amalosophy

noreply@blogger.com (Amal Nadpurohit) — Fri, 09 Apr 2010 17:47:21 PDT

ear plugs are desirable even when listening to a Hyena sing...

noreply@blogger.com (Amal Nadpurohit) — Sat, 20 Feb 2010 17:29:43 PST

If wisdom tooth is an indicator,
I am getting wiser..!

Susan Boyle

noreply@blogger.com (Amal Nadpurohit) — Sat, 20 Feb 2010 17:22:37 PST

Modern society is too quick to judge people on their appearances. Can’t do much about it, can you? It is just the way people are built, it’s just the way they are. Remember Susan Boyle’s first song?... ‘I dreamed a dream’… people rolled their eyes, laughed at her dream to be like Elaine Paige… dismissed her because of her appearance. True!

But five seconds into the song, they all stood up and applauded. How cynical can we get? She knew what she had… she kept going unafraid. All she needed was one 'right' moment to transform hurdles into graceful opportunity. This is my salute to Susan Boyle, already a legend...

then:

and now:

We're a happy team at Hawthorn...

noreply@blogger.com (Amal Nadpurohit) — Sun, 21 Feb 2010 22:38:30 PST

Collectables and SMSFs

noreply@blogger.com (Amal Nadpurohit) — Sat, 16 Jan 2010 00:32:22 PST

GFC made trustees to review their investment strategy particularly with the increase in popularity for non-traditional asset like collectables – antiques, artwork, jewellery, vintage car, etc. The rarity of these assets makes them unique and valuable. These assets are virtually unaffected by the GFC meltdown. Therefore such investments can potentially provide solid long term returns.

The sole purpose test requires SMSFs to maintain investments for the purpose of yielding retirement benefits to its members or dependents in case of death before retirement. In order to satisfy the sole purpose test, the purpose of long term wealth creation becomes important rather than the type of investment.

In general terms these assets cannot be used by the members - jewellery cannot be worn, paintings cannot be hung at the member’s home, vintage car cannot be driven by the member. However from compliance perspective if the in-house asset rules are satisfied, trustees can lease out to related parties on commercial terms. In-house asset rules do not apply if leased to non-related parties.

Because collectibles are subject, to a large degree, to the individual tastes and preferences of the populace at the time, independent valuation must be obtained on annual basis. Due consideration must be given to the liquidity risks, costs like insurance, storage, valuation, etc. before deciding on investing in collectables.

Bottom-line: collectables can be a prudent wealth creating investment and can generate income if leased out at commercial terms. An investment option worth considering. Thumbs up!

Subject to disclaimer at the bottom of the page

Experience India in 2 minutes

noreply@blogger.com (Amal Nadpurohit) — Mon, 22 Feb 2010 00:31:30 PST

Perhaps this post is my personal 'visit India' campaign... friends, you got to be there when I am there... that would be great fun!

noreply@blogger.com (Amal Nadpurohit) — Sat, 20 Feb 2010 17:20:16 PST

If you can't pronounce my last name, perhaps you should lookup the dictionary

Global Warming Accountants

noreply@blogger.com (Amal Nadpurohit) — Tue, 12 Jan 2010 17:01:22 PST

Some day the world is going to have a Law that would make measurement of green house emissions mandatory and carbon trading possible. When this happens, a new specialized branch of accounting will be born. The accounting profession will play a major role in determining how companies manage, measure and report on their environmental impact.

The accounting concept of budgeting will be functional in managing and measuring the emissions. A benchmark estimation of the quantity and value of carbon released by the entity and variances therefrom will be looked at. At micro level, common man is going to be burdened when entities pass the costs onto the consumers just like any other indirect tax. The Government will probably offer cushioning to certain households.

I am all excited with this idea since I expect the Act to be as complex as the GST legislation if not more complex. None the less, this would be renewed boom time for the accounting profession. But the real reason to support the action on climate change is because the cost of inaction is far too great.

baby steps count too... as long as you are going forward... and one day you add all those baby steps and you might be surprised as to where you get to

Every action has an equal and opposite reaction... face it Australia, lets be the climate change leader... small or big step doesn't matter!

Mr Rudd's inspiring speech on migrants

noreply@blogger.com (Amal Nadpurohit) — Sun, 21 Feb 2010 23:26:33 PST

Celebrating achievement... achievement against the odds...

Kevin Rudd narrating an interesting story of Joseph Assaf...
Multiculturalism is not a passing fancy. It is not a hobby. It is not a Government policy. It is not a nice thing to do or a marketing opportunity. Equally, diversity is not a choice. It is not an option. It is not a public relations exercise or an employee relations program. In Australia diversity is a fact of life and multiculturalism is a way of life. May it ever be so.

if it were not for diversity,
can you imagine life with only one cuisine?

