Taxation of Ill Gotten Gains in South Africa

It has as of late been accounted for in the press that SARS has stopped a case for R183 million in annual duty against the home of the killed mining financier, Brett Kebble in regard of the R2 billion purportedly taken by him from the mining organizations of which he was an executive. It is additionally detailed that the Master of the High Court has dismissed the case because the sums on which SARS looked to exact expense established cash taken by Kebble, and that taken cash isn't dependent upon personal assessment. It has been accounted for that SARS is to take the Master?s choice in such manner on audit. Why the issue is being challenged based on survey, as unmistakable from the normal procedure of evaluation followed by complaint and offer, isn't clear. An audit is concerned uniquely with the normality of the procedure by which a choice was reached, not with the rightness of the choice itself. An unsettled issue of expense law The Kebble case raises an intriguing and uncertain duty issue and, taking into account the huge aggregate in question, it might be a case that will go right to the Supreme Court of Appeal and bring long-past due assurance to the law. The Income Tax Act No. 58 of 1962 (the Act) is of no help with deciding the issue. Area 23(o) states that installments that are unlawful as far as Chapter 2 of the Prevention and Combating of Corrupt Activities Act No. 12 of 2004 or that establish a fine or punishment for any unlawful action did in the Republic (or in some other nation if that movement would be unlawful whenever completed in the Republic) are not deductible for annual duty purposes. There is, be that as it may, nothing in the Act to state that the beneficiary of degenerate or unlawful installments is (or isn't) expose to personal duty on such sums, and this issue must, consequently, be settled by the use of custom-based law, in other words, as far as standards set somewhere around the courts. In COT v G [1981] (43 SATC 159) the Appellate Division of Zimbabwe held that an individual who takes cash doesn't â€Å"receive† it in the sense examined in the meaning of â€Å"gross income† in the Act, since he doesn't secure the cash â€Å"on his own sake and for his own benefit†. In the event that this is right, at that point the subject of whether such a sum â€Å"is income† doesn't emerge, since it is just once a sum has been gotten or collected that the issue emerges with respect to whether it is pay or capital. Notwithstanding, the accuracy of this choice is suspect. Unquestionably, from the thief?s viewpoint, the motivation behind why he took the cash was unequivocally to get it â€Å"for his own benefit† and the understanding that the appointed authority agreed this expression is, with deference, legalistic, counterfeit and unsupported by power. In ITC 1789 (67 SATC 205), where the citizen being referred to had requested a great many rand from a large number of financial specialists in a deceitful and unlawful plan, the court held that those funds had been â€Å"received† as mulled over in the meaning of ?net pay?. On the off chance that both of these choices are acceptable law, it would imply that (as was held in ITC 1789) an individual who deliberately swindles others out of cash is dependent upon annual assessment on his goods, however that (as was held in G v COT) an individual who really takes cash in an orderly manner isn't available. This, it is submitted, is a ludicrous and illogical differentiation. The genuine issue was whether the sums were â€Å"income† It is presented that both these cases should have been chosen the premise of whether, in the specific conditions, the sums being referred to had the character of â€Å"income† in the possession of the criminal, as opposed to on the issue of whether the funds had been â€Å"received† by him. Advantageous receipt was doubtlessly plainly obvious in the two cases. It can scarcely be genuinely fought that a hoodlum or certainty cheat doesn't plan to gain the victim?s cash for his own advantage, and treat it as his own. The issue of whether cash that has been taken or is in any case corrupted with wrongdoing is â€Å"income† in the possession of the beneficiary and is consequently dependent upon personal expense, raises numerous prickly issues, never to date completely tended to not to mention settled by our courts. A portion of the parts of the issue with regards to whether illicit receipts are available as salary are ? †¢Illegal receipts extend from those that are polluted with a unimportant specialized lawlessness, for example, those got from exchanging without a permit, to ethically unpardonable receipts, for example, the returns of medication managing or an expense paid to a contract killer for completing a death. In the expense setting, do similar standards apply to each sort of illicit receipt? †¢If SARS were to take a cut of an illicit receipt, would this not make the State complicit in the lawlessness? On the off chance that personal expense were to be forced on the beneficiary of taken cash, this would decrease the assets accessible to reimburse the legitimate proprietor. It should be recalled that, in law, responsibility for cash has gone to the criminal, and all that the proprietor has is a case in personam against the cheat for reimbursement. On the off chance that the che at has gone through the cash and can't reimburse it, the casualty is only a simultaneous loan boss in the thief?s indebted domain. SARS, paradoxically, has a particular case, as far as the Insolvency Act, for any duties due. On the off chance that annual assessment were payable on the taken cash, it is hence possible that SARS would recoup all or a portion of the duty, however that the casualty would not get his cash back. This, it is submitted, is an unpalatable outcome. Should SARS get included by any stretch of the imagination? There is a solid contention that, where unlawful installments are concerned ? unquestionably concerning taken cash ? it would be best for charge law to stand unapproachable, connect no duty results to the receipt of the cash, and let the entire issue be chosen as far as criminal law. In any case, taking into account the vulnerability in the law on this point, SARS can scarcely be blamed for declaring a case.

