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  • 2015 Dec Ans-5

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    何健珩
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    This document contains property tax assessments for a property owner, Mr. Ho, for the years 2013/14 and 2014/15. For 2013/14, the original net assessable value was $537,360 with $80,604 in tax paid. In the revision, the net assessable value was $528,360 with $79,254 in tax due and a $1,350 tax refund issued. For 2014/15, the original assessment showed no net assessable value or tax due as the irrecoverable rent carried back from the prior year resulted in no assessable income. Rates deducted in 2013/14 were not allowed since there was no assessable value in 2014/15.

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    This document contains property tax assessments for a property owner, Mr. Ho, for the years 2013/14 and 2014/15. For 2013/14, the original net assessable value was $537,360 with $80,604 in tax paid. In the revision, the net assessable value was $528,360 with $79,254 in tax due and a $1,350 tax refund issued. For 2014/15, the original assessment showed no net assessable value or tax due as the irrecoverable rent carried back from the prior year resulted in no assessable income. Rates deducted in 2013/14 were not allowed since there was no assessable value in 2014/15.

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    © All Rights Reserved
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    9 views1 page

    2015 Dec Ans-5

    Uploaded by

    何健珩
    This document contains property tax assessments for a property owner, Mr. Ho, for the years 2013/14 and 2014/15. For 2013/14, the original net assessable value was $537,360 with $80,604 in tax paid. In the revision, the net assessable value was $528,360 with $79,254 in tax due and a $1,350 tax refund issued. For 2014/15, the original assessment showed no net assessable value or tax due as the irrecoverable rent carried back from the prior year resulted in no assessable income. Rates deducted in 2013/14 were not allowed since there was no assessable value in 2014/15.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    3 Mr Ho

    Property tax assessment


    Year of assessment 2013/14 (original)
    $
    Rent: 1 July 2013 to 31 March 2014 (75,000*9) 675,000 0·5
    Premium (135,000*11/36) 41,250 0·5
    Less: Rates (12,150*4*11/12) (44,550) 1
    ––––––––
    671,700
    Less: 20% statutory deduction (134,340) 0·5
    ––––––––
    Net assessable value 537,360
    ––––––––
    ––––––––
    Tax at 15% 80,604 0·5
    ––––––––
    ––––––––

    Year of assessment 2014/15 (original)


    $
    Rent: 1 April 2014 to 31 May 2014 (75,000*2) 150,000 0·5
    1 February 2015 to 31 March 2015 (45,000*2) 90,000 0·5
    Premium (135,000*25/36) + (360,000*2/24) 123,750 1
    ––––––––
    363,750
    Less: Irrecoverable rent (75,000*7 – 150,000) (375,000) 1
    ––––––––
    Irrecoverable rent carried back (11,250) 0·5
    ––––––––
    ––––––––
    Net assessable value Nil
    ––––––––
    ––––––––
    Tax payable Nil 0·5
    ––––––––
    ––––––––
    Tutorial note: Since there was no assessable value in the year of assessment 2014/15, the rates of $8,100 for
    the months of April and May 2014 were not deductible.

    Year of assessment 2013/14 (revised)


    $
    Rent 675,000
    Premium 41,250
    ––––––––
    716,250 0·5
    Less: Irrecoverable rent carried back (11,250) 0·5
    ––––––––
    Assessable value 705,000
    Less: Rates (44,550) 0·5
    ––––––––
    660,450
    Less: 20% statutory deduction (132,090) 0·5
    ––––––––
    Net assessable value 528,360
    ––––––––
    ––––––––
    Tax at 15% 79,254 0·5
    Less: tax paid (80,604)
    ––––––––
    Tax refunded (1,350) 0·5
    ––––––––
    –––––––– –––
    10
    –––

    20

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