LAW2465 timed online assessment final PDF

Preview

Summary

Critical Notes for Timed Online Assessment for LAW2465 (Final Exam) Commence each question on a new page! Ensure Respondus Lockdown Browser is up and running before commencing your TOA. Tax residency test for an individual (both qualitative & quantitative tests and covering territorial tax syste...

Description

Critical Notes for Timed Online Assessment for LAW2465 (Final Exam) 1. Commence each question on a new page! 2. Ensure Respondus Lockdown Browser is up and running before commencing your TOA. 3. Tax residency test for an individual (both qualitative & quantitative tests and covering territorial tax system, remittance tax system & worldwide tax system) & related legislation (mainly the Income Tax Act of SG) & case laws for tax residency. 4. Differentiation between capital gains and revenue gains (e.g. employment income, business profits, rental income, etc.) w.r.t. critical concepts like “batches of trade” and related legislation (mainly the Income Tax Act of SG) & case laws. 5. Differentiation between Standard-rated supplies, Zero-rated supplies, Exempt supplies & Input tax w.r.t. legislation (mainly the Goods & Services Tax of SG) & case laws. 6. Computations for Standard-rated supplies, Zero-rated supplies, Exempt supplies & Input tax, and presentation of net GST payable or refundable. 7. Critical concepts (e.g. …wholly and exclusively incurred for the generation of income…) for tax deductible expenses and their application w.r.t. legislation & case laws, and quantitative treatment of these expenses (i.e. tax deductible or non-tax deductible or double tax deduction). 8. Computation of an individual’s personal income tax payable: need to know types of assessable income (i.e. certain income tax exempt, cash-based remunerations, benefits-inkind, etc.), deductions allowed for individuals, reliefs (e.g. if individual is tax resident of SG, whether gender of individual is entitled to certain reliefs, etc.), tax rebates (whether individual entitled to PTR). 9. For item 8, need to present the proper format of tax computation, including all sub-totals (e.g. statutory income, assessable income, etc.), test of S$80,000 cap on total reliefs, computation of tax payable before rebates using progressive tax table & net tax payable after rebates....