{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

powerpoint%20Chapter%2019%20-%20Personel%20assessment

powerpoint%20Chapter%2019%20-%20Personel%20assessment -...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
(year 11/12) 14 th edition 1 Chapter 19 Personal Assessment Key points 1. Election for personal assessment 2. Computation of tax payable under PA
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
(year 11/12) 14 th edition 2 Personal Assessment Is not a new tax An individual can elect PA Similar to joint assessment of salaries tax (chapter 5) In PA, all the incomes (employment, business and property) are aggregated and personal allowances are deducted. Tax is then computed at the progressive tax rates , but subject to the standard rate on the reduced total income
Background image of page 2
(year 11/12) 14 th edition 3 Advantage of electing PA - $ 1. Obtain personal allowances for individual liable to property tax 2. Obtain donations relief for individual liable to property tax 3. Made use of trading loss immediately 4. Deduct mortgage interest expense for rental income.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
(year 11/12) 14 th edition 4 Who May Elect Individual 18 or above , or if under 18, both his parents are dead Permanent / temporary resident of HK. A married individual can elect PA if his/her spouse is permanent/temporary resident Married person (apply by both husband and wife) --- but --- if only one spouse has chargeable income in that year, he may elect PA alone, and MPA shall be granted
Background image of page 4
(year 11/12) 14 th edition 5 Decreased person / partner For decreased person – executor has the right to elect PA For decreased partner – the executor may claim to include such share of profit in that year
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}