Your visa can affect your tax refund

noreply@blogger.com (Amal Nadpurohit) — Tue, 12 Jan 2010 18:18:09 PST

If you are on a student, work or visitor visa not covered by Reciprocal Health Care Agreements having earned income in Australia, you might notice that even though you are not eligible for Medicare benefits, you may get charged a Medicare levy and surcharge on your tax return depending on your income.

Well, if you are ineligible for Medicare benefits you should not be paying any levy or surcharge. A Medicare levy exemption application needs to be lodged with the Medicare office and a certificate will be mailed out to you in 3-4 weeks. If you are ineligible for part of the year then the certificate will notify you of the days you can claim exemption. At the time of lodging your tax return you can claim the exemption so that you can maximize the result of your tax return.

Your tax accountant will not know what visa you are on and some accountants may not identify your eligibility for exemption even if you mention your visa due to pressures of time and work. This means you may end up paying more than your fair share if this escapes your attention.

It is possible that you don’t know this because you are new to Australia. So if this has happened in your last tax return, you can lodge an amended tax return to get the refund.

noreply@blogger.com (Amal Nadpurohit) — Fri, 09 Apr 2010 18:21:50 PDT

Retail sales in Australia have jumped up this year. This is good news for the economy of China!

Working capital funding – Alternate solutions

noreply@blogger.com (Amal Nadpurohit) — Sun, 03 Jan 2010 18:47:06 PST

Have you heard the terms factoring, inventory / debtor finance or invoice discounting? Well, this is basically an alternate source of finance to meet your working capital needs… No matter what your current arrangement is or how ‘cool’ your banker looks, it is a good idea to look at this strategic option.

While Invoice discounting is borrowing funds by pledging accounts receivable as collateral, debtor finance or factoring means instead of waiting for your debtors to pay you in the future (credit period), you sell the receivables (financial asset) to a factor who pays you up to 90% of the invoice amount immediately and the rest when the debtor pays the factor when the invoice becomes due.

The best feature of these arrangements is its simplicity unlike a bank loan that looks at your credit worthiness or overdraft limits. Such arrangements are immensely suitable to growth oriented businesses with longer credit terms, exports, cash flow fluctuations, or simply to fund business development and expansion ambitions.

This is an emerging market with a few factors in Australia offering tailored factorage. Your accountant is the best person to refer you to the right one. Give it a go…

SMEs don’t bank on bankers anymore!

noreply@blogger.com (Amal Nadpurohit) — Thu, 07 Jan 2010 15:47:51 PST

Many SMEs are still confidently walking into banks with well-prepared business plans but are walking out empty handed. Difficulty in obtaining credit translates into missed opportunities for SMEs and potentially stunting the economy's recovery. Also, unhappy with the banks not passing on the RBA rate cuts on business loans as much as the cuts enjoyed by mortgages, bankers are already the source of frustration for SMEs.

SMEs have been looking for alternative sources to fund their business plans with private lending as their preferred choice. Although a prudent private lender would do similar due diligence as the bankers would do, they may end up funding a project that the banks have rejected or may creatively structure repayment schedules. SMEs are also tapping sources like factoring, inventory and debtor finance to free up short term working capital.

SMEs are closing the financing gap the non-traditional way… new era - new paradigms - new equations... Ok, thinking of sustainability... will the businesses go back to their old ways when the tide turns again? I believe that these growing players will surely succeed in retaining SME's interests.

Top Ten Things I've Learned From Being An Accountant

noreply@blogger.com (Amal Nadpurohit) — Tue, 29 Dec 2009 06:53:41 PST

On a lighter side....

Interesting conflict of interest

noreply@blogger.com (Amal Nadpurohit) — Thu, 14 Jan 2010 02:33:24 PST

I recently answered some interesting questions on a professional forum and I would like to share one with you today.
The question:
Is there a conflict of interest in the following scenario

To go sing Christmas carol in the church which is also your client
To add your client in facebook

and my response:

Accepting gifts or services or preferential treatment from clients that are of ‘significant value’ will create conflict of interest. However, in your case, I believe that singing in Christmas carols would not create conflict of interest since you are participating in your own capacity as a member of the society and not because of your professional relationship. Also, since general members of public are given the same opportunity to participate, I do not believe that you are receiving any significant preferential treatment or benefit that would compromise your professional obligations.
Adding a client to facebook signifies that you are treating your client as your friend. In my opinion, this will create conflict of interest because it increases your proximity to the client on a personal level which is likely to compromise your objectivity and independence. Also, your client might expect you to share confidential information or influence you to act in a certain way.

