5. Salaries Tax 3

5 Salaries Tax 3 - BUSI0018 HK Taxation Tutorial Notes on Salaries Tax(3 Allowable outgoings and expenses concessionary deductions personal

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BUSI0018 HK Taxation Tutorial Notes on Salaries Tax (3) - Allowable outgoings and expenses, concessionary deductions, personal allowances and salaries tax computations Mr. Bean Salaries Tax Computation Year of assessment 2007/2008 Salary XXX Bonus XXX Allowance (e.g. meal allowance, housing allowance etc.) XXX Reimbursement 1 (e.g. of utilities, of medical fees etc.) XXX Benefits in kind ( s9(2A)(a) - which are convertible into cash) XXX Education Benefits ( s9(2A)(b) – no matter the liab lies on the employer or not)XXX Holiday Journey ( s9(2A)(c) no matter it is in cash form or not) XXX A Less: Allowable outgoing and expenses 2 S12 (1)(a) (non-private portion) - car expenses (e.g. fuel costs, insurance and license fees) XXX - traveling expenses from office to office XXX - Professional subscription (only one is allowed) XXX Depreciation allowances 3 S12(1)(b) (non-private portion) - Company car for business purpose XXX (B) C Add: Rental value (4%/8%/10% x C) XXX Less : Rent suffered (rent paid by employee - rent refund) (XXX) D Add: Lump sum/gratuity upon termination of employment or Retirement XXX Payment in lieu of leave
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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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5 Salaries Tax 3 - BUSI0018 HK Taxation Tutorial Notes on Salaries Tax(3 Allowable outgoings and expenses concessionary deductions personal

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