Tax in South Africa - Treasury to keep tax-free savings limit

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The Treasury has rejected a plea by the Banking Association of South Africa for the total annual limit for tax-free savings accounts to be raised from R30,000 to R50,000.

At the moment, the draft Taxation Laws Amendment Bill, with the R30,000 limit, is before Parliament’s standing committee on finance.

The bill introduces the tax-free savings accounts for the first time as a new instrument to encourage South Africans to save more.

It imposes an annual savings limit of R30,000 and a lifetime limit of R500,000. Remember that once the legislation is in place, these limits can very easily be "adjusted" up or down. Limits can also be placed on the types of assets that qualify for the limits - like for instance only RSA Government or Eskom bonds.

On behalf of the association, tax expert Tracy Brophy said the R30,000 limit was not sufficient to encourage savings.

However, the Treasury’s chief director of economic and tax analysis, Cecil Morden, said the limit would not be raised as R30,000 was "reasonable" and it would run concurrently with the existing interest exemption of R23,800. Treasury had already made the commitment that the limit would be adjusted for inflation over time.

The Banking Association was also concerned about how the limit would be monitored as people would be entitled to open multiple tax-free savings accounts. It proposed that it would be the responsibility of account holders to track the limits and declare any excess investments in their income tax returns. It would be too much of an administrative burden for banks and other service providers to do so.

The association opposed the 40% penalty that would be applied where account holders exceeded the maximum annual allowable contribution, saying it was too high.

In terms of the bill these excess investments would be treated as a tax-free investment for all future returns. But Mr Morden insisted on the need for a penalty if the threshold was exceeded.

here were objections to the Treasury’s proposal to limit the tax deductions for interest paid as from January 1. Both the Banking Association and the South African Institute of Chartered Accountants called for the proposal in section 23M of the bill to be removed, saying there were existing anti-avoidance measures to deal with this.

AgriSA reiterated its objections to the proposal to remove the VAT concession for agriculture that allowed it to purchase crucial inputs without paying VAT on presentation of a certificate.

AgriSA economist Dawie Marais said removing this concession would create cash-flow problems for farmers. MPs were sympathetic to farmers’ arguments though South African Revenue Service (SARS) officials said about R4bn in VAT was leaking out of the system due to fraudulent use of the concession.

The South African Institute of Tax Practitioners suggested that instead of removing the zero-rate concession, there should be stronger enforcement against abuse.

SARS senior manager for legal and policy Prenesh Ramphal said cash-flow problems should not arise as statistics showed most farmers submitted their VAT returns every month or two, and SARS paid 53% of tax refunds on the day the return was submitted and the remainder within three to four days.

Mr Morden said SARS and Treasury would engage in further talks with AgriSA.

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Connected Marketing - Review

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Connected Marketing is a business book about the state of the art in viral, buzz and word-of-mouth marketing. Written by 17 experts working at the cutting edge of viral, buzz and word-of-mouth marketing, Connected Marketing introduces the range of scalable, predictable and measurable solutions for driving business growth by stimulating positive brand talk between clients, customers and consumers.

“Connected Marketing” shows how businesses can harness connectivity between clients, customers and consumers as powerful marketing media for driving demand.

There are a lot of social marketing books, however, “Connected Marketing” is one is one of the ones that stands out. Not only does it cut through the hype of online marketing, but it also gives examples and case studies to read.

If you want to create an epidemic of demand for your product or service through strategic use of consumer to consumer marketing, “Connected Marketing” is the book for you.

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Tax in South Africa - Carbon tax looms as Treasury and department finalise plans

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The Department of Environmental Affairs and the Treasury are finalising an approach to a carbon tax, says department deputy director-general Judy Beaumont.

Addressing a media conference on Tuesday, Ms Beaumont said the introduction of a carbon tax was still considered one of the means to reduce SA’s high levels of greenhouse emissions.

Last year, the Treasury issued a discussion document on the possible implementation of a carbon tax.

The first phase of the tax will be for five years, from January 1 next year to December 31 2019, followed by phase 2 for another five years, from 2020 to 2025.

