Zone fitness market research

Zone fitness market research According to Kotler, P. (1988) marketing is a social and managerial process by which individuals and groups can obtain what they need and what they want. This can be achieved by creating, offering and exchanging products of value with others. The figure below illustrates the core concepts of marketing like needs, wants and demands, Product, value, cost, satisfaction and other concepts. Needs, wants demands Product Value, cost satisfaction Exchange transactions relationships Markets Marketing marketers Fig: 1.0. Core Concepts of Marketing Zone fitness is the new health and fitness company based in Huddersfield. Due to the continued growth of the health and fitness market in the UK, the company was formed. The company offers a range of health and fitness services on a membership only basis. Zone fitness operates 1 mile away from town centre in a place which was previously furniture warehouse. Few of the companys facilities are, rowing machines, exercise bikes, weights etc. One of the important parts of the services to the members is that there is an initial joining fee and the range changes according to the period of membership taken out for. The company was formed by three friends with now previous managerial or marketing experience or knowledge. The company is three years old and now has employs a total of 15 staff. The company is looking to grow in future both in terms of members and also in terms of health and fitness facilities offered but feel it now need to become more effective at marketing in order to face the competition. As a marketing consultant a report has been produced, to increase and improve the companys marketing activities. The overall review of the report covers areas such as, industry analysis, market segmentation, targeting, position, pricing strategy, etc. INDUSTRY ANALYSIS According to Brassington and Pettitt (2006), the industry analysis aim is to determine and understand the evolving opportunities and threats of the markets as they relate to the strengths and weakness of the health and fitness firm. The analysis covers areas such as size, growth, profits, cost structure, competitors, etc. MACRO ENVIRONMENT Economic environment is the general changes the economic conditions and the changes in pattern of the income distribution of the customers as well as the operation of the economic system are responsible for a variety of economic phenomena. These involve factors such as fluctuations, trade, economic growth rate, inflation and recession. (Peter, 2008) Socio-cultural environment is the attitudes towards the physical fitness and general wellness and individual ways of life of the customers and standards formed by the cultures and changing social values. (Johnson, et al., 2008) Political environment is the government with its political involvement and the legislation as the main components which can change the political as well as influence of the key issues in the companies such as policies, regulations etc. (Peter, 2008) Technological environment is responsible for the innovation and changes of the equipments such as tread mills, bikes, weights machines and also supplements. The development and new equipments can have an effect on the future of the Zone Fitness. The technology can change the emergence of the many substitute products. (Armstrong, et al., 2009) MICRO ENVIRONMENT SUPPLIER: Suppliers form an important link to the companys overall value delivery system. It provides the resources needed by the company to produce its goods and services. The Zone Fitness management must watch supply availability such as supply shortages, delays and other events which can cost sales in the short term and damage customer satisfaction. (Gilligan, et al., 2009) CUSTOMER: The Company needs to study the types of customer markets. Consumer markets consist of individuals or households that need services and health care activities for personal consumption. Business markets where the company can sell the services to the employees and for further processing. Reseller markets where the company can buy the facilities for certain profits. (Gilligan, et al., 2009) COMPETITOR: The marketing concept states that to be successful a company must provide greater customer value and satisfaction than its competitors. The Zone Fitness Management must do more than simply adapting to the needs of the customers. They must gain strategic advantage by positing their offerings strongly against competitors offerings. (Armstrong, et al., 2009) MARKET SUMMARY The UK health fitness clubs can be divided into two sectors: health clubs which are privately owned and leisure centres which are owned by the local authorities. Leisure centres which are defined as public facilities are changing to cope up with shifting consumer priorities and financial measures. UK has over 5,750 indoor facilities for keeping fit. The health club is still fairly fragmented, but there are now 10 large chains including David Lloyd leisure, Fitness First, Virgin Active and LA Fitness. (The Leisure Database, 2007) MARKET DEMOGRAPHICS Population of UK: 62,348,447 as of July 2010. Age Structure: 0-14 years: 16.7% (male 5,233,756/female 4,986,131) 15-64 years: 67.1% (male 20,774,192/female 20,246,519) 65 and over: 16.2% (male 4,259,654/female 5,612,953) Median Age: Total: 39.8 years Male: 38.6 years Female: 40.9 years (Mouseprice, 2010) MARKET SIZE GROWTH The UK health fitness industry has a revenue estimated almost  £3.6 billion and 11.9% of the UK population are registered as members in the health and fitness or publicly-owned fitness facilities. The membership has been growing up by 3% since 2006 and now there are over 230 new public and private facilities that have been added to the health and fitness industry portfolio. Almost 90% of the UK population lives within 2 miles of a private health or publicly-owned fitness facilities. UK market for health and fitness club has increased by a moderate of 1% in nominal terms, by 2010. (Research and Markets, 2010) On contrary to this, annual growth rates have been declined from 7% in 2006 to just 1% by 2010. Both of which, exerted a downward pressure on disposable income and consumer confidence, reducing demand for health and fitness centres as the money is spent on necessities rather than luxuries. Moreover, annual growth is also believed to have slowed due to increased saturation and competition in the market, which has led to a reduction in membership fees in the private sector. (The Leisure Database, 2007) The membership penetration is 33% higher in London than the UK average and also obesity risk rates are 65% lower in London. The Southwest region is another area in UK to have lower risk in obesity by 34%, but the membership penetration level is higher by 3% the UK average. The regions of North East and South West have largest membership growth in private club memberships whilst the East Midlands topped the impressive growth rates in the public sector. (Corporate Fitness, 2010) 3.0. PORTERS FIVE FORCES A Porters five forces analyses explore five different principal factors, which determine the attractiveness of a health fitness market. Bargaining power of buyers Zone Fitness Threat of new entrants Bargaining power of suppliers Competitive rivalry within an industry Threat of substitute products Fig.2.0. Porters five forces for Zone Fitness Threat of new entrants: The barriers to the new entrants are very high. The main development of private gymnasium and leisure centres on the country which take years and capital required have put smaller companies out of the picture. Some of the health clubs are combined and franchised, but all existing major big companies have sufficient back up support to make themselves unattractive for