Exile As Motif In Lenrie Peters English Literature Essay

Outcast As Motif In Lenrie Peters English Literature Essay Christopher Babatunde Ogunyemi is a PhD inquire about individual at the Department of English, Obafemi Awolowo University, Ile Ife. He was instructed at the University of Uyo, Akwa Ibom State in Nigeria. He holds a Master certificate in Comparative Literature from Dalarna University and he addresses English and Literature at Joseph Ayo Babalola University Ikeji Arakeji, Osun State in Nigeria. He is the creator of Male Autobiographical Narratives and Gender Imperatives, Topical Issues in Literature and Globalization and Narratology and Contemporary Fiction which were totally distributed by VDM-Publisher and Lap-Lambert Academic Publishing in Germany. He has driving papers in universal diaries of high notoriety. Dr. Niyi Akingbe shows Comparative Literature, African Literature and Protest learns at the Joseph Ayo Babalola University, Ikeji-Arakeji, Osun State, Nigeria. He has composed two basic works: Social Protest and the Literary Imagination in Nigerian Novels and Myth, Orality and Tradition in Ben Okris Literary Landscape. His articles have showed up in driving diaries on African Literature. Abosede Adebola Otemuyiwa is a teacher in the Department of English, Joseph Ayo Babalola University, Ikeji-Arakeji, Osun State, Nigeria. She has distributed a few articles in some insightful diaries. Living Anonymity: Exile as Motif in Lenrie Peters He Walks Alone Christopher Babatunde Ogunyemi Division of English Joseph Ayo Babalola University, Nigeria. [emailprotected] also, Niyi Akingbe Branch of English Joseph Ayo Babalola University, Nigeria [emailprotected] Abosede Adebola Otemuyiwa Branch of English Joseph Ayo Babalola University, Nigeria [emailprotected] Presentation Outcast is oddly convincing to consider however awful to encounter. It is the unhealable fracture constrained between a person and a local spot, between oneself and its actual home: its fundamental misery can never be overcomed. And keeping in mind that the facts demonstrate that writing and history contain gallant sentimental, wonderful, even triumphant scenes in an outcasts life, these are close to endeavors intended to beat the accomplishments of outcast for all time sabotaged by the loss of something left behind for ever. (Edward Said, 2001:137) Edward Saids accommodation above best clarifies the basics about works on Exile which predicts either self-personality or aggregate character of a gathering of individuals who live in a continuum. This sort of composing either advises, instructs or engages however the significant theme here is to censure and to mockingly educate the individuals inside the artistic ethos about the exigency of outcast, its mental impacts, sociological impacts and even its political consequences for African individuals. Outcast composing imagines issues that trouble on estrangement and the journey for opportunity. Authors all through the ages have been utilizing their abstract works of expressions to show different responses that waste time with oust. Some x-beam physical outcast others mental outcast which terribly influences the mind of the essayist or the character being referred to. Movement and constrained relocation are panacea to distance and outcast. Compositions exuding from such emotions are nostalgic and provocative. Numerous scholars have utilized their attempts to support the sentiments of outcast in existence. The experience of outcast writing in Lithuania is predicated on the whole-world destroying second happening to the soviet militaries in Lithuania. This discarded numerous scholarly and expert away into oust. Artists emerged to respond fundamentally to these predicaments. Instances of such artists are Kazys Bradunas (b.1917), Jonas Mekas (b.1922), Algirdas Landsbergs (b.1924) among others from all pieces of the world. Our anxiety in this paper is to look at oust as theme in Lenrie Peters verse that is entitled He Walks Alone The sonnet clarifies different reasons Africans go on banish and their impressions when they feel nostalgic. Affections for their underlying foundations, their families and their societies offer ascent to some delicate impress ions in their works of expressions. Nonetheless, the work utilizes literary examination to clarify how Lenrie Peters utilizes incongruity and illustration to depict the picture of outcast strategically, mentally, financially and truly as repeating themes in his verse. His abundance of symbolism is arranged inside the hub of scholarly application so as to clarify what illuminates relocation writing in Africa. This paper is envisioned in six developments: the first being the presentation tosses a searchlight into the idea of movement and its specialist model in Lithuania and Africa. The