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September 2019

Investment

Cannabis cryptocurrencies to invest

by Abram Jayce on

Strict regulations have pushed the legal market of cannabis to embrace cryptocurrency. For Cannabis, the incredible healing benefits that have helped many people suffering from chronic pain, insomnia, and other serious problems like PTSD led to increasing calls for its widespread availability and use.

The biggest challenge of the cannabis industry is the cash problem and restrictions imposed by the federal government. Banks are unlikely to offer their services to any vendor dealing with cannabis as long as the plant is Federally considered a drug. For the most part, the cannabis market is one of the biggest and fastest-growing markets in the US but still the market stays in a grey area.

That is the reason there are several altcoins related to Cannabis industry that try to offer solutions to the industry.

Here’s the most important ones.

CannabisCoin

First in the list is CannabisCoin. This cryptocurrency was created in 2014 and its purpose is to simplify payment transfer between business and consumers. In other words, CannabisCoin aims to make transactions smoother and easier for medical cannabis dispensaries. This coin looks to provide a straightforward exchange ratio from cryptocurrency to actual cannabis medicines. For example, one can easily exchange Cann at a rate of 1 coin to 1 gram. CannabisCoin is benefiting from California’s marijuana legalization and as at the beginning of the year, its market cap was $22.8 million. And interestingly, one CannabisCoin was worth $0.296.

PotCoin

Established in 2014, PotCoin is a Canadian coin used to pay for goods and services. It is the first cryptocurrency designed to facilitate the underserved legal marijuana industry with a decentralized banking infrastructure and payment solution. PotCoin is a banking solution for the $100 billion global legal marijuana industry. PotCoins allows cannabis enthusiasts to interact, transact, communicate, and grow. According to their: “Using PotCoins, industry members will realize significant cost savings, scalability, and unparalleled enterprise security”.

HempCoin (THC)

THC is a cryptocurrency that runs on a blockchain, similar to Bitcoin. THC was created in 2014 to serve as a payment solution for businesses in the agriculture, hemp, legal cannabis, and tobacco industries. This Crypto currency had a 170-million-dollar market cap in January 2018, THC traded over 20 Million dollars per day, and it reached the top 100 on CoinMarketCap. THC is fully vetted by Bittrex for the SEC as a non premined fair coin, was among the first 30 coins ever created in 2014, is a vetted fair community coin. HempCoin is currently traded on one of the largest digital currency exchanges in the world, Bittrex.a decentralized way for consumers, businesses, & growers to transact.

DopeCoin

DopeCoin is a cryptocurrency that’s aimed at helping cannabis merchants and consumers enjoy easier transactions.DopeCoin wants to increase security and transparency for store owners. Yes, as a dispensary owner, chances are you’re dealing with hundreds of thousands of dollars in cash every month. And of course, with today’s federal laws and regulations, you might find it hard to simply transfer the entire lot to the bank. Of course, after splitting the cash, buying supplies and paying employees; you’ll need to figure out how to take the leftover money to the bank. The good news is, it’ll be way easier to transfer cash straight to your bank. And perhaps the best thing about DopeCoin is that users will be able to perform fast and secure transactions at no cost.

It seems that the future is bright for the legal cannabis market. There are already many dispensaries and it is very easy for us to shop many related products by visiting an online headshop but there’s a lot of growth expected. Based on the market valuation of public marijuana companies, investors seem to think the market size is going to be $20 billion. We would expect marijuana stocks to go up soon.

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Business

Prosper Business with Bookkeepers

by Abram Jayce on

Bookkeepers are the backbone of any business enterprise. They serve the purpose of recording, summarising, analysing and interpreting the financial transactions for multiple uses. From checking the register till recording the payments and deposits, it seeks the leverage in providing high-end financial council to all the corporations at par.

Bookkeepers in Melbourne are highly skilled and deft in designing the bookkeeping systems that serves all the purpose of taxation, investments and portfolio management. Undoubtedly, they deal with the complex systems of preparing ledgers and journals for multifarious business requirements.

Purposes of Bookkeepers in Melbourne:

Bookkeeping is prima facia in the field of accounting. It provides an insight of the business growth and its related opportunities folded with risk management. Some of the important purposes of Bookkeeping firms in Melbourne:

  1. Supports in Decision Making Process

Balance Sheet is the mirror of the growth of the business. It plays out an imperative role in determining the gap between Total Assets and Total Liabilities. Bookkeepers assist the firm about their financial status as well as act like a supportive role in loan proposals and loan approvals.

  1. Helps in the Auditing Process

Bookkeeping firm keeps a regular track over the financial transactions with utmost transparency and reliability.  They analyse the liquidity position of the firm in context to current assets and current liabilities. Thus, Bookkeepers aids in the process of effective auditing.

  1. Show Permanent Record of Business

One of the major objective of bookkeepers is to keep permanent record of the business and its associated transactions with thorough transparency. They are deemed to follow all the accounting principles and concepts that are relevant as per the respective accounting standards. These help in eliminating types of errors and omission for error free Income statement and Balance Sheet.

  1. Enables to know the true financial position of the business

For every entrepreneur, Financial Statements serve as the basis in proposing their investments and preparing potential budgets. Thus, Bookkeepers helps in analysing the ratios and interpreting the performance of the firm in a way to compete with the competitors at helm.