acquisitions. The domination of some of the big health and fitness companies insure that they can manage a threshold level of profitability. (Euromonitor International, 2010) Bargaining power of suppliers: Suppliers have low bargaining poor over health and fitness centres due to strong brand power and distribution capabilities of the companies and due to fragmented supplying industry. The need for facilities and equipments is to explore and re-conceive their business models, like by playing on the customers experience issue and to try to arrive at a more profitable but risky mode. These kinds of initiatives might also help moderate the stance of health and fitness companies. (Market and Business Development, 2010) Bargaining power of buyers: Buyers have a strong bargaining power over health and fitness companies because of the range of choices the buyers have. All major companies sell same facilities and at nearly same price so buyer can switch to another company without any doubt. Nearly 94% of customers today have choice of three or more health and fitness companies which can be available to them within 5 minutes of range and many other leisure centres as well. Numerous companies are competing for their business with facilities of varying size and formats. Power of buyers is high and companies that raise prices are likely to lose customers. (Research and Markets, 2010) Threat of substitute products: Health and fitness centres in the available sector are an available alternative for customers, but there has been some convergence between these two sectors as the companies extend their formats. (Euromonitor International, 2010) Competitive rivalry within an industry: The rivalry is intense even though the market is concentrated, especially among the top companies. At a micro level the industry rivalry is centred and a limitation strategy that the major companies resort to if one initiative is successful. The rivalry among major companies is intense and this has led to a price war between companies. This is because the companies sustain the declining profitability without exiting the market and there is no incentive for major companies to rush into extreme and profit eroding price war. (Aaker and McLaughlin 2010) 3.1. COMPETITION Zone Fitness has a highly competitive market in Huddersfield, but the following four will be direct competitors due to their establishment in and around Huddersfield. Bodyzone Fitness Centre Unit 11f/Nortonthorpe Mills/Nortonthorpe Industrial Estate Wakefield R Scissett Huddersfield, West Yorkshire, HD8 9LA Website: www.bodyzonefitnesscentre.co.uk Services offered: gymnasium, beauty centre, health club, aerobics, swimming, and sauna and cardio theatre. (The Fitmap, 2008) Fitness First Lockwood Park Brewery Drive Huddersfield, West Yorkshire, HD4 6EN 01484 429000 Website: http://www.fitnessfirst.com Services offered: gym, cardio theatre, spinning room, x-press workout, crà ¨che, squash, studio, lounge, juice bar, personal trainers, sauna, and steam room, aroma and sun bed. (The Fitmap, 2008) University of Huddersfield Gym Sports Hall Queensgate, Huddersfield, HD1 3DH 01484 472093 Website: http://www.hud.ac.uk/uni/about/campus_facilities/06_sports_hall/1_html/the_gym Services offered: cardiovascular training, step n tones, boxercise, groove n move, hula hoops, kettlebell, boot camp, pilates, abdominal blast, sports team camp, yoga, kung fu, spinning, tae kwon do and swimming. (Bizplan Cover, 2009) MARKET SEGMENTATION, TARGETING AND POSITIONING Market segmentation can be defined as the process of dividing the total market into segments or target market of consumers with common needs or characteristics and selecting one or more segments to target with a marketing mix. Zone Fitness company needs to know the needs and wants of their customers to better enable them to provide facilities and services that will satisfy the customer needs and wants. This may be problematic as there are numerous health and fitness facilities in the consumer market which the company can satisfy. Therefore, Zone Fitness must divide its market into various needs and wants. This is the process of the segmentation. (Cant, et al., 2009) The company must next decide which market segments needs it can best satisfy. The company should develop its marketing offers such as facilities and membership discounts and the process of deciding which segment to pursue is referred to as targeting market. Therefore, targeting deals with the process whereby a marketing mix is tailored to fit some specific customers. (Aaker and McLaughlin 2010) Positioning refers to the creation of a specific image or perception of the facilities and services by consumers in a selected target market. It is therefore the way in which consumers view competitive brands or types of products. For new products it means how the company wants to compare the new item in terms of its predecessors. The company will need attempt to establish a favourable position for its product by means of marketing communication such as advertising, however as it is believed that the product positioning is limited to advertising is no longer appropriate. (Ouwersloot and Duncan 2008) 4. SWOT ANALYSIS Many companies evaluate opportunities utilizing an analysis framework referred to as SWOT. It is an acronym for strengths, weakness, opportunities and threats that can be investigated and can be used in early stages like market planning and decision making for zone fitness. On one hand it operates the matching of vital strengths with major environment opportunities and on the other hand it provides for improvising weaknesses and possibilities of risk in the zone fitness marketing. (Cant, et al., 2009) STRENGHTS: Zone Fitness is more committed towards a result orientated approach to maintain its customers in a highly competitive market. Facilities and health programmes are well taught according to the need of Zone Fitness. Reduction in fees and discount in membership service in entire market of UK. Also Zone Fitness has well trained and qualified staff. Personal services, individual programmes and advice are seen as being a key part of competitive success. (About Health Clubs, 2009) WEAKNESS: Personal training and individual programmes can be expensive. There are no swimming facilities which can be a problem in providing services to a large pool of members. Marketing budget is very short to attract business clients. (NetMBA, 2009) OOPURTUNITIES: Health and fitness clubs are rapidly growing in UK. Increasing health conditions and diseases such a obesity are causing people to join and pay more importance to exercise and health care activities. Health clubs and gym have become a routine of life in the peoples daily schedule. A low income area can be of special focus for zone fitness which is mostly ignored by rival competitors. (NetMBA, 2009) THREATS: One of the main threats could be because of recession and economic downturn, which can slowdown the growth of health and fitness industry. Low cost equipments are also available in the markets for home exercise. Although market is rapidly growing a small level threat can be of low cost offers from well established competitors. (About Health Clubs, 2009) MARKETING MIX Zone Fitness companys marketing mix is based on the factors of product, cost, distribution and advertising. PRODUCT: Health and fitness services: Rowing machines Exercise bikes Weights Aerobics Yoga Steam room Sauna, tanning rooms Massage services and Jacuzzis PRICE: Zone Fitness will be facing a challenge with highly competitive markets such as David Lloyd, Fitness First, etc. Therefore company is offering services at cost less than existing market standards with reduced fees for the under 18s and over 55s and discounts for the family memberships, etc. A