second tests into what establishes the printed investigation approach; the third perspectives banish as theme in African verse; the fourth dives into Lenrie Peters distraction of outcast; the fifth development conceptualizes the utilization of the literary examination to the sonnet being referred to and the 6th, being the last development closes the work. The paper conceptualizes the literary examinati on way to deal with show the characteristic estimation of movement and outcast in the body of the content. Daniel Chandler has done some superb utilization of the printed way to deal with the broad communications. This methodology permits solid knowledge into the comprehension of verse as it moves in reality. The Textual Analysis Approach There are two primary types of the literary examination of mainstream society antiques: interpretive and content investigation. This paper will utilize these two varieties in its corpus. Interpretive Textual Analyses This include: semiotics, explanatory examination, ideological investigation, and psychoanalytic methodologies, among numerous others. These sorts of investigation try to get underneath the surface (denotative) implications and analyze increasingly verifiable (demonstrative) social implications. These literary investigation approaches frequently see culture as an account or narrating process in which specific writings or social curios (i.e., a pop melody or a TV program) intentionally or unwittingly interface themselves to bigger stories at play in the general public. A key here is the means by which writings make subject positions (personalities) for the individuals who use them. Content investigation is an increasingly quantitative methodology that extensively reviews things like what number of occasions of viciousness happen on a run of the mill night of prime time TV survey, or what number of Asian American ladies show up in a days worth of TV ads. This data, particularly when connected to progressively subjective sorts of investigation, can be truly important in moving past the examiners in every case to some degree emotional perceptions (http://culturalpolitics.net/popular_culture/textual_analysis). As indicated by Jan Ifversen in Text, Discourse, Concept: Approaches to Textual Analysis, he clarifies the printed hypothesis utilizing the Foucauldian talk investigation and Begriffsgechichte which can be productively consolidated to build up a text based examination in any artistic work, he takes into comprehension and exhibits that account both realistic and semantic components of language is the errand of source analysis to set up this case. In any case: Literary examination, then again is worried about the phonetic types of past portrayals. It must get to grasps with the illustrative affix that joins memory to declaration and declaration to composing. A few approaches are applied to literary examination of verifiable records. they contact viewpoints inside literary investigation that especially concern recorded material and abstract skyline (KONTUR nr. 7 2003: 60) Which means arranged substance investigation and interpretive and basic content examination approaches share an abstract ontological status of human activity and conduct and a methodological duty to catching the real significance and understandings of hierarchical on-screen characters engaged with corporate account revealing. Corporate account archives are viewed as a mechanism for importance development for authoritative entertainers. Be that as it may, content investigation comes closer from the interpretive and the basic points of view recognize the scientists subjectivity. Artistic works give review of the exploration points of view and relating content investigation approaches which are further in writing. It demonstrates the decision of content investigation way to deal with be dictated by the exploration worldview in which the analyst finds him/herself, which, thusly, comprises of a particular blend of the scientists epistemological position and the conviction in regards to th e ontological status of human activity and conduct. (Merkl-Davies, 2009: 5). We will apply the printed way to deal with the verse of Lenrie Peters so as to comprehend its evaluative understanding in relocation writing. Outcast as Motif in African Poetry Verse for the most part utilizes the utilization of epigrammatic articulations, verses, solid pictures which graphically outline indisputable realities throughout everyday life and social equity (Maduka and Eyoh, 2000:14). In view of this, artists, for example, Williams Wordsworth, John Keats, Shakespeare, Yeats and so on utilize their verse to elucidate different themes from guiltlessness to experience, nature and love, unbridled mission for social equity, etc. Outcast is a case of such topic that verse