"The question raised by industry (then) was the need to align carbon tax with the emission reduction objectives. We are in the process of finalising that," Ms Beaumont said

SA signed the Copenhagen Accord in 2009 to reduce carbon emissions, with target cuts of 34% by 2020 and 42% by 2035.

Ms Beaumont said this meant that emissions would actually increase until at least 2025.

She said a carbon tax was a vital instrument in reducing greenhouse gas emissions, but not the only one. The department was revising the greenhouse gas inventory published six weeks ago for comment.

"We must not forget that SA is a developing country," she said.

SA has one of the highest carbon emissions in the world as most of its electricity comes from coal-fired power stations.

Ms Beaumont said a major priority was to get local industry to start "bending the curve" so that carbon emissions started to reach a "plateau" by 2025 and decline by 2035. "So yes, our emissions are increasing, as expected. That increase is really associated with an increase in energy generation, industry and economic growth.

"The challenge, however, is to build in energy efficiency and lower carbon capacity."

In May last year, the Treasury issued its paper proposing a carbon tax to change behaviour, " not to raise extra revenue".

It proposes three ways the tax could encourage good producer and consumer behaviour.

The first is a shift in production and consumption patterns towards low carbon and more energy-efficient technologies by altering the relative prices of services based on their emissions intensity.

The second is that carbon-intensive factors of production, products and services be replaced with low-carbon-emitting alternatives.

The third is creating dynamic incentives for research, development and technology innovation in low-carbon alternatives.

The Treasury’s proposal was for a carbon tax rate of R120 a ton of carbon dioxide produced, increasing at 10% a year. This would be implemented in the first phase.

When the tax-free threshold and additional relief are taken into account, the effective tax rate will range between R12 and R48 a ton of carbon dioxide. There will be zero tax for agriculture and waste.

The Treasury said in its proposal that a way to recycle carbon tax revenue is by reducing other taxes.

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Unleashing the Ideavirus: A Review

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Counter to traditional marketing wisdom, which tries to count, measure, and manipulate the spread of information, Seth Godin argues that the information can spread most effectively from customer to customer, rather than from business to customer. Godin calls this powerful customer-to- customer dialogue the “idea-virus”, and cheerfully eggs marketers on to create an environment where their ideas can replicate and spread.

In “Unleashing The Virus”, Godin looks at the ways companies such as PayPal, Hotmail, GeoCities, even Volkswagen have successfully launched “idea-viruses”. He offers a "recipe" for creating your own idea-virus, identifies the key factors in the successful spread of an idea-virus (powerful sneezers, hives, a clear vector, a smooth, friction-free transmission), and shows how any business, large or small, can use idea-virus marketing to succeed in a world that just doesn't want to hear it anymore from the traditional marketers. "The future belongs to marketers who establish a foundation and process where interested people can market to each other," Godin writes. "Ignite consumer networks and then get out of the way and let them talk."

In all, an infectious and highly recommended read to anyone who is in marketing or running a business, especially if you want to learn the power of Viral Marketing.

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Tax in South Africa - SARS takes aim at 'reluctant taxpayers'

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Proposed statutory amendments to widen the information gathering powers of the South African Revenue Service (SARS) could have significant time and cost implications for taxpayers.

There are also concerns that it may infringe on taxpayers’ rights in specific cases.

The Tax Administration Act (TAA) that was introduced on October 1 2012 allows SARS to require a taxpayer or third party (for example a bank, medical aid or pension fund) to submit "relevant material” for administration purposes within a reasonable period.

In practice this means that SARS may request supporting documents during a tax audit or when verifying information supplied in a tax return, Wessel Smit, member of the South African Institute of Chartered Accountant’s (SAICA) National Tax Committee, explains. This could include tax certificates, proof of deductions, retirement annuity certificates and medical certificates amongst others.

Proposed amendments to the TAA aim to widen this request for relevant material to include any information or document that "in the opinion of SARS is foreseeably relevant”.

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Tax in South Africa - Interest withholding tax – are you ready for 1 January 2015?

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In just over 3 weeks’ time, the interest withholding tax ("IWT”) will come into effect - more than four years after the initial release of legislation governing the IWT provisions. The provisions appear to be fairly straightforward and the parties likely to be affected by the IWT should by now be prepared for the impact which the IWT will have. However, there are aspects of the law which might not have been fully considered to date. A few of these aspects are explored below.