new member for yearly membership would pay an initial joining fee of  £100 and a yearly membership of  £500. This would give members an unlimited access of the services and facilities of the company. PLACE: Zone Fitness company is located within the 1 mile radius of the town centre of Huddersfield. The company has a direct supply of their facilities and will not be involving in any kind of franchise or network. PROMOTION: Zone Fitness can use newspapers, magazines, internet, television and radio as the medium of advertising. In addition they could also print brochures for creating awareness in the market about their health and fitness services. (Cant, et al., 2009) INTEGRATED MARKETING COMMUNICATIONS (IMC) STRATEGY Integrated Marketing Communications is a cross-functional process of creating and nourishing profitable relationships with customers and other stake holders strategically controlling or influencing all messages sent to these groups and encouraging them. The marketing mix of an organisation for tangible products compress of four elements, these are; marketing communications, price, promotions and distribution. The marketing communication element influences the other three elements; therefore it is important for Zone Fitness to be aware of their relationship between these four elements, while designing and planning the marketing strategy. (Ouwersloot and Duncan 2008) The responsibility of Zone Fitness management is to compile a programme that establishes a framework for the development, implementation, coordination and control of companys marketing communications. The aim of such a programme is to develop an effectiveness IMC programme that targets the customers in an attempt to influence their attitudes and behaviour. STRATEGIES OBJECTIVES Setting the IMC objectives and compiling it with the budget are crucial activities in the marketing communications department. IMC objectives and the budget constitute two basic guidelines and constraint in the formulation of an IMC strategy and for the various elements. The period within which the IMC objectives and strategies must be achieved covers the same period which all activities of the various marketing communication elements are implemented. (Hutt and Speh 2009) IMC objectives and strategies the Zone Fitness can follow are: The objectives must be formulated and once they have been, a provisional marketing communication budget must be prepared on the basis of the formulated goal. Marketing communications development and different strategies for each element are usually the most comprehensive of all phases. Each marketing communications element plays a unique role in achieving the integrated marketing communications objectives. The IMC decisions must be co-ordinated to prevent element being singled out. The decision taken must be synchronised by the company so that the ultimate objective can be reached without any form of duplication and resultant additional cost. After that there should be the development of an action plan for each IMC strategy. This is the operational programme, which is very detailed and contains activities, responsibilities and time frames. The penultimate is the measurement of the IMC effectiveness. It is important to ascertain whether the IMC programme has achieved its objective. The continual feedback on the effectiveness of the IMC strategy and programme so that deviations from the formulated objectives can be evaluated with a view to taking corrective measures. In the overall summary the IMC objectives and strategies must be derives from the marketing strategies and elements such as advertising, personal selling, promotions, publicity, public relations and e-communications must be derived from the marketing communications strategies for Zone Fitness company. (Ouwersloot and Duncan 2008)

Because I could Not Stop for Death values

â€Å"Because I Could Not Stop For Death† Emily Dickinson During the start of the realist movement, Emily Dickinson wrote â€Å"Because I could Not Stop for Death,† questioning the communal values of religion and eternity. The poem, at first, looks to be about the eternal afterlife, but with closer inspection of the language, (i. e. â€Å"Surmised† is a word of uncertainty) we find that she is actually not sure about the eternity of afterlife and all it entails. The 19th century was the beginning of a new era. Science and religion were beginning to intersect and to ome, clash.Dickinson's poem, in a way, is a direct comparison of this battle, as she is obviously struggling with idea of eternity and the traditional belief of the afterlife being heaven or hell. Dickinson uses realism in this poem by speaking of the reality of death, an event every living thing will experience, while using symbolism and personification. Death is personified as a gentleman who is gent ly taking her on a carriage ride. The first two lines, â€Å"Because I could not stop for Death/He kindly stopped for me-â€Å"(Dickinson, Line -2) symbolizes that the narrator has died but not on her own terms.She was not prepared for death, but Death â€Å"kindly' stopped for her. Dickinson personifies death, but is talking about the actual event of dying. Unlike the common fear among society of death, this Journey is calm and peaceful: â€Å"He knew no haste† (Dickinson, Line 5) and â€Å"For His Civility' (Dickinson Line 8) are phrases used to describe the gentle nature of death. On her Journey, she reflects the stages of her life. â€Å"We passed the School, where Children strove† (Dickinson,line 9) represents her childhood or youth.We passed the Fields of Gazing Grain† (Dickinson,line 1 1) represents the maturity of adulthood, and â€Å"We passed the Setting Sun† (Dickinson, line 12) represents the end. All of these events are common to everyone; childhood, adulthood, and death. Carol Frost writes, â€Å"There are no lectures and no overt theological speculations†¦ † . Hidden under the symbolism, lies only the process of dying. The poem questions the traditional values of religion and the beliefs that after death, comes eternity in a heavenly paradise.She is not accompanied by angels, here is no light leading to eternity, or visions of God reaching out his hands to embrace ner returning soul. Her actual beliets are unclear, but sne was clearly not religious. â€Å"Emily Dickenson lived in a time defined by the struggle to reconcile traditional Christian beliefs with newly emerging scientific concepts, the most influential being Darwinism. Dickinson's struggles with faith and doubt reflect her society's diverse perceptions of God, nature, and humankind. † (The Church). The scene as she comes closer to her destination is slowly getting dark and cold.We passed the Setting Sun/Or rather-He passed US† an d â€Å"The Dews drew quivering and chill† (Dickinson, lines 12-14) represent the leaving of the physical world and entering a dreary existence. At first, death was kind and now he's lured her into the darkness. A common belief among religious people is that when one dies, they enter a euphoric afterlife. As she reflects on the day of her death, she says, â€Å"Since then-tis Centuries- and yet/Feels shorter than the day/' first surmised the Horses' Heads/Were toward Eternity-â€Å"(Dickinson, lines 21-24).Dickinson gives no clear answer about her existence after death, but by the tone, she does not appear to be in a magical place. She also leaves the answer open to the reader's imagination by saying the centuries seemed shorter than the day she assumed she was going towards eternity. The 19th century introduced the ideology that mankind's creation had scientific explanations, and the beginning of the realist movement. These events mixed with Dickinson's already formed skep ticism, resulted in the creation of, â€Å"Because I Could Not Stop for Death†.