aphoristically loans its assurance on the grounds that it sent concise words and encoded representation in the enlightenment of topical distraction. Artists could effectively impart their sentiments without been hurt or without been threatened by the cultural system or instrument of intensity that needs scholarly creative mind. Also, artists effectively call the consideration of crowd to the situation of outcast so as to realize new life and new encounters. It comes down to what is b anish. As indicated by Jacqueline Corness in a paper entitled Alienation and Freedom-An investigation of Dostoevskys Notes From Underground as it identifies with the Theme of Exile, she characterizes banish from the viewpoint of Said when she opines that: Outcast isn't, all things considered, a matter of decision: you are naturally introduced to it, or on the other hand it transpires. Thus, banish is frequently thought to be the most psycholog

How to Write the Washington University in St. Louis (WashU) Supplement 2019-2020 TKG

How to Write the Washington University in St. Louis (WashU) Supplement 2019-2020 Washington University in St. Louis is a private research university in St. Louis, Missouri. The university is home to a total of 15,400 students, 7,700 of whom are enrolled in undergraduate programs. The motto of WashU is Per Veritatem Vis, or “Strength through Truth.” This is a fitting motto for an institution where the search for truth through research isn’t just encouraged â€" it’s practically mandatory. WashU’s reputation for excellent research opportunities has made it a top choice for students pursuing the humanities and the sciences alike. WashU is also ranked in the top-10 schools in the country for entrepreneurs, financial resources, campus food, the administration, and their dorms. If you’re thinking of going pre-med, you’re in luck too. The pre-med program at WashU is highly respected nationally. Other fun facts about WashU include that 65% of students are from more than 500 miles away from campus and that the school banned the sale of plastic single-use wate r bottles on campus in 2009. Washington University in St. Louis is a very competitive school. The acceptance rate is 14%. Tell us about something that really sparks your intellectual interest and curiosity and compels you to explore more in the program/area of study that you indicated. It could be an idea, book, project, cultural activity, work of art, start-up, music, movie, research, innovation, question, or other pursuit. (300 words) If a school wants to sniff out whether a student is genuinely interested in a topic, this is the perfect question. If you are putting on an act or feigning interest in a subject you are utterly dispassionate about, this question will pull back the curtain on the whole charade. Why? Because it’s hard to fake authenticity and this question demands that you be true to yourself. Naturally, this means that the first step in answering this question comes way before you start the supplement. Way back when you said what you are interested in studying in co llege, you need to have answered honestly. That way, when you get to this question, you’re excited to answer it. If you are hoping to pursue something you are passionate about or even just curious about, this question should be an easy one for you. If you are picking a subject because you think it ‘looks good,’ this question will be (and should be) excruciating. Once you know the program or area of study you’re hoping to pursue, you need to branch out from there. What you choose to write about here should be related to what you want to study, but not simply what you want to study. For example, if you wanted to study biology with hopes of going into animal behavioral research, you could focus this answer on your pet chicken named Rose and the realization that all animals have personalities. If you’re interested in physics, you could write about falling out of a tree at ten and staring up into the branches and contemplating gravity while waiting for the ambulance. Whatever y ou pick, it should be accurate, and it should be true to you. It also has to be a story. You need to write a scene because passion and curiosity and excitement come through imagery far more quickly than through static sanitized language â€" and you only have 300 words to work with. While you can write about forms of media, like movies and music, it’s still essential to isolate a moment or experience engaging with that art form that is cinematic in nature. Just because the thing you pick isn’t an action doesn’t mean your answer to this question shouldn’t be action-packed.  If you’re struggling to match your passions with a place to pursue them, drop us a line. We’re experts at helping students identify, and gain admission to, their perfect-fit schools.