The starting point is the taxing provision contained in section 50B of the Income Tax Act No. 58 of 1962 ("the Act”). In order for the IWT to apply, there must be interest which is from aSouth African source in terms of section 9(2)(b) of the Act which is paid by any person to or for the benefit of any foreign person (our emphasis).

What exactly is "interest” for purposes of the IWT?

By way of background, the definition of "interest” contained in the initial legislation released in respect of the IWT included interest as defined in section 24J of the Act as well as deemed interest as contemplated in section 8E. These references were subsequently deleted.

In terms of current legislation which will become effective on 1 January 2015, the term "interest” is not defined. This is surprising since one would expect the provisions to contain a definition of the very element which they seek to tax.

In the report of the Standing Committee on Finance dated 11 September 2013, it was indicated that the IWT provisions will apply to common law interest and that "as a general rule of interpretation, in the absence of a specific definition or cross reference to section 24J, the common law definition will apply”. This comment itself is not binding on the South African Revenue Service, nor is it law.

We note that "interest” is defined in the Act in section 24J. In addition, section 50B of the Act refers to section 9(2)(b) of the Act. Section 9(2)(b) of the Act applies exclusively to interest as defined in section 24J. On this basis, the interest subject to the IWT may be interest as defined in section 24J.

The issue is that the scope of the "interest” definition contained in section 24J of the Actextends beyond common law interest. In particular, the definition specifically includes any discount or premium in respect of a financial arrangement as well as compensation payable by a borrower to a lender in terms of any lending arrangement. In addition, the provisions of section 24J of the Act deem repurchase agreements and resale agreements to be interest bearing. Qualifying repurchase and resale agreements are effectively treated as loans and the differential between the sale price and resale price of the underlying asset constitutes interest for purposes of section 24J of the Act.

Therefore, given the lack of the definition of "interest” in the IWT provisions, the scope of the IWT provisions could extend wider than the legislator may have anticipated – i.e. to payments made in respect of financial arrangements entered into at a discount or a premium, lending arrangements, as well as repurchase and resale agreements.

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Can the IWT apply to non-residents?

The IWT provisions apply to South African sourced interest which is paid to or for the benefit of a foreign person by any person.

The statutory source provisions in section 9(2)(b) of the Act deem interest as defined in section 24J to be from a South African source where that interest is, inter alia, received in respect of the utilisation or application in South Africa by any person of any funds or credit obtained in terms of any form of interest-bearing arrangement.

Interest paid by a non-resident borrower to a non-resident lender may be subject to the IWT where the non-resident borrower has utilised or applied in South Africa, the funding obtained from the non-resident lender. This will result in a withholding obligation being placed on a non-resident. The impact of transactions such as these entered into between non-resident counterparties may not have been considered from a South African withholding tax perspective. Failure to comply with the IWT provisions could lead to an IWT liability and, inter alia, the imposition of penalties and interest on unpaid taxes.

In addition, although details pertaining to the administrative requirements relating to the IWT have not been released, the impact of the above will likely result in non-residents having to register as South African taxpayers in order to submit IWT returns to the extent that the administrative provisions pertaining to the IWT are similar to those of the dividends tax. This may increase the tax compliance burden on non-residents. For example, a non-resident may be required to register as a taxpayer in order to submit an IWT return in instances where the non-resident in question is not required to make payment of any IWT.

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The Tipping Point: How Little Things Can Make a Big Difference - Review

The tipping point is that magic moment when an idea, trend, or social behavior crosses a threshold, tips, and spreads like wildfire. This widely acclaimed bestseller, in which Malcolm Gladwell explores and brilliantly illuminates the tipping point phenomenon, is already changing the way people throughout the world think about selling products and disseminating ideas.

The basic premise of this book is that little changes can have big effects; when small numbers of people start behaving differently, that behavior can ripple outward until a critical mass or "tipping point" is reached, changing the world. Gladwell's thesis that ideas, products, messages and behaviors "spread just like viruses do" remain a metaphor as he follows the growth of "word-of-mouth epidemics" triggered with the help of three pivotal types: the Connectors, the Mavens, and Salesmen.