Techniques for Argumentative Essay Topics Blue Collar Vs White Collar That Only the Pros Know

Techniques for Argumentative Essay Topics Blue Collar Vs White Collar That Only the Pros Know These are the types of things you'll be exploring when you compose a parenting argumentative essay. As we begin to think about that idea, here are some suggestions to get you started on your own essay. That which we're searching for in an argumentative essay topic is something that may expand people's minds and permit them to have a look at a topic in a new light. Argumentative essay topics are so important since they are debatableand it's critical to at all times be critically contemplating the world around us. There are several people needed in the world to do a few jobs that which most individuals would not do. Complex sites can be produced this way, and a person doing only building websites is very likely to go broke unless they chance to be exceptional designers. There is an increasing problem with Third World women and how they're used. Communities such as these are referring to a new sort of financial revolution, a huge shift in the economy. Serious small business decisions will rely on humans for quite a while yet. You must make your choices. It's just so nice once you find good people which take pride the service they supply! So, make certain to take off the blinders and provide the situation an honest look prior to making any decisions. Definitions of Argumentative Essay Topics Blue Collar Vs White Collar Essays might be lightly modified for readability or to defend the anonymity of contributors, but we don't edit essay examples ahead of publication. Reading example essays works precisely the same way! Making is frequently the ideal bridge you'll find. Problems wouldn't stay problems in the event that you might easily solve them. Argumentative Essay Topics Blue Collar Vs White Collar White collar jobs need high educational qualification, mental sharpness, superior wisdom and expertise in a specific area. White collar crime remains very hard to detect. Generally, white collar crimes are committed by busines s people that are in a position to access considerable amounts of money, though the expression may be applied to others who pilfer monies in different conditions. The expression white collar crime covers a wide selection of crimes, but all of them involve crimes committed through deceit with the intention of gaining money or other assets. By way of example, in the USA there's a ban on using the info received for industrial purposes. The historical foundation for both terms might not have changed radically from their origins. No appropriate respect is supplied to the people who form the very foundation of society. Employing electronic payment rather than using check is a great process to cut back white collar crime. Or it may be more pessimistic, on the grounds that the surplus productivity machines will generate will earn a significant area of the workforce redundant and not needed. In Connecticut, for instance, you will need a yearly income of $659,979 to be in the 1 percent. They're also not as expensive to deploy than humans who want offices and wellness benefits. When it may make for good headlines, the fact remains, what will actually happen can't truly be predicted in any way. The barrier to entry for the majority of companies drops dramatically in that scenario, as you will need a lot smaller capital investment to supply a good or support. Earnings within this sector are safeguarded from taxation by unsaid rules. As everyone probably knows, we frequently criticize local officials who don't implement and don't understand today's changes and reforms. Economists, specifically, disagree with this outcome. So keep looking until you discover it. One, corporate writing jobs need an English level. The blue collar worker may not make a salary in any way, he may be working for hourly wages, or he can get paid for each and every product produced or assembled. Reasonable prices and terrific support. Much like physical wellness, creativity demands constant exercising. Blue-collar work is often paid hourly wage-labor, even though some professionals might be covered by the undertaking or salaried. Secondly, a few of the skills that workers have today isn't going to be useful following this revolution', which may indeed cause short-term unemployment. Whenever you get standardization, you lower the demand for programmers and decrease the complexity of that code.

Spanish Cell Phone and Social Media Abbreviations

Do you want to send cellphone text messages to your Spanish-speaking friends? Or communicate with them on Facebook or other social media (known as medios sociales in Spanish)? Youll find it easy with this texting and social media abbreviation glossary. Sending messages in Spanish can pose a challenge in typing accented letters and Spanish punctuation, as the method isnt always intuitive and varies with the software. But that hasnt prevented cellphone chat — technically known in both English and Spanish as SMS (for Short Message Service) — from becoming useful for Spanish speakers worldwide. The term is common in Spanish, where SMS is pronounced as would be esemese. Phone Texting Abbreviations Cellphone abbreviations are far from standardized, but here are some of them you may come across or want to try using yourself. 100pre — siempre — alwaysa10 — adià ³s — goodbyea2 — adià ³s — goodbyeac — hace — (form of hacer)aki — aquà ­ — hereamr — amor — loveaora — ahora — nowasdc — al salir de clase — after classasias — gracias — thanksb — bien — well, goodbb — bebà © — babybbr — bbr — to drinkbs, bss — besos — kissesbye — adià ³s — goodbyeb7s — besitos — kissesc — sà ©, se — I know; (reflexive pronoun)cam — cà ¡mara — cameracdo — cuando —  whenchao, chau — adià ³s — goodbyed — de — from, ofd2 — dedos — fingersdcr — decir — to saydew, dw — adià ³s — goodbyedfcl — difà ­cil — difficultdim — dime — tell mednd — dà ³nde — whereems — hemos — We haveers — eres tà º — you are, are youers2 — eres tà º — are youexo — hecho — acteys — ellos — they inde — fin de semana — weekendfsta — fiesta — partygrrr — enfadado — angryhl — hasta luego — see you laterhla — hola — helloiwal — igual — equalk — que, quà © — that, whatkbza — cabeza — headkls — clase — classkm — como — as, likekntm — cuà ©ntame — tell meKO — estoy muerto — Im in big trouble.kyat — cà ¡llate — Shut up.m1ml — mà ¡ndame un mensaje luego — Send me a message later.mim — misià ³n imposible — mission impossiblemsj — msnsaje — messagemxo — mucho — a lotnph — no puedo hablar — I cant talk now.npn — no pasa nada — nothings happeningpa — para, padre — for, fatherpco — poco — a littlepdt — pià ©rdete — get lostpf — por favor — pleasepls — por favo r — pleasepq — porque, porquà © — because, whyq — que  Ã¢â‚¬â€ that, whatq acs? —  ¿Quà © haces? — What are you doing?qand, qando — cuando, cuà ¡ndo — whenqdms — quedamos — were stayingq plomo! —  ¡Quà © plomo! — What a drag!q qrs? —  ¿Quà © quieres? — What do you want?q risa! —  ¡Quà © risa! — What a laugh!q sea — quà © sea — whateverq tal? — quà © tal — Whats happening?br/>salu2 — saludos — hello, goodbyesbs? —  ¿sabes? — Do you know?sms — mensaje — messagespro — espero — I hopet — te — you (as object pronoun)tas OK? —  ¿Està ¡s bien? — Are you OK?tb — tambià ©n — alsotq — te quiero — I love youtqi — tengo que irme — I have to leaveuni — universidad — university, collegevns? â€⠀  ¿Vienes? — Are you coming?vos — vosotros — you (plural)wpa —  ¡Guapa! — Sweet!xdon — perdà ³n — sorryxfa — por favor — pleasexo — pero — butxq — porque, porquà © — because, whyymam, ymm — llà ¡mame — call mezzz — dormir — sleeping — mà ¡s — more:) — feliz, alegre — happy:( — triste — sado- — mà ¡s o menos — more or less- — menos — less:p — sacar lengua — tongue sticking out;) — guià ±o — wink Many of the messages using a q for que or quà © can also be expressed with a k, such as tki for tengo que irme. A few popular abbreviations for vulgar words arent included in this list. Social Media Abbreviations and Vocabulary Many of the abbreviations above are also commonly used in social media such as Facebook and Twitter. Here are some others that are commonly used: AHRE, ahre — (origin uncertain) — A word, especially common in Argentina, used to indicate that what has just been said should be understood ironically or as a joke, something like the way the winking symbol can be used ALV — a la verga — A common insult, cam be considered vulgar etiqueta — The word for label, preferred by some for hashtag mensaje directo, mensaje privado — Private message Vocabulary Related to Text Messaging Although its frowned on by purists and isnt in most dictionaries, the verb textear is often used as the equivalent of to text. It is conjugated as a regular verb. The noun form is a cognate, texto. Another verb derived from English is chatear, to chat. A text message is a mensaje de texto. To send such as message is enviar un mensaje de texto. Words for cellphone include telà ©fono celular or celular, more common in Latin America; and telà ©fono mà ³vil or mà ³vil, more common in Spain. A smartphone is a telà ©fono inteligente, although use of the English word, sometimes spelled esmartfà ³n, is frequent. A messaging app is an aplicacià ³n de mensajes or app de mensajes.