American Civil Liberties Union Study Notes - 1252 Words

Introduction A. Thesis Statement America was founded on the astute principles of democracy and the potential benefits of freedom it derives. America, unlike many of its foreign counterparts has long recognized the benefits of individual rights, freedoms and privileges and has fought to the death to protect them. Currently, America aims to spread these principles of democracy around the globe in an effort to create a better quality of life for all mankind. Even with these lofty and ambitious goals, America, on occasion fails to uphold these principles within its own borders. Too often, America has overlooked the problems prevalent within its own country while criticizing other nations about their own circumstances. Many of these overlooked issues including slavery, discrimination, womens rights and others have left an unfavorable image in American history. The African American community in particular has worked very diligently over the years to end segregation as a means to achieve equal rights for its entire constit uent base. Body paragraph #1 - Topic Sentence #1- To begin, the African American community has obtained equal rights through collectivism. The African American community has always been close knit in response to oppression. Instead of disbanded as a result of turmoil and mass confusion, the African American community engaged in collective behavior. This was seen in the early years of the Underground Railroad with Harriet Tubman. Supporting EvidenceShow MoreRelatedThe Battle Of Fort Wagner1421 Words   |  6 PagesVolunteer regiment (the first all African-American unit in the Civil War) Note: The Battle of Fort Wagner - exemplifies the greatest contributions of Black soldiers during the Civil War o Displayed extreme heroism in assault on Fort Wagner on Morris Island, South Carolina, in July 1863 †¢ â€Å". . . 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William Shakespeare s Romeo And Juliet - 759 Words

He Drank the Poison; She Drew the Sword; Romeo, Juliet and Others Accountable for Their End Everyone in the world has had love on at least some level. Romeo and Juliet from William Shakespeare s famous play â€Å"Romeo and Juliet† were so deeply in love they killed themselves to stay together. But who is to blame for the early death of Romeo and Juliet? Is it their ancestors fault? Their parents? Or are Romeo and Juliet the only ones to blame? The characters of Romeo and Juliet are Paris, Capulet, Lady Capulet, Juliet, The Nurse, Montague, Lady Montague, Romeo, Benvolio, Mercutio, Friar Laurence, Friar John and the Apothecary. Romeo and Juliet is a story about lovers who cannot be together because of an ancient grudge between their two families. Later in the story they get married secretly but Juliet is supposed to get married to Paris but she wants to stay faithful to Romeo. Then Friar Lawrence gives a potion to Juliet to fake her death and get her out of marrying Paris. 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Executive Of Marketing And Sales For The Company Dave Ridley

Statement of Problem: This case is centered on Southwest airlines. In this case the vice president of marketing and sales for the company Dave Ridley was planning to join both Keith Taylor and Joyce Rogge for a meeting. In this meeting the three men were exchanging ideas as well as coming up with developments and ideas geared towards company marketing practices. Southwest Airlines at the times was popular among consumers and they were known for their price and service strategy throughout the industry. According to the case this strategy was hard to imitate because other airlines like Continental tried to match the service levels offered by Southwest but failed. According to the case in January of 1995, â€Å"continental’s effort was being†¦show more content†¦487). In 1994, Southwest was known to be the eighth largest airline company in the U.S.; as noted by their revenue. According to the case â€Å"Southwest recorded net income of $179.3 million on total operatin g revenue of 2.6 billion in 1994† (p.487). This level of success was reached after the company had been in business for over two decades. This milestone reached by Southwest was extremely hard for other companies to reach so this helped Southwest in the quest for a sustainable competitive advantage. Since their origins in 1971, Southwest has prided itself as a company on delivering great customer service to its passengers. According to the case, â€Å"Southwest’s attention to customer service was embodied in the attitudes of its people† (p.487). When flying with Southwest the plane crew members could be seen actively involved in assisting customers, making each flight overall a very pleasant experience. The company’s attention to customer service, according to the case â€Å"won the annual ‘triple crown’ of the airline industry for the third consecutive year by ranking first among major carriers in the areas of on-time performance, baggage ha ndling, and overall customer satisfaction† (p.487). Along with excellent customer service, the company has been known to pride itself

Disclosure Framework And Its Effectiveness â€Myassignmenthelp.Com

