition but Emma was not present. Taxable grossed up value (CFB) = $ 32450 20% (331/366) 2.1463 = $ 12,631.95 The applicable FBT rate for FY2016 stands at 49%. Hence, FBT payable by employer on account of CFB = 12,631.95 *0.49 = $ 6,190 Loan fringe benefit This fringe benefit is considered when the employer extended financial help to the concerned employee at an interest rate lower than the RBA statutory rate. The relevant statutory RBA rate has been prescribed by TD 2015/8 and amounts to 5.65% pa (Sadiq et. al., 2016). However, the extension of loan to Emma by Periwinkle has been done at 4.45% pa and it is lesser than 5.65% pa, hence loan fringe benefit would result in the given case (Wilmot, 2012). It is noteworthy that the loan facility has been extended to Emma not at the start of the financial year but on September 1, 2015 and hence adjustment would be made to reflect the same (Barkoczy, 2015). The amount of interest savings reaped by Emma in FY2016 would be the value of the loan fringe benefit Loan Fringe Benefit (LFB) = 500000*(5.65% - 4.45%)*(213/366) = $ 3,491.8 Since, no GST is applicable on the interest component, hence the relevant gross up factor is 1.9608. Taxable value of Loan Fringe Benefit (LFB) = 3,491.8*1.9608 = $ 6,846.72 Hence, FBT payable by employer on account of LFB = 6,846.72*0.49 = $ 3,355 Bathtub related fringe benefit Based on the given information, Emma has been sold a bathtub of retail value $ 2,600 for a net consideration of $ 1,300 and thus has been provided at a discount of 50% which would constitute as an expense fringe benefit as the bath tub is an item of personal usage by the employee (Hodgson, Mortimer Butler,2016). It is known that bathtub sale attracts GST, thus it would be classified as a Type 1 good with the corresponding gross value factor of 2.1463. Taxable value (Expense Fringe Benefit (EFB)) = (2600-1300)*2.1463 = $ 4,078 Hence, FBT payable by employer on account of EFB = 4078*0.49 = $ 1.998 Use of $ 50,000 by Emma Impact on FBT For any loan component that is deployed by the employee for producing income, the employer can claim deduction on the same (Wilmot, 2012). In the given case, instead of $50,000 being used by the husband, it would not be deployed by Emma for generation of gains or income from indulgence in share trading. Therefore, there would be lowering of tax burden for the employer i.e. Periwinkle since incremental deduction is permissible Value of the incremental deduction allowed = 50000*(5.65% -4.45%) = $ 600 References Barkoczy,S 2015.Foundation of Taxation Law 2015,7th edn, CCH Publications, North Ryde Deutsch, R, Freizer, M, Fullerton, I, Hanley, P, Snape, T 2015. Australian tax handbook, 8th edn, Thomson Reuters, Pymont Gilders, F, Taylor, J, Walpole, M, Burton, M. Ciro, T 2016. Understanding taxation law 2016, 8th edn, LexisNexis/Butterworths. Hodgson, H, Mortimer, C Butler, J 2016, Tax Questions and Answers 2016, 5th ed., Thomson Reuters, Sydney, Nethercott, L, Richardson, G Devos, K 2016, Australian Taxation Study Manual 2016, 4th ed., Oxford University Press, Sydney Sadiq, K, Coleman, C, Hanegbi, R, Jogarajan, S, Krever, R, Obst, W, and Ting, A 2016,Principles of Taxation Law 2016,8th edn, Thomson Reuters, Pymont Wilmot, C 2012, FBT Compliance guide, 6th edn, CCH Australia Limited, North Ryde Woellner, R 2014, Australian taxation law 2014, 8th eds., CCH Australia, North Ryde