Analysis Of Edgar Allen Poe s The Cask - 1563 Words

Blaine Bowman Mrs. McKay American Literature 10 November, 2015 Gothic Elements in Poe’s Captivating Stories Edgar Allen Poe can be described as a master of gothic literature. Poe enjoyed incorporating the gothic theme into his stories (â€Å"The Cask† 52). The free dictionary website describes gothicism as a style in fictional literature characterized by gloomy settings, violent or grotesque action, and a mood of decay, degeneration, and decadence. Edgar Allen Poe experienced many failures and disappointments throughout the course of his life. The deaths of many loved ones, most of whom died from The Red Death, or Tuberculosis as he called it, inspired him to create both gloomy and frightening stories. Poe s life started out very†¦show more content†¦Poe s The Fall of the House of Usher is a prime illustration of a Gothic horror story† (â€Å"The Fall† 51). The main characters of this short story are Roderick and Madeline Usher. They both have gloomy appearances and are ghastly looking. Roderick and Madeline s appearances are both elements that contribute to th e overall gothic effect of the story. The setting that Poe used to open up the story creates a â€Å"mood of decay.† Poe describes the day as monotonous, gloomy, dusky, and silent with clouds hanging low in the sky as though they were depressed. The house’s walls were desolate and bare, as were the windows. Dead and decaying trees were found throughout the Usher’s yard. This particular setting added a sense of dreariness to the story. Another example of the gothic theme in this short story is included in the description of the Usher house. The house was referred to as a mansion of gloom. From the narrator’s first glance at the Usher family home he had a feeling of â€Å"insufferable gloom† that diffused throughout his being. The Usher’s home aroused feelings of uncertainty and terror inside of the narrator’s conscience. Poe incorporates the gothic theme by adding an implied sense of seclusion and an unclear vision of where the mansion is actually located (55). Many critics call this story a gothic nightmare. This horrific story is one of

Priority Sector Lending in India Free Essays

Definition and more details5 Priority sector: A need5 Priority Sector Target: Financial Reforms Effect6 Effect of reforms on priority sector lending:6 Priority Sector: Specific sector guidelines8 Agriculture8 Small enterprises8 Weaker section:9 Other sectors9 Priority Sector: present status10 Participating Entities : Targets to be met10 Participating Entities : How much is achieved11 Public Sector banks11 Private Sector banks11 Foreign banks12 Participating Entities : penalties in case of failure in achieving the target12 Priority Sector : Advantages12 Priority Sector : Major Issues13 Strategies Ahead13 Exhibits15 References18 INTRODUCTION Priority sector bank lending was mainly started by the government to reach the unbanked areas through regular banks which were till that time not much willing to go to rural and undeveloped areas. It was one most important tool in our financial policy to compel banks to increase their loanable customers. Before independence, banks were mostly privately owned and they used to lend only to the sectors in which they were assured of returns. We will write a custom essay sample on Priority Sector Lending in India or any similar topic only for you Order Now According to the reports from 1940s, 79% of bank finances were made available to industry and commerce. Of that amount too, around 32% went to large industries of jute, cotton and sugar mills. When looking at the less rosy picture, the advances to agriculture sector stood a meager 4%. Post independence, according to RBI survey of 1954, in 1951-52, of all credit disbursal by credit agencies to cultivators, only 7. 3 % was from institutional credit agencies. Of this small contribution, the part of banks was only 0. 9%. Rest was given by government and cooperative agencies. From this statistics, it is clear that the rest of the credit was availed by the cultivators from non-institutional credit agencies. When the interest rates charged by these agencies was checked, they were found to be usuriously high with professional moneylenders charging 41. 9% interest rate while agricultural moneylenders charged 23. 9% interest rate which was 5-6 times more than the normal bank rate. It shows that if a farmer is getting loan at this interest rate, chances are more that he will never be able to repay it fully and fall in the vicious circle of loans. By getting working capital at such high interest rates, it was equally difficult to breakeven. So, agriculture and small and medium enterprises were in deep need for credit at easy terms. PRIORITY SECTOR DEFINITION AND MORE DETAILS Priority sector and its coverage area kept changing all through these years, mostly due to economic and political pressures. Although its definition can be divided in two parts i. e. pre-reform and post reform period. Pre reform period definition: â€Å"It included agriculture, Small scale industry (including setting up of industrial estates), small road and water transport operators, small business, retail trade, professional and self employed persons, state sponsored organizations for SC/STs, educational loans granted to individuals by banks under schemes, Credit schemes for weaker sections and refinance by sponsor banks to Regional Rural Banks. † About the post reform definition we will talk later in details when dealing in the section about priority sector guidelines. PRIORITY SECTOR: A NEED Population support and employment generation: According to the definition of priority sector it covers about 70% of India’s population by rough estimates. So, by making it mandatory for the banks to lend to priority sector, government is actually trying to cover a big part of population. Priority sector mostly includes agriculture and allied sector which employs largest number of people in ou r country. †¢Freedom from non-institutional credit: The priority sector cut out by government was mostly the one which was earlier taking loans from non-institutional sources and was always indebted because of usurious rates of interest. By creating priority sector lending, it was tried to make institutional credit available to a bigger section, at affordable interest rates. †¢Willingness of banks: Most of the banks were not willing to lend to this sector because of the risk involved here as well as more paperwork required to lend smaller loans to large number of people. They were happy lending to urban sector which was more reliable and trustworthy. They preferred lending to industry, commerce, trade and securities as their traditional loanees and who were supposed to default less. Location of banks: Banks were earlier situated mostly in urban area where the business was and so, it was geographically also difficult for them to lend to rural and backward areas where there was no banking network earlier. It was difficult to know about the