Reference no: EM132835604
SSM Sdn Bhd (share capital of 2.8 million) accounting year ending 30 June 2018 furnished its first estimate tax payable for the year of assessment 2018 to the Inland Revenue Board within the time prescribed by law. This was for RM120,000.
Required:
i. State when and what amounts SSM is required to pay the amount of tax estimated by the company for the year of assessment 2020.
ii. An earliest revised estimate for the year of assessment 2020 was furnished to IRB within the time prescribe by law in the amount of RM123,850. When could an earliest revised estimate be furnished and in what amounts was SSM required to pay the balance of the revised estimated tax payable?
iii. Could SSM revise its estimate its estimate tax after the earlier revision made in (ii) above?
iv. SSM submitted its tax return for the year of assessment 2020 to the IRB on 20 January 2021 showing tax payable of RM130,375. When is the assessment for the year of assessment 2020 be deemed to have been made on SSM?
v. When was SSM be deemed to have been served with the deemed notice of assessment for the year of assessment 2020?
vi. When is the final tax of SSM for the year of assessment 2020 be due and payable?
(b) Henry and Honey are in partnership for many years. Nancy joined the partnership on 1 July 2020. The profit ratio of the partners are given below
Henry : Honey : Nancy
Period 1/1/2008-30/6/2019 1 : 3
Period 1/7/2019-31/12/2020 3 : 4 : 1
The divisible income of the partnership business in year 2020 is RM120,000.
The partnership bought heavy machinery in 2019 at cost RM30,000. In 2020, the partnership acquired an additional new heavy machinery by RM25,000.
Nancy bought a new private car at cost RM110,000 and used it in the partnership business. 30% of the car usage is for Nancy's private purposes.
Compute the 2020 statutory income for Henry, Honey and Nancy. Show all workings.
|
Discuss the checklist before chattering an aircraft
: 1) Discuss the checklist before chattering an aircraft. 2) Comment on the roles and relationship pf owner, charter and broker in shipping.
|
|
Which way will the firm be more risky
: Which way will the firm be more risky? Note: there are many measures of risk. There is no need to go beyond the material for this module.
|
|
Demonstrate correct use of kanter approach to innovation
: Using a company of your choice, describe and define how the company innovated demonstrating correct use of Kanter's approach to innovation.
|
|
Which entry to record the retirement would include a
: A $300,000 bond was retired at 98 when the carrying value of the bond was $296,000. The entry to record the retirement would include a
|
|
Estimate tax payable for the year of assessment 2018
: SSM Sdn Bhd (share capital of 2.8 million) accounting year ending 30 June 2018 furnished its first estimate tax payable for the year of assessment 2018 to the
|
|
What common bond brings them together
: Describe the relationship between a manager and their staff as a role set in a nonprofit organization by answering these questions: What common bond brings.
|
|
Which measure of a company solvency is the
: Which measure of a company's solvency is the?If the market rate of interest is greater than the contractual rate of interest, bonds will sell
|
|
Assess trust levels evident in team interactions
: Chose an organizational team you know well, with 4-6 members. It can be a work group, church group, or sports organization. You do not have to be involved
|
|
Review paper on a scientific study on persuasion
: You will write a review paper on a scientific study on persuasion. Goldstein, Martin, and Cialdini (2008 - see the list of the required textbooks) has 50 small.
|