Question: Discuss About The Continuous Disclosure Framework And Its Effectiveness? Answer: Introducation The disclosure of the information is very essential for every business to survive in the market. It is due to fact that this informations so compiled and disclosed is used by the investors and other stakeholders of the company. The companies are forced to disclose the information which is relevant and material for the users of the financial statements. Through the means of this report, the highlight has been thrown on the financial statements of the company Surfstitch Limited as to how the company has disclosed the information in their annual report and thereby the financial health and the wealth of the company has been analysed. After that the detailed discussion has been made on the requirement of the continuous disclosure regime. The importance of the regime has been detailed with reference to the listing rules of the Australian Stock Exchange and it has been described as to why the same is followed only by the disclosure entities. Along with the description of the regime, the ef fectiveness of the regime has also been detailed with the information that has helped the users of the financial statements including the stakeholders to have the more and more insight of the business of the company. With this, the study has been conducted so as to communicate the importance of the continuous disclosure framework. Annual Report Analysis The company Surfstitch Limited has been made available for the study. The company has been doing the business of retail. In the business of retail, the main product that the company is selling is the sports items and that too especially for the youngsters including the teenage. The company has been established and incorporated in the year of two thousand and eight in the country of Australia and after that with the rapid expansion the company has opened its offices across Australia, United Kingdom and America. Six years after the incorporation, the company gets itself listed on the Australia Stock Exchange. Recent Health Of Company In Financial Terms In the every daily newspaper of Australia, there has been the biggest headline that the company Surfstitch Limited has been facing the downfall due to erosion of the shareholders wealth. It has been claimed by the shareholders of the company that the company has fully eroded their wealth leading to the nil value of the share price of the company and thus loss to the shareholders of the company. The shareholders have filed the suit against the company claiming the amount of hundred million dollars. The suit so filed has been named as the class action suit and has made the history in the retailing sector. The shareholders that have filed the class action suit belong the period of ten months only that is who have invested in the shares from the month of august of 2015 to the month of June 2016 (Hatch, 2017). Apart from the erosion of the wealth of the shareholders, the shareholders have claimed that the company has not been able to follow the listing rules as prescribed by the Australi an Stock Exchange. The second claim that they have argued is that the company has not been able to meet the forecasts for the future in real terms. Due to the false forecasts the investors have made the investments in high amount but when the companys actual results are released and which are totally opposite to the forecasts it has led the wave of shock among the investors. The evidence is that the company has forecasted that the company will have the earnings of eighteen million dollars but in actual the company has incurred the loss of nineteen million dollar which is in reality the result of improper forecasts. Thus, such financial situation is being faced by the company (Loughlin, 2017). Major Heads From Annual Report - 2015 Goodwill The Company has recognized the amount of 738.32 million dollars for the year ending 2015. It has been recorded at the cost net of the impairment loss. The company has made the major impairment loss during the year for closure of the Europe brand which was delivering losses to the company. Subsidiary Amount of 58.63 million dollar has been invested by the companies in subsidiaries. Cash Balance The Company has recorded the cash balance of 40.84 million dollars. Impairment The Company has recognized the impairment of 89 million dollars. Selling and Distribution Expense of 101.27 million dollar has been recognized by the company. Administrative - Expense of 49.24 million dollar has been recognized by the company. The investors shall not invest in the company at the time of before of the decline in share price due to the fact that the financial health of the company is not sound and has been making improper forecasts and unnecessary expansion. Continuous Disclosure Reporting Framework Applicable Entities The companies who are required tom disclose the information is commonly known as disclosure entities. In the framework created by the Australia Stock exchange, the entities that are required to disclose the information whether financial or non financial are required to follow the listing rules as prescribed. These listing rules specify the information that is required to be disclosed. Thus, those entities which are required to disclose the information as per the listing rules are known as the disclosure entities. In the given case the company Surfstitch limited is listed in the year of two thousand and fourteen and since then the company is knows under the listing rules as disclosure entities and has been following the continuous disclosure framework. The listing rules not only includes the companies which has been registered and incorporated in Australia under the Corporations Act, 2001 but also includes the entities which have been registered and incorporated outside India. The ma in premise is that the company shall be listed in Australia Stock Exchange. In this manner the company under study is the disclosure entity. Defining The Continuous Disclosure Framework The framework is the structure which provides the procedures, rules and regulations and the code of conduct that everyone has to follow that are