credit history of borrower and the potential ability of loaned to repay the loan as well as potential of the project for which loan was to be given. So, they were skeptical abou t loaning to those sectors. †¢Institutional credit: By allowing priority sector credit to flow, RBI and government actually allowed large amount of institutional credit to flow in this area. So, as it became mandatory for the banks to complete certain target for priority sector, they started searching for viable projects and loaners who can successfully repay the loan. For this to happen branches were opened in rural areas and people were encouraged to take loan from banks. Many people availed loan under priority sector lending and got involved in successful enterprises. PRIORITY SECTOR: FINANCIAL REFORMS EFFECT After financial sector reforms, priority sector lending underwent lots of change. As earlier, it was only focused towards weaker and rural section of society but afterwards it included many new sectors as well as the definition of earlier sectors was widened to include more areas in them: Priority sector targets are: Table 1: Priority Sector Targets to be achieved by Banks Before 1991 After 1991 Total priority sector credit 40% of net bank credit 40% of net bank credit Agricultural credit 18% of net bank credit 18% of net bank credit Weaker section credit 10% of net bank credit 10% of net bank credit Export credit – 12% of net bank credit for foreign banks SSI credit – 10% of net credit for foreign banks Source: Reserve Bank of India Banking norms EFFECT OF REFORMS ON PRIORITY SECTOR LENDING: A chorological sequence of changes in priority sector lending policy is given below which show how the definition of priority sector has changed in all these years: 1. 1992-1993: In the light of reforms, and many new industries coming up in all sectors, government and RBI decided to help out industry with credit facilities and asked banks to fulfill demand of small scale industries upto Rs. 100 lakh limit for setting institutional framework to rejuvenate potentially viable small scale industry units. . 1993-1994: The overall target of net bank credit to be given for priority sector remained unchanged but the direct and indirect target for lending to agricultural sector was clubbed together to make a sub target of 18% for agricultural lending. But, in this system also, the indirect lending was not supposed to extend one-fourth of the total sub target. Lending above this in indirect lending, was n ot to be considered in priority sector lending. At least 40% of total credit was supposed to go to small scale and khadi and village industries within limit of Rs. 5 lakh. Foreign banks were asked to revise their priority sector advance target from 10% to 32%. Two more sectors were included in that i. e. advances to small-scale industries and export sector were made with each being 10%. 3. 1995-1996: In case of any shortfall in PSL (agricultural sector), banks were required to contribute to Rural Infrastructure Development Fund (RIDF), which was set up under NABARD, the maximum of which was 1. 5 % of bank’s net credit. Shortfall in case of other areas, they were required to provide Rs. 1000 crores for financing in Khadi and Village Industries Commision (KVIC). All the refinances which was done to RRBs by the banks was now to be considered under priority sector lending. 4. 1996-1997: In this year Union Budget provided Rs. 2500 crore for RIDF fund. Export credit target increased from 10% to 12% in this year. Credit advanced to priority sector increased this year very much. From the last year numbers, it increased from 30. 37% of net bank credit to 32. 4%. 5. 1997-1998: The scope of priority sector lending was increased for road and water transport operators, with number of eligible vehicles increasing from ‘not more than six’ to ‘not more than ten’. The credit limit for housing in rural and urban areas also increased upto Rs. 5 lakh. 6. 1998-1999: In this year, the interest rate subsidy for loan in PSL was taken away on the argument that now priority sector lending is also commercially viable for banks. Banks were also given the option to invest the PSL shortfall by lending to NABARD/SIDBI, so the restriction of not lending to profitable sector was slowly being taken away. 7. 1999-00: Banks were asked to lend to NBFCs and MFIs under priority sector, to enable them to lend to rural and weaker section. INSTITUTIONAL AND NON-INSTITUTIONAL CREDIT IN INDIA Before independence, the credit which was available to farmers was just non-institutional credit or in other words private money lenders. But, after independence, government took major steps to uproot this problem which was eating up the poor population and was hampering with the country’s economic growth. In 1951, institutional credit accounted to 92. 7% of the total credit availed (Refer Graph-1) where as all these reforms positively impacted the credit scenario in India making the Non-institutional credit accounted to be 38. % in the year 2002. Graph 1: Trend of Institutional and Non-institutional credit in India PRIORITY SECTOR: SPECIFIC SECTOR GUIDELINES AGRICULTURE 1. Direct finance: Finance given to individual farmers (including SHG JLG) for agricultural and allied activities are included under this sector. This includes short-term loans for raising crops, advances upto 10 lakh against pledge of agricultural produce f or maximum 12 months period, working capital and term loans, for purchase of land, to indebted distressed farmers, for pre and post harvest activities. Loans given to partnerships, corporate and institutions for agricultural activities, and upto 1 crore for most of the activities mentioned above also come under direct finance. 2. Indirect finance: It covers vast range i. e. corporate, Primary agricultural Credit societies, Farmers service societies, Large sized Adivasi Multi Purpose Societies, cooperative societies, and for the construction of warehouse, agricultural input dealers, arthias, NCDC, NBFCs, NGOs, MFIs, RRBs and overdraft upto 25000 for no-frills account in rural and semi-urban areas. SMALL ENTERPRISES 1. Direct finance: a. For manufacturing enterprises, for small enterprises the upper cap for taking loans is less than 5 crores, while for micro enterprises it is upto 25 lakh only. b. For service enterprises, for small enterprises it is upto 2 lakh, while for micro enterprises it is only 10 lakh. c. For khadi and village industries it is upto 60% of small enterprise segment. 