However, if your facebook account is maintained only for professional networking purposes and no or limited personal information is shared and that you maintain a professional relationship with the client through out your facebook interactions, then conflict of interest would not arise. Rejecting friends request from clients can potentially damage your professional relationship particularly if they perceive it to be rude and unfriendly. Your employer may have a policy that you can refer to.

So, what you can do is create two facebook accounts, one for personal networking and another one for professional networking. Alternatively, you can use the privacy settings to make only basic / general / professional information in your profile and posts visible to your clients. By the way, Linkedin is popular for professional networking. Give it a go…

Substance over form…

noreply@blogger.com (Amal Nadpurohit) — Sun, 21 Feb 2010 23:14:43 PST

I prefer to have my coffee / breakfast at a family owned café rather than at Starbucks because I believe in supporting small businesses who value each dollar you spend. I do choose Starbucks to meet someone since it is easy to locate. Ok, next, I believe ambiance is less important to the quality of coffee and service; and of course price.

This does not make me anti-American but Australian - fair go!… and at a basic level a considerate human. I was lucky in that I was never brought up to be too materialistic. Besides, it makes sense to embrace the Aussie values yet maintain connections to your cultural roots.

Goverment super co-contribution

noreply@blogger.com (Amal Nadpurohit) — Wed, 30 Dec 2009 13:58:50 PST

Halfway into the financial year is a good time to review personal financial situation. As the Australian economy strengthens, it is also an excellent time to boost your superannuation fund balance by taking advantage of the Government Super Co-contribution.

After paying taxes out of your hard earned money, it is always exciting to receive something back, isn’t it? To encourage you to save for your retirement, the Australian Government contributes into your Super Fund up to $1,000 to your contribution.

If your assessable income is less than $31,920 for 2009/2010, the Government will match your contributions dollar for dollar up to a maximum of $1,000 per financial year. The super co-contribution progressively reduces for annual incomes over this amount and phases out completely at $61,920.

Here is the Super Co-contribution Calculator for you. Remember,‘a penny saved today is more than a penny tommorrow’.

Steve Jobs - grossly underpaid but highly appreciated

noreply@blogger.com (Amal Nadpurohit) — Thu, 31 Dec 2009 13:36:19 PST

Steve Jobs the well known 'Apple Guy' was paid only 1 USD last financial year making him one of the most underpaid but highly appreciated chief executive of all times. How's that eh!

Most executives would equate their contribution in company's success to getting higher remuneration... while some failed executives would continue to think they deserve higher remuneration... I think Steve Jobs is mocking all these executives...

In todays commercial world, unfortunately executives forget the basic 'service ideal' - service to the shareholders, customers and the society by putting their personal financial interests ahead of everything else... Steve Jobs described by The Harvard Business Review as the best-performing chief executive is a rare breed that deserves a honorable mention!

Taste of India in Melbourne

noreply@blogger.com (Amal Nadpurohit) — Fri, 27 Jan 2012 16:18:25 PST

People often ask me directions for ‘authentic’ Indian food in Melbourne… whilst the real ‘authentic’ taste for Indian spices can only be found in India, some restaurants offer food that can get as close as it can to the real Indian taste.

If you don’t want to travel to India but still want the taste of India, you must try these restaurants:

CBD	Le Taj Fine Indian
CBD	Shiraaz
CBD	Nirankar Fine Indian Cuisine
Inner East	Two Fat Indians
Camberwell	Tandoori Den Camberwell
Kew	Milan @ Kew
Bundoora	Namaste Indian Restaurant

Having stayed in Melbourne for 5+ years and tried out many restaurants... this is what I could shortlist... and just for the record, my favorite cuisine is Italian and not Indian.

No... mentioning my name won't get you any discount...

Christmas gift idea

noreply@blogger.com (Amal Nadpurohit) — Sat, 02 Jan 2010 04:12:02 PST

To increase financial awareness of your young ones, you should consider gifting them shares this Christmas.

Best way to educate young adults is to involve them in something that interests them, like technology, music, sports, etc. Festive parcel of shares in companies like JB Hi-Fi, Harvey Norman, Billabong or even their employer companies will surely keep them interested. But remember, you must spend minimum $500 on this gift item. ($2,000 for managed funds) This will educate them on the risks, returns, capital gains, market cycles, importance of investing and the long term growth.