The Connectors are sociable personalities who bring people together; Mavens like to pass along knowledge and Salesmen are adept at persuading the unenlightened.

There are several other phenomena that Gladwell examines, showing the small things that spark a change, from the dip in the New York City crime rate to the correlation between depression, smoking and teen suicide. If you want to change the world for the better, this book will give you an insight into the methods that work, and those that will backfire.

It's all in knowing where to find The Tipping Point.

“The Tipping Point” is a must read, especially if you are interested in psychology, sales, neurology, or generally the study of the human mind.

Grab Your Copy Now!

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Tax in South Africa - Tax consequences arising from the writing off of loans

We are often spoken of as an economy with high levels of debt. Even when interest rates are high, we have never been scared of gearing ourselves so that we can buy that expensive car or holiday house in Hermanus. Companies too often have high levels of debt.

Don't forget to join the 2015 mentorship program for ways to generate the income needed to pay down those debts.

In addition, in virtually every corporate structure there are a multitude of intercompany loan accounts. These loan accounts often arise either through funding being provided by one company to another or in circumstances where, for example, a company provides services or sells goods to another company and the consideration remains outstanding on loan account.

Often such loan accounts are written off, particularly in circumstances where the borrower is not able to repay the loan or, in a group context where the group wishes to "clean up” its inter-group transactions.

Debt is also written off in many other circumstances. One just needs to look at the African Bank scenario to find an example of debt being written off or reducing in value.

This article focuses on certain tax consequences arising from the writing off or waiving of debt. Assume for the purposes of this article that Company A has advanced interest-bearing loans to Company B. It is now proposed that the loan will be waived.

Section 24J of the Income Tax Act

On the basis that the loans are interest-bearing, the provisions of section 24J of the Income Tax Act (the Act) should be considered.

A gain on redemption of the loan will arise for the borrower (Company B) upon the waiver of the loan. This gain will be deemed to accrue to Company B for tax purposes in terms of section 24J(4).

Conversely, a loss on redemption of the loan will arise for the lender (Company A) upon the waiver of the loan. This will be deemed to have been incurred by Company A for tax purposes in terms of section 24J(4).

However, section 24J(4) only deems such gain or loss to accrue to, or be incurred by, the taxpayer. It must still be determined whether such gain or loss is to be of a capital or a revenue nature.

Generally, unless the taxpayer is a money-lender, an adjusted gain or loss should be capital in nature, in which case section 24J should not apply.

If the loss is revenue in nature, then Company A may obtain a deduction in relation to such loss.

A gain which is revenue in nature and which has not already been taken into account in terms of section 19 (see below), will be included in its income.

Finally, section 24J(12) states that section 24J does not apply in respect of a loan, inter alia, which is repayable on demand. Therefore, if the loan is repayable on demand, then no gain or loss arises in terms of the provisions of section 24J of the Act.

Debt reduction provisions

The "debt reduction provisions” contained in section 19 and paragraph 12A of the Eighth Schedule should also be considered in the context of any proposed waiver of loans. Essentially, section 19 deals with the income tax consequences of a loan waiver, while 12A deals with the capital gains tax (CGT) implications thereof.

Broadly speaking, section 19 applies where:

* A debt that is owed by a person is reduced;

* The amount of the debt was used to fund deductible expenditure, acquire allowance assets or trading stock; and

*There is a difference between the amount advanced under the loan and the amount repaid in terms of the loan (Reduction Amount).

Paragraph 12A of the Eighth Schedule represents the capital gains tax equivalent of section 19. It essentially applies where the debtor applied the loan to acquire an asset which is held on capital account and there is a Reduction Amount.

Income tax implications for the borrower: section 19

In order to determine the tax implications in respect of section 19, it must be determined how the debtor applied the debt proceeds and, in particular, whether such proceeds were used to fund:

* Expenditure incurred in the acquisition of trading stock that is held and has not been disposed of by the debtor at the time of the reduction of the debt; or

* Expenditure incurred in the acquisition, creation or improvement of an allowance asset; or

* Deductible expenditure other than set out above.

In summary, section 19 of the Act essentially functions on the following "two-step” approach:

Step 1 - Cost price reduction

The Reduction Amount will firstly reduce the cost price of the trading stock held by the debtor.

