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03 PA_Question

03 PA_Question - BUSI 0018 Hong Kong Taxation Self Test...

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SelfTestQ_PA 1 BUSI 0018 – Hong Kong Taxation Self Test Question – Personal Assessment Mr. Danny Lau supplied you with the following information in respect of the year ended 31 March 2006. 1. He was employed as an accountant by Peter Wong & Co., a firm carrying on a trading business in Hong Kong and received an annual salary of $510,000. 2. He was provided with a flat by the firm at no rent. However, he is required to pay the building management fee for the company of $1,000 per month. 3. He received an annual salary of $60,000 from an unincorporated business operated by his wife. 4. He received a holiday warrant from Peter Wong & Co. of $30,000 for a trip with his wife, which he spent $10,000 for travelling, $10,000 for entertainment and $10,000 for accommodation. 5. He rented a car for his personal use. The company paid a monthly rental of $5,000 on his behalf to the car rental company directly and reimbursed his petrol costs incurred for the year in total of $12,000.
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