If the child is aged 18 or less then the investments must be held in the trust for the child and the income must be included in your tax return.

Alternatively, a term deposit or an online saver account could also work until they discover how to withdraw funds!

Bollywood Movies that Australians would like

noreply@blogger.com (Amal Nadpurohit) — Sun, 21 Feb 2010 23:17:41 PST

People have trouble believing that I was born and raised in India because my accent is not the typical Indian accent that most of us relate to... but when I tell them of my Indian connection, the conversation immediately jumps to Bollywood... well, I am not much of a bollywood freak but here are some recommendations:

Lagaan (2001)
The film is a period drama set in the 19th century British-ruled India. Set in a small village called Champaner, it tells the story of the simple village-folk struggling to pay off the annual debts (Lagaan) to the British. With all the trappings of a blockbuster; Aamir Khan, great songs, humour, good-over evil storyline and to top it all, cricket, ‘Lagaan’ went on to be nominated as one of the five entries at the Oscars and won eight Filmfare awards in all the major categories. click the image for trailer

Dilwale Dulhania Le Jayenge (1995)
(meaning Brave Hearted Will Win The Bride)
The film that may soon make an entry into the Guinness Book Of World Records. The film has won ten Filmfare awards - a record for a Hindi film. A complete entertainer, ‘DDLJ’ is a sweet love story in an non-resident Indian backdrop. Directed by Aditya Chopra at the age of 23, it was a trendsetter of sorts with the lead couple being second generation Indians living in England with deep Indian values. The music of the film was super-hit and so were the ‘great Indian wedding’ preparation scenes portrayed in the film. click the image for trailer

Black (2005)
‘Black’ is made with astounding sensitivity and enthralling quest for perfection. It tells the story of a deaf and blind girl, Michelle McNally and her teacher, Debraj Sahai. They together embark on a journey to get Michelle out of an animalistic existence to reach a common goal; of knowledge and respectability. ‘Black’ is inspired by the life of Helen Keller and her teacher Anne Sullivan. click the image for trailer

Where to find: Video Ezy | Civic Video | Amazon | Leading Indian Stores | All DVDs come with English subtitles

How to ensure that all contributions actually reach your super account

noreply@blogger.com (Amal Nadpurohit) — Sat, 02 Jan 2010 08:17:32 PST

Employers pay superannuation contribution directly to the Super Fund nominated by the employee. You all know that. However, do you know that a payment may not always get allocated to your superannuation account.

To ensure that the employer's payments are received into your superannuation account it is best to do a quick annual reconciliation. The amount your employer claims to have paid must equal the amount received into your superannuation account shown on the annual statement from your Super Fund. Any variances should be pursued. Simple, but many people don't do this and don't be surprised if you do find variances!

Your tax accountant would not do this reconciliation unless he also compiles the tax return for your SMSF. Don't miss out on your entitlements... don't ignore your super account statement... a dollar today will multiply by the time you retire...

Accessing your Credit File

noreply@blogger.com (Amal Nadpurohit) — Tue, 16 Feb 2010 22:56:53 PST

It is important to check your credit file regularly to ensure that your personal details are correct and that no unauthorized access or fraudulent application has occurred. If you cannot recollect authorising a transaction on your credit file, further documentation should be obtained.

Ordering your credit file is free however if you wish to be notified whenever access or changes to your credit file occur a small fee is applicable. Here is how you can order your credit file from VEDA Advantage.
Too easy!

Tribute to Sachin Tendulkar

noreply@blogger.com (Amal Nadpurohit) — Tue, 16 Feb 2010 23:01:38 PST

If you mention the name Sachin Tendulkar any Indian face will lit up with joy and appreciation for the master blaster. No other cricketer has managed to seamlessly combine both statistics and aesthetics to underline his greatness like Tendulkar did, retaining the innocence and humility of his early days all along. A career that started at the age of 16 his 20 years of undiminished aura showing no signs of waning.

But despite his success and worldwide fame, Tendulkar remained a firmly grounded man. Just like a true champion, he never allowed fame and adulation to get on to his head and affect his batting. Till today he continues to be a keen learner of the game and spends hours in the net to fine tune his batting crafts, although there is hardly anything left for the champion batsman to master.

His contribution extends beyond cricket through his charity and education initiatives. Even today when he is playing, offices, streets, shopping centres are all empty... everyone is glued to their nearest TV set...

This is a man who inspires greatness... who is greatness... This is my tribute to the God of Cricket!

Email Me

noreply@blogger.com (Amal Nadpurohit) — Tue, 16 Feb 2010 22:56:21 PST

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