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First the coffee-producing countries complain that roasters and retailers kept their prices high even though the price the producing countries received was dropping. The producing countries then threatened to reduce production to bring prices up. Then the rumor: Brazil's crop reduced or almost destroyed by a freeze. Wholesalers immediately raised prices followed quickly by retailers. Now, news that the freeze in Brazil was not as bad as expected. Did wholesalers or retailers reduce prices?

Those who do not support raising the minimum wage often try to make the argument that if the minimum wage went up, the demand for labor would go down, people would lose their jobs and businesses would close.  They claim that this is what is taught in simple economics courses. I suggest that these people who try and make this argument take their own advice and get a refresher in the basic economic theories of supply and demand. What they would find is that these economic...

Interview questions

Interview questions we asked Jeff in the video below:

1. Talk about your education and your path into the accounting field.
2. What classes in accounting did you enjoy the most?
3. What was the most challenging part of completing your education?
4. Describe your career path to the role you are in now as CFO.
5. Explain the importance of the CFO to the success of any business.
6. What do you enjoy most about your role?
7. What has been the most challenging experience of your career?
8. For those who are thinking about entering the accounting field, what advice would you give?
9. What would you tell current professionals who want to be a CFO?

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What is GST?

What is GST?

Goods and Services Tax -- GST -- is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level.

Through a tax credit mechanism, this tax is collected on value-added goods and services at each stage of sale or purchase in the supply chain.

The system allows the set-off of GST paid on the procurement of goods and services against the GST which is payable on the supply of goods or services. However, the end consumer bears this tax as he is the last person in the supply chain.

Experts say that GST is likely to improve tax collections and boost India's economic development by breaking tax barriers between States and integrating India through a uniform tax rate.

What are the benefits of GST?

Under GST, the taxation burden will be divided equitably between manufacturing and services, through a lower tax rate by increasing the tax base and minimizing exemptions.

It is expected to help build a transparent and corruption-free tax administration. GST will be is levied only at the destination point, and not at various points (from manufacturing to retail outlets).

Currently, a manufacturer needs to pay tax when a finished product moves out from a factory, and it is again taxed at the retail outlet when sold.

The Institute of Chartered Accountants Australia (ICAA) and the New Zealand Institute of Chartered Accountants are amalgamating to become Chartered Accountants Australia and New Zealand.

As a result, some content from the ICAA website has been relocated to our new corporate website.

Visit our new website to read about the role and benefits of a Chartered Accountant and to discover all about the new leading trans-Tasman professional body for accountants.

Chartered Accountants Australia and New Zealand is a trading name of the Institute of Chartered Accountants in Australia (ABN 50 084 642 571) and the New Zealand Institute of Chartered Accountants.