A Look at the Changes To The Director Penalty Notice Legislation

The Australian Treasury department has made the results of the public consultation process public with the issue of a new Exposure Draft detailing proposed changes to the director penalty notice regime.

You may keep in mind that the government proposed changes to the Director Penalty Notice legislation in last year's budget. The first draft was put forward in June 2011 but was widely condemned by directors and liquidators for being too wide reaching. That draft was scheduled to go before parliament in November 2011 but it was withdrawn for further industry consultation.

They summarise the changes as follows:

1. Expanding the director penalty regime to superannuation guarantee amounts.

Is Offshore Banking Dead for Americans?

Offshore banking and offshore asset protection provides individuals with ways to manage their companies and finances as well as assets while still maintaining a fair level of privacy. Furthermore, these strategies ensure that individuals do not lose all their hard-earned assets in legal settlements where their investments are targeted, such as malpractice law suits and divorce cases. Also, the banking system in the United States of America is in a perpetual state of havoc and the law does not think twice about freezing an account whose owner is involved in a legal tussle. It is also for this reason that more and more Americans opted for offshore banking to protect their finances and to provide them with funds for those rainy days.

However, this perfectly legal strategy has for years been used by individuals who take part in illegal activity or who would like to escape the long arm of the revenue and tax collection service. Therefore, most countries have lost millions in tax revenue due to such unscrupulous individuals who would like to evade tax by opening offshore companies. 

Offshore Asset Protection for the Internet Entrepreneur

The internet has revolutionized every single aspect of our lives, especially asset protection as it has removed geographical barriers and made it possible for individuals to control their assets from wherever they are in the world. However, with this promise, there are some difficulties because the assets in an internet enterprise are not tangible like real estate or companies but exist in soft form. Most internet entrepreneurs work very hard to build an empire which they link up to a Limited Liability Company with themselves as the only member, and a single PayPal or Moneybookers business account. This is very dangerous when it comes to asset protection because the asset clearly marks a path back to you as the founder, creator and sole owner of the business.

Since an internet entrepreneur is also running a business, they risk losing everything in a lawsuit and it is important to take preventive measures in order to ensure that their business is intact even after they suffer such a misfortune.

How to Develop a Multi-Flag Strategy for Privacy and Asset Protection

Asset protection is like an asset insurance scheme that is meant to keep your assets and investments from being included in legal settlements. This is so as to ensure that no one sues for all your hard-earned assets, and they can be off the record by not being linked directly to you. One of the best strategies for asset protection is the development of a 6-flag strategy which includes the principles of geo-arbitrage. These usually include a second passport, business in a jurisdiction that charges little or no tax, banking in a jurisdiction that offers you privacy, investing in a centre that favours money management, residing in a jurisdiction that is tax friendly and generally playing the field in countries where you like staying.

All these seem like a lot to take in for the novice, but with time, you will realize that the steps are really simple and straightforward. There are several reasons why individuals should have a second passport, especially if they are US citizens. 

Take Steps to Help Plan for Your Retirement

Planning for retirement entails setting up a financial plan that acts as a guide or budget to aid you in saving. Such a plan helps keep in check your spending habits as well as set financial goals that will go a long way in ensuring your financial comfortably later on. The importance of a retirement plan is to ensure you have a substantial amount set aside to cater for your needs. Such a plan incorporates prioritised spending, ascertain income received as well as take into consideration factors like inflation, economic depression and boom.

It is crucial to start saving for retirement after securing employment. Time is of the essence hence the more time you spend in saving, you get to enjoy the compound interest compounded over the long duration. When retirement approaches, ensure you clear your debts to reduce the expenses existent in your retirement period. Having comprehensive expenditure records will aid you in planning hence should be kept safely throughout. Planning for retirement does not come to an end upon your retirement. 

A Coin Buyer Will Give You Your Money's Worth

Finding a coin buyer to exchange your valuable loose change is something that can be extremely beneficial to you. You may not believe this at the onset, but if you look at the advantages, you may change your mind. The important thing to remember, however, is that you must find someone who is reliable and trustworthy. Don't think that you can just go to anyone and get the value that you desire. The best way to get what you truly deserve is to go to a professional. While you may think that going to one of these businesses is a waste of your time and that you would be better off keeping your coins, there are several reasons why you should look into the option of exchanging them.

One of the first reasons that you should look into dealing with a coin buyer is if you have too many coins in the first place. Just think about it. It's one thing to have a few, but to have a bucket full or garbage bags full of change that is a century old or is no longer in circulation in any country is another story. 

Invoice Scanning and Data Capture

Invoice scanning and data capture can be a cost saving solution for businesses. In the current financial climate, we're all looking for ways to reduce costs, so here's a few facts about how scanning your invoices can save your organisation money.

You may not have thought about the cost of processing invoices before, but it can cost up to £20 just to process one invoice. You may have multiple departments entering the same data into different spreadsheets and systems for their own budgeting purposes.

Businesses process hundreds or thousands of invoices and financial documents on a monthly basis, spending extensive time on manual data entry and processing. In large organisations invoices often get lost and can be sent to multiple departments to resolve, if no purchase order is provided. 

The Top 5 Ways to Be a Better Investor

Do you make these 5 investing mistakes? So many people make several mistakes which can suck the profits right out of their account. These mistakes aren't commonly known - but they steal profits just the same.

Even worse, sometimes it seems like the entire investment industry is out to force people to make these mistakes - because the mistakes you make can make a lot of money for brokers and advisors. It's tragic, because these mistakes can be avoided with a bit of effort.

Here are the top 5 must avoid investment mistakes:

#1: Don't Go "All In"

A Trailer for Your Nature Trips

The lifestyle of today is far different than so many years ago. With technology and modernity comes high rise buildings, concrete roads, subdivisions and many more structures to accommodate human needs. Before, you would see trees and enjoy nature almost everywhere you go. Today, we hardly see trees in the city. We have made our earth adjust to the advancements that are more convenient for us. Because of this, going to a place where there is almost no sign of civilization, somewhere you can enjoy the sunset by the sea or mountains is such a treat. So modern people like us look forward to time out of the stressful life. Thanks to cars and other forms of transportation, we can easily go to places where we can bask in the beauty of nature.

Bringing your own car is the best form of transportation when going to state parks and camping sites. Of course, you will have to bring a lot of your stuff. 

A Search For An Explanation Of The 2008 Financial Crisis

My search to what caused the 2008 financial crisis began because I wanted to know the real story behind what happened to our economy and how something like this was allowed to happen. I am sure I am not the only one out there who was tired of the news, politicians, bankers, and professors talking over our heads with words like credit default swaps, derivatives, collateral debt obligations or CDO's and this list goes on and on. What is even more frustrating is that I have a BS in Finance and worked in the financial sector and I still had a tough time understanding all the explanations of this crisis.

Now, how is it that a person who has a degree in the subject and a person who worked in the sector had a tough time understanding the explanations of the 2008 financial crisis? Well, you see, the problem is that there are two very distinct groups of people in America: "Wall Street" and "Main Street". By "Wall Street" I mean the individuals that main street puts in-charge of their financial dealings so that everyone will prosper.