working within that framework. The framework shall be in defined manner otherwise the framework wills only leads to the non performance and non achievement of the required goals. Similarly, the Australian stock exchange has prescribed the marketing which are required to be abided and to be duly followed and adhered by the disclosure entities. The Australia Stock exchange has prescribed the framework through the introduction of the listing rules. As the name suggests, the rules are applicable to those entities which are listed in the Australian Stock exchange. Australian Stock exchange through the Listing Rule 3.1 has stated that where any entity so listed in the stock exchange gets an indication that any reasonable person has the reason to expects that the particular information related to the company may have the material effect on the shar e price of the company prevailing in the market (Australian Government ,2017). In this manner, the company will be required to disclose that information immediately. The word immediately has the great impact in this rule (Field, 2005). The immediate does not means with delaying in disclosing rather it prescribes that the company shall provide that information as quickly as possible and in prompt manner. Although it is applicable for every kind of information but Listing rule number 3, clause 1A has defined the following five major exceptions in the disclosure of the information (Lewis, 2013): The information that the company wants to disclose is not permissible as per the terms and conditions of the law governing the country and hence if gets disclosed in any manner then it will be in total breaking of law. The second information that has been excluded from the listing rule is that the company shall not disclose in any manner the information which is in total incomplete information or the information which is under the consideration of the management of the company. The third information which has been excluded is that the information which in itself does not satisfy the criteria of disclosure. It means the information which in itself describes that the disclosure of the same will not affect the share price of the company in any manner as the information is not that much capable which can led the reasonable person to expect that the information is material enough to disclose. The fourth information that has been excluded is the information that has been formed and prepared only for the purpose of the internal management and functioning of the company. There have been the cases where the information is generated only for the purpose of the company and not for the outsiders. This information consists of daily reporting to the managers and the top management about the cash position of the company as on the given date, detail of the outstanding amounts from the customers and so on and more importantly the management information system report which is provided to the management of the company on the weekly or fortnightly basis (Matolcsy, Tyler and Wells, 2012). The fifth and the major information which has been excluded are the secrets of the business. The secret of the business is not like the manipulative practices that the company is following but the secret of the business describes how the company is conducting its business, what is the monopoly of the company which is working in the market, how the company performs its functions and what strategies the company is following since the incorporation of the company. Thus, any type of secrets of the business is not required to be disclosed. Thus, in the aforesaid situations, the entities are not required to disclose the information even if the reasonable person expects that such information will have material impact on the share price of the company. In addition to the aforesaid situations, the listing rule number 3 has prescribed the further two more exceptions. These exceptions are listed below: Confidential The information which is confidential for the company and the Australian Stock Exchange has not formed the basis that such information of the company is no longer confidential for the company (HSU, 2009). Reasonable Person If the reasonable person believes that the disclosure of the particular information will not in any manner effects the share price of the company materially. (ASX, 2017). Along with the aforesaid exceptions, the listing rules as prescribed by the recognized stock exchange of Australia have defined the procedures that the company shall follow and consider on disclosing the information: Check whether the information which the company wants to disclose the information is in the manner which can affect the share price of the company on the basis of the expectation of the reasonable person. If the answer is yes then the company shall disclose the same as quickly as possible and in case the answer is no then the information shall not be disclosed. Whether the information is from the exception category. If answer is yes then it shall not be disclosed other it shall be disclosed immediately (White, 2007). Whenever the company wants to disclose the information then the company shall not disclose the same when the trading of the shares is being done. It shall be done after having the trading halt. The information cannot be disclosed straight away if the trading is currently working. At first the trading halt is required to be made and thereafter the information is required to be disclosed. In respect of the other cases, the disclosure has to be done by the companies in the manner as quickly as possible. The listing rules have prescribed the features for the continuous disclosure and includes the market shall be informed