2. Indirect finance: a. It is made available for the person involved in marketing activities of artisans, village and cottage industries. b. Under this Loans made by NABARD, SIDBI and commercial banks to NBFCs and cooperatives involved in this sector also come. WEAKER SECTION: In weaker section, small and marginal farmers with less than 5 acres land holding, landless labourers, artisans, village and cootage industries, beneficiaries of SGSY, SC, ST, DRI, SJSRY, SLRS, self help groups, distressed poor, minority communities etc are included. They are given loans under priority sector loans. OTHER SECTORS Retail trade : Retailers involved in essential commodities, consumer co-operative stores, private retail traders, upto the limit of Rs. 20 lakh. Micro-credit : For poor indebted borrower of non-institutional credit, it is given against collateral or group security. The upper limit for it is upto Rs. 50000 per borrower. State sponsored organization: It is for scheduled castes/tribes for extending credit for purchase of input or for marketing of output. Education: Within India the maximum cap for education loan granted is 10 lakh, while outside India it is 20 lakh. It is applicable for individuals as well as NBFCs. Housing: a. For purchase and construction of houses, the maximum loan allowed is 20 lakh. b. For repair of houses, the maximum loan allowed is 1 lakh in rural India and 2 lakh in urban areas. c. For government agencies for construction of dwelling units, or for slum dwellers, upto a maximum of Rs. 5 lakh is allowed. PRIORITY SECTOR: PRESENT STATUS PARTICIPATING ENTITIES: TARGETS TO BE MET The Reserve Bank of India from time to time has issued a number of guidelines/instructions/directives to banks in lending credit to Priority sector. In priority sector various banks that are involved are- public and private sector bank under domestic banks and foreign banks. There are separate targets to be met for all the banks which are set by the RBI. RBI issues a master circular containing all the guidelines for incorporation of priority sector lending. If the targets are not met, then various penalties are to be borne by them. The targets set for the domestic and foreign banks working in India are already mentioned before in Table-1. The total advances that a domestic bank has to offer for the priority sector is 40% where as for foreign banks working in India is 32 %. These advances are further bifurcated into the advances provided to agricultural sector, small scale industries (SSI), export credit and weaker sections. However, domestic banks don’t have to contribute to SSI and foreign banks don’t have to contribute to agricultural advances and weaker sections. Over the years, the advances provided to this sector are increasing in gross value and some other sectors like education, housing, retail trade which were not the part of this sector previously were also included. The trend observed during the last three years is explained in the graph provided below. In the year 2006, the advances offered by the public sector banks were Rs. 409. 745 thousand crores where as private sector provided Rs. 06. 556 thousand crores. Then in year 2008, these advances increased to Rs. 605. 965 thousand crores and Rs. 165. 225 thousand crores by public and private sector bank respectively. This marked a growth rate of 48% in public sector and 53. 5 % in private sector. Source: Reserve Bank of India- Trend and Progress of Indian Banking 2008-09 The share of various sectors i. e. agriculture, SSI, education, housing have also registered a change as shown in the figure given below. The share of advances provided to agriculture sector is more or less same where as the dvances provided to SSI has been replaced by small enterprises, housing and education where housing accounted for 30% of the advances and education accounted for 25% of the advances. Source: Reserve Bank of India- Trend and Progress of Indian Banking 2008-09 The rationale of including these sectors was to provide the holistic development to the poor people. It was understood that it’s not just the credit requirement which has to be fulfilled but also the education which would ensure the socio-economic development of the society. In all, those sectors which can impact large section of populations are to be a part of priority sector. But, how efficiently are banks able to achieve these set targets – is still questionable. PARTICIPATING ENTITIES: HOW MUCH IS ACHIEVED PUBLIC SECTOR BANKS Exhibit-1 shows the targets achieved by public sector bank. The public sector banks were able to meet the target of 40% till 2005-06 but in 2007 they fell short by 0. 7%. There were 28 banks in total, out of which- seven banks failed to achieve the target (Allahabad Bank, Oriental Bank of Commerce, Syndicate Bank, IDBI Ltd. , State Bank of India, State Bank of Mysore and State Bank of Patiala). However, only 8 banks were able to meet target of agricultural lending and only 7 for weaker sections. PRIVATE SECTOR BANKS Exhibit-2 shows the targets achieved by private banks in lending to the priority sector. Out of 26 private sector banks, four banks (Bank of Rajasthan Ltd. , Centurian Bank of Punjab Ltd. , Jammu and Kashmir Bank Ltd. and Karnataka Bank Ltd. ) didn’t achieve the target as stipulated for the priority sector lending. However, only three banks were successful in meeting agricultural credit target and no bank met the target for weaker sections. FOREIGN BANKS Exhibit-3 shows the targets achieved by foreign banks in lending to the priority sector. Out of 29 foreign banks working in India five banks (Abu Dhabi Commercial Bank, Bank of Tokyo-Mitsubishi, Citi Bank, HSBC Ltd. and Mizuho Corporate Bank) did not achieve the target. However, only Seven banks (Bank of Nova Scotia, Bank of Tokyo-Mitsubishi, Citi Bank, HSBC Ltd. , JP Morgan Chase Bank, Mizuho Corporate Bank and Shinhan Bank) were not able to achieve SSI target and three banks (American Express Bank, Bank International Indonesia and Mizuho Corporate Bank) were not able to achieve the export credit target. The banks which failed to achieve the target have to pay the penalties decided by the RBI. PARTICIPATING ENTITIES: PENALTIES IN CASE OF FAILURE IN ACHIEVING THE TARGET DOMESTIC BANKS Domestic banks which fail to achieve the target have to contribute to Rural Infrastructure development Fund (RIDF) established with NABARD or funds with other financial institutions, as specified by RBI by giving them one month’s notice. The particulars of this fund are decided in the beginning of financial year. Interest rate and period of deposit are also to be decided by RBI. FOREIGN BANKS Foreign banks which fail to achieve the target have to contribute to Small Industries Development Bank of India (SIDBI) or funds with other financial institutions, as specified by RBI . The particulars of this fund are decided in the beginning of financial year. Interest rate and period of deposit are also to be decided by RBI. Non-achievement of meeting the priority sector targets are considered while granting regulatory approvals for various purposes. PRIORITY SECTOR: ADVANTAGES 1. Financial Inclusion – It provided credit availability for small-marginal farmers, and to those sections which were previously deprived of taking any credit from the institutions. 2. Previously because of high default rate amongst the weaker sections,the institutions were reluctant to give credit to those people which forces the farmers or the weaker people to go to the money-lenders who charged them high rate of interests (varying between 10% to 50%). Mandatory lending to priority sector has eradicated this problem and ensured advances by the institutions. 