However, this cost price reduction will apply only to the extent that:

* The borrowed funds were used to acquire trading stock still held by the debtor; and

* That trading stock has a remaining cost price.

Step 2 - Ordinary revenue or recoupment

If the Reduction Amount falls outside the cost price reduction rules mentioned above, any residual amount will trigger a taxable recoupment. Amounts of this nature can, for example, represent:

* Debt funding related to trading stock where the cost price has already been reduced to zero, or where the trading stock is no longer held;

* Debt funding for allowance assets to the extent of prior depreciation (after their base cost is reduced to zero in terms of paragraph 12A); and

* Debt relating to operating expenses which have been deducted for tax purposes.

CGT implications

In respect of the borrower (Company A), paragraph 12A(3)(b) provides that in relation to an asset held at the time of the debt reduction, the base cost of the relevant asset held by the borrower must be reduced by the Reduction Amount.

Where the Reduction Amount exceeds the base cost, such excess amount must be applied to reduce any assessed capital loss of the borrower for the year of assessment in which the reduction takes place.

Paragraph 12A(6)(d) provides that the provisions of paragraph 12A do not apply to, inter alia, any debt owed by a person to another person where that person and that other person are companies that form part of the same group of companies, unless they form part of any transaction, operation or scheme entered into to avoid any tax imposed by the Act.

The waiver of a loan by a lender should constitute a disposal of an asset in the hands of the lender.

It should then be determined whether a capital loss arises from such disposal.

Paragraph 56(1) provides that where acreditor disposes of a debt owed by a debtor who is a connected person in relation to the creditor, that creditor must disregard any capital loss determined in respect of the disposal.

However, paragraph 56(1) does not apply to the extent that the amount of that debt so disposed of represents inter alia, an amount which is applied to reduce the expenditure in respect of an asset of the debtor or any assessed capital loss of the debtor in terms of paragraph 12A, or an amount that must be or was included in the gross income of the debtor.

Donations tax

A donation is defined as any gratuitous disposal of property including the gratuitous waiver or renunciation of a right.

A waiver of a loan may constitute a donation.

However, section 56(1)(r) provides that no donations tax shall be payable in respect of a donation by a company to another company that is a resident and is a member of the same group of companies as the company making the donations.

Conclusion

In respect of the example set out above, it is unlikely that Company A will make a tax deductible loss on redemption or Company B will make a taxable gain on redemption in terms of section 24J of the Act. This is because Company A and Company B will likely hold the loans on capital account and potentially also because section 24J does not apply since the loan is repayable on demand.

The capital gains tax provisions of paragraph 12A should also not apply if the loans are waived between group entities.

However, the income tax provisions of paragraph 19 may apply to the loan if Company B used the loan proceeds to acquire allowance assets and/or fund deductible expenditure. To the extent that any amount is included in the gross income of Company B in terms of section 19, Company A would then obtain a capital loss on the loan waiver.

No donations tax implications should arise from the waiver of the loan if, inter alia, Company A and Company B form part of a group of companies.

It can be seen from the above high-level analysis that a multitude of tax issues must be considered before writing off a loan.

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Mentorship Program First Quarter 2015

Thank you for taking the time to look into the Coach Edu Mentorship Program for the First Quarter of 2015.

The first quarter program will run from 12 January to 13 April 2015

I am super excited to bring you this program.
Over three months I will be sharing with you my experience and knowledge gained through more than 30 years of launching start-ups.
I will show you:

• Where to look for business ideas - great for school leavers.
• How to stack business success odds in your favor before you even start.
• The advantage of starting your first business while you are still employed.
• What bank financing of your new start-up really costs you.
• How to create a parachute for your business - in case you need to hit reset button.
• The goal of each business phone call and each business meeting and how to achieve it.
• How to set up your 90 day takeoff strategy.
• How to set up your 30 day accelerator strategy.
• Fundamentals of your business website.
• Brilliant free resources available on the internet to grow your business.
• And much more...

Two enrollment options are available for the Coach Edu Mentorship Program for the First Quarter of 2015. Two different ways to finance your investment in business success.

The first option is the discounted once off investment that gets you the full program for only $50.00.