timely and it shall be available for all (Debreceny, 2005). Whether Effective Or Not Every business requires continuous disclosure in each and every phase to survive and compete in the world economy. Since Australia is the major place for more business to expand and do business, there is requirement of proper laws and rules to regulate the business and companies which are working in Australia for disclosing each and every fact about the business or company. Without such proper law and rules company and its management can hide certain negative information which can harm the decisions of different stakeholders. In order to have a fair and unbiased disclosure of information about the company or business, this regime is necessary to have to indulge investors in taking decisions regarding business combination (Gray, 2009). Continuous disclosures and related rules are very effective from its inception in Australia. Each company whose stocks are traded in Australian Stock exchange has to follow the continuous disclosure rules and regulations and disclose information publically which can affect the price of securities of the company at the earliest. If the information has not been disclosed on timely manner then there may be high chances of Insider Trading or Frauds in the company. When the continuous disclosure rules were not there then the companies were able to hide the information which have negative impact on investor and collapse of certain companies have happened in that time like HIH Insurance Limited and Lehman Brothers (Beekes and Brown, 2006; Aitken, 2008). Also, along with continuous disclosure correct disclosure is also required otherwise wrong information can lead to fall back of different companies as was done in Lehman Brothers by its management (HO and Wong, 2007). In the company under consideration which Surf Stitch Limited, the effectiveness of the Continuous Disclosure rules can be assessed easily. The company has huge losses for continuous two which are 2015 and 2016 and has reported the same fact in the Annual Report (Olson, 2017).But the company has not made correct disclosure about the futures forecasts and even not discloses the same fact in the Annual Reports. As a result, the company neither disclose the insolvency nor able to maintain its share price level. And the small and dissenting shareholders of the company have filed the suit for class action. These facts show the effectiveness of the regime for both company and the stakeholders associated with company (Chan, Faff, Ho and Ramsay, 2007). Conclusion And Recommendation As from the above study it has been concluded that the continuous disclosure reporting regime is required to be adhered by the listed entities which are listed at the Australian Stock Exchange and it ensures that the company is not engaged in any fraudulent activity and provides the true and fair view of the business of the company. On the basis of the study, the regime that has been introduced by the stock exchange has played the key role in the industry and has been very useful for the investors. References Aitken, M.J., (2008). Short sales are almost instantaneously bad news: Evidence from the Australian Stock Exchange.The Journal of Finance,53(6), pp.2205-2223. Australian Government , (2017), Part 8: Continuous Disclosure, available at https://archive.treasury.gov.au/documents/403/HTML/docshell.asp?URL=Ch8.asp accessed on 14/09/2017 ASX, (2017), ASX Listing Rules Guidance Note 8, available at https://www.asx.com.au/documents/about/guidance-note-8-clean-copy.pdf accessed on 14/09/2017. Beekes, W. and Brown, P., (2006). Do Better Governed Australian Firms Make More Informative Disclosures?.Journal of Business Finance Accounting,33(34), pp.422-450. Chan, H., Faff, R., Ho, Y.K. and Ramsay, A., (2007). Management earnings forecasts in a continuous disclosure environment.Pacific Accounting Review,19(1), pp.5-30. Debreceny, R., (2005). Firm-specific determinants of continuous corporate disclosures.The International Journal of Accounting,40(3), pp.249-278. Field, L., (2005), Does disclosure deter or trigger litigation?, Journal of Accounting and Economics, Vol. 39, pp. 490-499. Gray, P, (2009). Accruals quality, information risk and cost of capital: Evidence from Australia.Journal of Business Finance Accounting,36(12), pp.51-72. Hatch P, (2017), Surf Stitch faces $100 m class action over share Wipeout available at https://www.smh.com.au/business/retail/surfstitch-faces-100m-class-action-over-share-wipe-out-20170522-gwatsh.html accessed on 14/09/2017. HSU,(2009). Impact of earnings performance on price sensitive disclosures under the Australian continuous disclosure regime.Accounting Finance,49(2), pp.317-339. Ho, S.S. and Wong, K.S., 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure.Journal of International Accounting, Auditing and Taxation,10(2), pp.139-156. Lewis K, (2013), Continuous Disclosure, available at https://www.asx.com.au/documents/rules/gn-8-presentation.pdf accessed on 14/09/2017 Loughlin W, (2017), The Rise and Fall of Surf Stitch available at https://www.rivkin.com.au/news/investing/2016/08/30/the-rise-and-fall-of-surfstitch-84051.aspx accessed on 14/09/2017 Matolcsy, Z., Tyler, J. and Wells, P., (2012). Is continuous disclosure associated with board independence?.Australian Journal of Management,37(1), pp.99-124. Olson F, (2017), Surf Stitch Limited Financial Strength Analysis available at https://simplywall.st/news/2017/03/01/surfstitch-group-limited-asxsrf-financial-strength-analysis/ accessed on 14/09/2017. White, G, (2007). Drivers of voluntary intellectual capital disclosure in listed biotechnology companies.Journal of intellectual capital,8(3), pp.517-537.