Ans Self-Test PA

Ans Self-Test PA - BUSI 0018 Hong Kong Taxation Self Test...

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SelfTest_PA_ans 1 BUSI 0018 – Hong Kong Taxation Self Test Question – Personal Assessment (Answers) Mr. and Mrs. Lau Total tax liability for the year of assessment 2009/10 under Personal Assessment Mr. Lau Mrs. Lau Total Net assessable income for salaries tax purpose 652,200 Net assessable value of Kowloon Bay flat 75,600 Assessable profits from wife’s business . 30,000 Total income 727,800 30,000 Less: Interest paid 75,600 . 652,200 30,000 Less: Charitable donations 28,000 Contribution to retirement scheme 12,000 . Reduced total income 612,200 30,000 642,200 Less: Allowances 316,000 Net chargeable income 326,200 Tax thereon at progressive rates 43,454 Tax payable 2009/10: Mr. Lau: 43,454 x (612,200/642,200) 41,424 2,030 43,454 Assessable income of Mr. Lau calculated as follows: Salary 510,000 Holiday journey 30,000 Reimbursement of car rental 60,000 Reimbursement of petrol costs 12,000 Reimbursement of club subscription 10,000 622,000 Rental value 62,200 Less: Management charges
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This note was uploaded on 02/23/2012 for the course BUSI 0018 taught by Professor C.ng during the Spring '11 term at HKU.

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Ans Self-Test PA - BUSI 0018 Hong Kong Taxation Self Test...

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