The second option splits your investment into three easy installments of $25.00 each

I look forward to working with you during the first quarter of 2015.

“One of the greatest values of mentors is the ability to see ahead what others cannot see and to help them navigate a course to their destination.” ~ John C. Maxwell

Rich Dad's Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know - Review

This is absolutely Robert's best book ever. In this follow-up to his bestselling Rich Dad Poor Dad, Kiyosaki looks at how fear dictates our decisions. Fear Kiyosaki writes, is what separates employees from entrepreneurs. The latter are employees who have faced down their fears about job security and drawing their next paycheck and are willing to fail in order to be free.

“Before You Quit Your Job” explores what it takes to transition from employee to entrepreneur and from entrepreneur to business leader. Kiyosaki identifies and debunks the excuses people give for not acting on their dreams. He also identifies the roadblocks that people put in their own way by not thinking clearly about what it will really take to make an idea a profitable reality.

“Before You Quit Your Job” offers great insight to help you quit your job, and get your mind right before you make the transition.

There is no such thing as “job security” anymore. The only security is the security of “Self”. Apply it now.

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How Successful People Think: Change Your Thinking, Change Your Life - Review

Gather successful people from all walk of life and what would they have in common? The way they think! Now you can think as they do and revolutionize your work and life!

HOW SUCCESSFUL PEOPLE THINK is the perfect, compact read for today's fast-paced world.

We all want to be successful, but somehow along the way, we lose the plot. Now, America's leadership expert John C. Maxwell will teach you how to be more reactive and when to question popular thinking. You'll learn how to capture the big picture while focusing your thinking. You'll find out how to tap into your creative potential, develop shared ideas, and derive lessons from the past to better understand the future. With these eleven keys to more effective thinking, you'll clearly see the path to personal success.

In today's competitive global marketplace, to win we must outwit, out maneuver and out think the competition. The world changes daily and new thinking is critical to success in both one's personal and professional life. Dr. Maxwell reminds us of a statement made by Albert Einstein, "Thinking is hard work; that's why so few do it."

What Dr. Maxwell does is show us how to make successful critical thinking a daily habit. How Successful People Think is a great little book and a timely read, particularly in a day where media and others encourage us to follow our feelings almost to the exclusion of thinking.

If you want to improve your thinking in any of several areas, then this book is for you. The narrative flows freely and contains great information to inspire and challenge you.
Read, enjoy, and be challenged. Highly recommended!

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Go Pro: 7 Steps to Becoming a Network Marketing Professional - Book Review

Eric Worre's “Go Pro” has become the de facto bible of network marketing. In “Go Pro” Eric shares his wisdom in a guide that will ignite your passion for Network Marketing.

In this definitive guidebook, you will learn to: -Find prospects -Invite them to your product or opportunity -Present your product -Follow up with your prospects -Help them become customers or distributors -Help them get started right -Grow your team by promoting events -And much, much more.

“Go Pro” is the Game Changer in Network Marketing! Network Marketing is the Future!

If you want to become a professional in network marketing, then his book is a must read. If you want to succeed, if you are serious about being a network marketing professional, make this book the centerpiece of your library! Take the decision now to become a Network Marketing Professional and start building your future.

With “Go Pro” you can create the life of your dreams.

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My Philosophy for Successful Living - Book Review

Jim Rohn was counted as a mentor by thousands including the likes of Tony Robbins, Les Brown, Harvey Mackay, Mark Victor Hansen and others. That positive impact continues today with this special edition of Jim's My Philosophy for Successful Living.

My Philosophy for Successful Living is a short, concise, no-fluff read. This is the one book you carry with you to read over and over and each time get a bit more out of it. The best part is the wisdom Jim Rohn shares that pertains to anyone in any walk of life. You can take his words of inspiration and put them into action starting today.

One of the greatest nuggets of truth from this book is if you bring value to people then you will be rewarded. Not just monetary rewards, but also in the form of friendship, happiness, and success in many other ways. You will learn to appreciate your life in ways you never thought possible by reading the nuggets throughout My Philosophy for Successful Living. This book is life-changing but not because of a ton of things you learn, but rather because of the SIMPLICITY of what Jim explores here.