Methods of Bookkeeping

Different business practices different kind of booking system. For an instance, some hire bookkeepers in Melbourne to work upon single entry system while other demand for double entry system.

  • Single Entry System

Single Entry system basically deals with recording and evaluating the daily cash receipts and cash payments for regular interpretation of the cash flows.

It is the oldest method of recording the transactions. It is primarily used by sole proprietors and partnership firm. Here, ledgers, Journals and Trial Balance are not prepared on scientific grounds.

  • Double Entry bookkeeping system

Double Entry bookkeeping system keeps record of the dual entry of the transactions. It provides check for the balance generating via debit and credit based entry. It is based on scientific and financial records.

It is also adhered with various principles of debit and credit. Transactions are deemed to be recorded when debt is incurred and revenue is earned.

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Forex

Forex robot must be unbiased and true to their traders:

by Abram Jayce on

Forex robot or also knows and forex expert advisors (EAs) should be unbiased and true to their traders. Because if their opinions are biased then a trader will lose their money. Yes, the advisor will make some money but the traders will be in only one situation and that is a loss. And, no advisor wants to do that. But in this market, there are only certain people that a trader can trust. And FOREXBENCHMARK is one of the few sites that a trader can trust easily. Because they have the best forex robot who give their opinion on statistics and fundamental. Their advice is unbiased and true so, that the trader can make some money.

And it is being said by many of their users who regularly use FOREXBENCHMARK for their service. Their reviews are best and accurate and based on the research that they do. So, a trader can trust them easily for their trading.

Best forex robot on FOREXBENCHMARK

The best forex robot is with FOREXBENCHMARK and it is said by their users. And one can test the advice of those advisors by doing expert advisor real live test. Which is available on the FOREXBENCH site. So, a trader can trust them because they live test are the real ones. And no one can fake them. Only the true and best advice passes that test. FOREXBENCHMARK has those expert advisors in their panel who can do the live test. So, it is better for a trader to check it by their own eyes.

The services are free or not

All the services that are offered by FOREXBENCHMARK are completely free to their users. There is no hidden charge that is applied to the user. Like for such and such service are paid and some are free. No, everything is free. As it was developed with just one vision to bridge the gap of tools or data in forex market. So, it is completely free and if someone wants to give them something. Then just donate on their website or just click some ads. This will keep them motivated.

A sum-up of all the forex market thing

FOREXBENCHMARK is the sum of everything related to the forex market. Each and everything is available on this site related to forex market. A forex trader should visit FOREXBENCHMARK for their daily trading.

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Finance

Understanding taxation in mutual funds

by Abram Jayce on

Those who know what is a mutual fund realise how it can help them grow wealth effectively. When you invest in mutual funds, you can earn income in the form of capital gains or dividend. But, where there is income, there can be a tax. Whether you invest in equity funds or debt funds, you need to pay a tax depending on the time you hold it. This is also known as the holding period.

Here is what you ought to know about mutual fund investment and taxation on mutual funds.

Equity mutual funds

  • Long Term Capital Gains (LTCG)

Any capital gains from equity funds held for more than 12 months are treated as LTCG. The tax rate is 10% if those capital gains exceed Rs. 1,00,000 in a financial year.

For example, Mr. X invested Rs. 40,000 on 1st Jan 2018 and redeemed on 1st Feb 2019, where he received Rs. 65,000. Since the capital gains are less than Rs. 1,00,000, he does not need to pay tax. However, if he stays invested for 4 years and redeems when his investment is Rs. 2,20,000, the capital gains are Rs. 1,80,000. Mr. A would need to pay tax on the amount exceeding Rs. 1,00,000 i.e. 80,000 @ 10% = Rs. 8,000.

  • Short Term Capital Gains (STCG)

Any capital gains from equity funds held for less than 12 months are treated as STCG. These gains are taxed at 15%.

Debt mutual funds

  • Long Term Capital Gains

Any capital gains from debt mutual funds held for more than 36 months are treated as LTCG. The gains are taxed at 20% after providing the indexation benefit.

For example, Mr. B invested Rs. 2,00,000 for more than 36 months in a debt fund in 2013. In 2018, he redeemed his investment at Rs. 2,50,000. Here is how the tax would be calculated after indexation.

Original Investment (2013)                                  Rs. 2,00,000

Redemption Amount (2018)                                Rs. 2,50,000

Capital Gains                                                    Rs. 50,000

            Indexation Benefit (240/200) * 2,00,000               Rs. 2,40,000

            Adjusted capital gains                                       Rs. 10,000

            Tax @20%                                                        Rs. 2,000                                             

            Where formula for indexation benefit is:

            Cost Inflation Index for the year of the sale    

Cost Inflation Index for the year in which asset                x          Cost of acquisition

            was first held by the assessee

  • Short Term Capital Gains

Any capital gains from debt mutual funds held for less than 36 months are treated as STCG. So, if profits are added to your income, the tax rate would depend on the income slab you fall in.

For example, if you are in the 30% income tax bracket and have an STCG of Rs. 20,000, it will be added to your income, and you will be taxed 30% on Rs. 20,000 i.e. Rs. 6,000.

Conclusion

Thus, before you invest in different types of mutual funds you may want to compare taxation on equity funds v/s debt funds to understand how each one is taxed differently. This can help you maximise your earnings from mutual fund investment plans and realise your financial goals.

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