TARC ACCA 2005: tips june 2005 (tax 3.2 mys)

~~~~~~~~~~~~~~~Motivation Quote~~~~~~~~~~~~~~~~ ~~~~~~~~~~Sometimes it takes a lot of rain before you get your rainbow!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~Just FOcus On The Key Topics That You Know And Ignore What You Don't!!!!!!~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~The glory is not in never failing but in rising again everytime you fall!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~YOU MAKE THE FAILURE COMPLETE WHEN YOU STOP TRYING!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~

Friday, May 06, 2005

tips june 2005 (tax 3.2 mys)

Spotted topic:
1) IHC
2) RPGT
3) J/A & Partnership
4) Co-op
5) Islamic Instrument (also hv 2 know the BBA's Cap Allowance computation)
6) Personal Finance (savings, epf planning, planning thru unit trust, shares)
7) S/A Individual vs Co
8) Settlement
9) Trust

Possible incentives:
Acquisition of foreign owned company
Increased export for service sector
Cost of developing website, Rosettanet, approved offshore trading.

PR1/2004 --> S.4(d) should be treated as 1 source i.e follow the Multipurpose case and do not follow the PR1/2004 treatment of S.4(d) i.e do not separate S.4(d) to 3 sources

PERSONAL TAXATION,
a) Resident status
b)Exemption on Employment Income - 60 days, gratuity, compensation for loss of employment, dual employment contract
c)Joint Assessment
d) Personal Finance - saving shares, unit trusts, EPF Planning
e) Partnership
f) Business ventures - sole/ partnership/ sdn bhd
g) settlement
h)Trust

RPGT -
A) RPC,
B) PARA 3 b,
C) Exchange,
D) para 17
E) para 12
F) Administrative

Islamic Instruments -
wadiah, BBA, Ijara, HP vs Leasing

Tax Administration -
a) self assessment individual, co,
b) evasion, incorrect return,
c) record keeping
d) tax agent, auditor liabilities,
e) capital statements.
f) public ruling,
g) fraud, wilful default, negligence,
h) anti tax avoidance

Tax planning for company -
a) dividends imputation,
b) utilisation of unabsorbed CA + losses,
c) acquisition of company and biz,
d) S.44 (8) and S34
(6), e) rental income S.4(a),
f) Tax Audit and investigation,
g) stamp duty - computation and exemption
h) controlled transferred - interest exp, withholding tax, S4A, 107A and permanent establishment

Specialised Industries -
a) property developer,
b) investment holding,
c) close end fund,
d) leasing

Special organisation -
a) co-op,
b) club,
c) charitable institution,
d) trade association

Investment Incentives -
a) acquisition of foreign owned co,
b) proprietary rights,
c) approved food production,
d) increased export for service sector,
e) pioneer status,
f) infrastructure allowance,
g) R&D,
h) approved offshore trading

the above are tips from choong kwai fatt.
special thanks to mei mei for providing the tips.
thanks again.