A must read for every entrepreneur and anyone who is looking to achieve more in their everyday life.

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The Compound Effect - Review

It's easy for us to think of small decisions as irrelevant to our long-term success. But, these little decisions really do add up over time. This is the basis of Darren Hardy's The Compound Effect, and it's just as simple as it sounds. It's important to start taking stock of your small decisions because they all lead to something much larger. This is, in essence, the compound effect that Hardy's talking about. It's very similar to making small financial decisions that ultimately add up. For instance, if you buy a $5 coffee every day or even just once a week, you might not think about the added compound effect of that purchase. Five dollars may not seem like a lot, but the compound effect is hundreds or even thousands of dollars a year spent on coffee. Now, imagine if you made equally foolhardy small decisions on a regular basis in your work and personal life.

No gimmicks. No Hyperbole. No Magic Bullet. The Compound Effect is based on the principle that decisions shape your destiny. Little, everyday decisions will either take you to the life you desire or to disaster by default. Darren Hardy, publisher of Success Magazine, presents The Compound Effect, a distillation of the fundamental principles that have guided the most phenomenal achievements in business, relationships, and beyond. This easy-to-use, step-by-step operating system allows you to multiply your success, chart your progress, and achieve any desire. If you’re serious about living an extraordinary life, use the power of The Compound Effect to create the success you want.

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Go for No! Yes is the Destination, No is How You Get There - Review

Read this book! Put down whatever you're reading right now, take a deep breath, and read this book. It won't take long, but it might change your life.

In a world inundated with sales books on getting to yes, this book recommends just the opposite, focusing on how increasing your failure rate can greatly accelerate your movement toward ultimate success. Go for No! chronicles four days in the life of fictional character Eric Bratton.

He is a call reluctant copier salesman who wakes up one morning to find himself in a strange house with no idea of how he got there. But this house doesn t belong to just anyone! It belongs to him... a wildly successful, ten years in the future version of the person he could become if he learns to overcome his self-limiting beliefs and overcome his fear of failure. 

Through the dialogue of the two main characters the authors have fashioned an entertaining story to present the key concepts essential to sales success. Readers learn... ...What it takes to outperform 92% of the world s salespeople ...That failing and failure are two very different things ... Why it s important to celebrate success and failure ... How to get past failures quickly and move on ...That the most empowering word in the world is not yes... it s NO! 

Written to be intentionally short and to the point, Go for No! is a quick, fun read with valuable lessons that can change the way you think, sell, and live!

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Investor Dictionary explains H Shares

A share of a company incorporated in the Chinese mainland that is listed on the Hong Kong Stock Exchange or other foreign exchange. H-shares are still regulated by Chinese law, but they are denominated in Hong Kong dollars and trade the same as other equities on the Honk Kong exchange.

H-shares on the exchange are automatically included in the Hang Seng China Enterprise Index, provided that they maintain the Hong Kong exchange regulatory requirements.

H-shares are available for more than 90 Chinese companies, giving investors at least some access to most of the major economic sectors such as financials, industrials and utilities. In 2007, the Chinese government decided to allow mainland investors to invest in the Hong Kong exchange, which greatly increased the demand for H-shares, as mainland investors were previously forbidden from investing in the exchange. China still offers A-shares in many of the same companies, but only mainland residents can invest in them.

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How to protect your small business website from hackers

The recent global attack on websites by a Russian gang highlights the need to protect the access to your website - especially if you are generating income from your site.

There are some easy to implement systems that can help protect you from the next cyber attack.

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ALS Ice Bucket Challenge lessons for social media marketing

The ALS Ice Bucket Challenge is all the rage at the moment.

In this video I analyze the four key elements we can all learn from this about how to maximize your social media marketing impact.

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Daily habits of the wealthy that the poor ignore

Here we analyse the daily habits of the rich that poor people ignore. Many of them are simple patterns of thought - and are easy for you to implement in your life.

The inspiration for this video came from this SUPERB book.

Check it out!

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Higher productivity in six easy steps

Here, in this video I discuss the six easy steps you can follow every day to get more productive.

The source reference is the superb book The 4-Hour Workweek by Tim Ferriss.

Do yourself a favor and check it out.

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