3. Poverty Alleviation – If the timely credit is provided to small households, they can give more inputs to their produces which will result in better productivity. In effect agricultural GDP grows, which helps in upliftment of both the primary and secondary sector which are dependent on small scale industries and agriculture, directly or indirectly. It generates more employment, hence, resulting in poverty alleviation. 4. Social Inclusion – Poorer sections previously were deprived of participating in various community activities. The rise in their livelihood has given them a strong support to participate in various social activities. PRIORITY SECTOR: MAJOR ISSUES 1. High Non-performing assets – Since borrowers are not able to repay the loan on time, have created a fear in the banks and provoke them to make slow disbursement of loans. 2. Quantitative targets –Since, the stringent targets has been set by RBI, this has resulted in lowering the quality of delivering targets. 3. Government interference – Due to the regional Government intervention, the more influential people get the loan, and the poorer still get ignored. So, rich gets more richer. 4. Transaction cost – Handling disbursement of huge quantity of small loans requires more time and labor. 5. Low absorption of credits -This occurs due to lack of capital infrastructure in agriculture and other small scale industries. 6. Low Profitability -Low rate of interest charged from the borrowers makes this sector vulnerable. STRATEGIES AHEAD 1. Initiatives by Government a) Recovery of Non-Performing Assets †¢Establishing Debt-recovery tribunals – this will act as a mediator between the bank and borrower and will help bank in better recovery from the borrowers. †¢Internal audit before sanctioning of loan should be done. b)Strengthen the cooperative bank network to increase credit advances to the farmers. c)Link crop-insurance with loan amount. This mitigates the risk for Lender and borrower. d)Promote group lending to people – group lending develops a collective responsibility amongst the borrowers which decreases the default rate. e)Government need to promote rigorous extension activities for promoting modern agricultural techniques for increasing production. f)Strict actions needs to be taken against the banks for not meeting the priority sector criteria. 2. Initiatives by Bank a)Banks should increase the term and delay the installments under term loan in case the borrowers are not able to repay in time. b)They should not charge compound interest on the loan amount. In a nutshell, Government need to strengthen backward and forward linkage both to provide inputs, increase productivity and develop markets. EXHIBITS Exhibit 1: Target achieved by Public Sector banks Exhibit 2: Target achieved by Private Banks Exhibit 3: Target achieved by foreign banks REFERENCES †¢Priority Sector lending information (2010). Retrieved on August 4, 2010 from-http://www. rbi. org. in/scripts/FAQView. aspx? Id=8 †¢Trends, issues and strategies (2010). Retrieved on Aug 5, 2010 from-http://www. academicjournals. org/jat/PDF/Pdf2009/December/Uppal. pdf †¢Planning Commission reports on labour and employment (2010). Retrieved on Aug 5, 2010 from-http://books. google. co. in/books? id=qOOmWsfqfe4Cpg=PA96lpg=PA96dq=priority+sector+lending+appraisalsource=blots=HZTEbRCSVosig=QtcebyqWJ5xWqkZ_TMdmPzCp4-4hl=enei=KbFaTLK7DISXrAe9u52-DAsa=Xoi=book_resultct=resultresnum=9ved=0CEsQ6AEwCA#v=onepageqf=false †¢All India Debt and Investment Surveys (2002). Retrieved on August 6 ,2010 from- http://www. rbi. org. in/scripts/BS_SpeechesView. aspx? Id=298 †¢Trend and Progress of Indian Banking 2008-09 (2009). Retrieved on August 6, 2010 from- http://www. rbi. org. in/scripts/AnnualPublications. aspx? head=Trend%20and%20Progress%20of%20Banking%20in%20India How to cite Priority Sector Lending in India, Papers

Travel Expense Deductibility Free Samples for Students-Myassignment

Question: Advise Jim on the Deductibility of Travel Costs in respect of the following travel. 1.Driving from his office in the CBD to another court located in a suburb in Sydney and then driving home; 2.Driving from his office in the CBD directly to the farm in Cooma, with 4 big folders of file he intend to review there; 3.Driving from office in the CBD to home and then to the farm in Cooma. Answer: The key intent is to opine on the travel cost deduction that could be availed by Jim whose profession in a barrister but also has a farm which also produces assessable income. As per s. 25-100, ITAA 1997 in order to gain deductions with regards to travel expense, namely two conditions outlined below have to be fulfilled[1]. The presence of the taxpayer at the initial location must be associated with commercial or income producing activity.Further, after the taxpayer has shifted to a new location, then for the new location also, associated with commercial or income producing activity is imperative. Additionally, s. 25-100(3) states that tax deduction is not valid is either the source or the destination is the residence of the given individual[2]. Scenario 1: In the given case, Jim starts from Sydney CBD based office to a court located in suburb of Sydney. The travel expense deduction is not applicable in this case as Jim has finished his work after attending the court proceedings goes to his home as per s. 25-100(4). Also, the travel from the court to the home(destination) would not result in deductible expense as per tax ruling IT 112 and also the verdict of the Lunney and Hayley v FC of T[3] case along with s. 25-100(3), ITAA 1997[4]. Scenario 2: In this scenario, Jim travels from his office in Sydney to the farm located in Comma and he has not yet finished his work due to which some pending work, he has brought at the farm also. It is evident that both the locations i.e. source and destination tends to produce assessable income while being unrelated. Thus, in accordance with s.25-100(1), ITAA 1997 and also the decision in Commissioner of Taxationv Payne[5]case, it is evident that the travel expense would be deductible for tax purpose. Scenario 3: The given details indicate the Jim travelled from his office to home. Then, he travelled to his farm at Cooma which is used to produce commercial income. It is apparent that in one of the cases the destination is the residence and in the other residence is the source. Thus, as per tax ruling IT 112 and also the verdict of the Lunney and Hayley v FC of T[6] case along with s. 25-100(3), ITAA 1997, the travel expenses would not be held tax deductible[7]. Bibliography Commissioner of Taxationv Payne[2001] HCA 3 Lunney and Hayley v FC of T (1958) 100 CLR 478 Stephen, Barkoczy, Foundation of Taxation Law 2015 Barkoczy,Stephen, Foundation of Taxation Law 2015, (North Ryde, CCH, 2015), 87-88Ibid. 1 Lunney and Hayley v FC of T (1958) 100 CLR 478Ibid.1 Commissioner of Taxationv Payne[2001] HCA 3Ibid. 3Ibid,1