ACCT3161ass1_1011_1st_Answer-1

ACCT3161ass1_1011_1st_Answer-1 - THE CHINESE UNIVERSITY OF...

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THE CHINESE UNIVERSITY OF HONG KONG School of Accountancy ACCT 3161 – Taxation (1 st Term, 2010-2011) Assignment 1 Suggested Solution Question 1 (i) Every person chargeable to tax for any year of assessment must inform the Commissioner in writing that he is so chargeable not later than four months after the end of the basis period for that year of assessment, unless he has already been required to furnish a return. Any person who ceases to be the owner of any property in respect of which property tax is chargeable to inform the Commissioner in writing within one month of such cessation. Finally, any person chargeable to property tax who changes his address must inform the Commissioner in writing of the particulars of the change within one month. (ii) Every person who is the owner of property situated in Hong Kong shall keep sufficient records in English or Chinese of the consideration, in money or money’s worth, payable or deemed to be payable to him, to his order or for his benefit in respect of the right of use of that property, to enable the assessable value of that property to be readily ascertained, and shall retain such records for a period of not less than seven years after the completion of the transactions, acts or operations to which they relate. (b) Mr Fu’s property tax assessments – Property A Year of assessment 2006/07 2007/08 $ $ Rent received 240,000 (1) 560,000 (2) Premium ($210,000 x 10/24) 87,500 240,000 647,500 Less: Irrecoverable rent ($60,000 x 3) (180,000 ) Assessable value 240,000 467,500 Less: Rates paid ($9,000 x 4) (36,000 )
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This note was uploaded on 02/04/2012 for the course ACCT 3161 taught by Professor Kwong during the Spring '11 term at CUHK.

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ACCT3161ass1_1011_1st_Answer-1 - THE CHINESE UNIVERSITY OF...

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