Scribd Logo
Upload

Welcome to Scribd!

  • 2K views

    Answer Tutorial 5 Basis Period Changes

    Uploaded by

    athirah jamaludin
    This document provides examples and explanations of how accounting periods and basis periods are determined when a company changes its financial year end for tax purposes in Malaysia. It gives 4 examples of companies (Wai Bhd, Mei Sdn Bhd, Pin Bhd, and Syed Saddiq Sdn Bhd) that changed their financial year ends and calculates the corresponding basis periods and adjusted income amounts for the relevant tax years.

    Copyright:

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

    Answer Tutorial 5 Basis Period Changes

    Uploaded by

    athirah jamaludin
    2K views2 pages
    This document provides examples and explanations of how accounting periods and basis periods are determined when a company changes its financial year end for tax purposes in Malaysia. It gives 4 examples of companies (Wai Bhd, Mei Sdn Bhd, Pin Bhd, and Syed Saddiq Sdn Bhd) that changed their financial year ends and calculates the corresponding basis periods and adjusted income amounts for the relevant tax years.

    Original Description:

    nkjnkjnk

    Original Title

    Answer Tutorial 5 Basis period Changes

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides examples and explanations of how accounting periods and basis periods are determined when a company changes its financial year end for tax purposes in Malaysia. It gives 4 examples of companies (Wai Bhd, Mei Sdn Bhd, Pin Bhd, and Syed Saddiq Sdn Bhd) that changed their financial year ends and calculates the corresponding basis periods and adjusted income amounts for the relevant tax years.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2K views2 pages

    Answer Tutorial 5 Basis Period Changes

    Uploaded by

    athirah jamaludin
    This document provides examples and explanations of how accounting periods and basis periods are determined when a company changes its financial year end for tax purposes in Malaysia. It gives 4 examples of companies (Wai Bhd, Mei Sdn Bhd, Pin Bhd, and Syed Saddiq Sdn Bhd) that changed their financial year ends and calculates the corresponding basis periods and adjusted income amounts for the relevant tax years.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Taxation II

    Tutorial 5
    Basis Period: Changes in Accounting Period
    ANSWER SCHEME

    1. Wai Bhd normally prepares its accounts to 30 September annually. The company
    changed its accounting date to 30 June for its own convenience. The accounting
    periods and the adjusted income for each period was as follows:
    Accounting Period Adjusted Income (RM)
    Year ended 30.9.2016 20,400
    1.10.2016 – 30.6.2017 15,600
    1.7.2017 – 30.6.2018 42,600

    State the basis period and calculate the adjusted income for the relevant YA.

    Year of Basis Period Period Adjusted Income


    Assessment
    2016 1.10.2015 – 30.9.2016 12 months 20,400
    2017 1.10.2016 – 30.6.2017 9 months 15,600
    2018 1.7.2017 – 30.6.2018 12 months 42,600

    2. Mei Sdn Bhd normally closed its account on 30 June every year. The company
    decides to change its accounting date to close on 31 December starting 2013.
    Accounts prepared as follows:
    i) 1.7.2012 – 30.6.2013
    ii) 1.7.2013 – 31.12.2013
    iii) 1.1.2014 – 31.12.2014
    iv) 1.1.2015 – 31.12.2015
    State the basis period for relevant YA.

    Year of Basis Period Period


    Assessment
    2013 1.7.2012 – 30.6.2013 12 months
    2014 1.7.2013 – 31.12.2014 18 months
    2015 1.1.2015 – 31.12.2015 12 months

    3. Pin Bhd normally makes up account to 31 December each year. For its own
    convenience, the company changed its financial year end to 30 June starting 2013.
    The company drew up accounts as follows:
    Accounting Period Adjusted Income (RM)
    1.1.2012 – 31.12.2012 43,000
    1.1.2013 – 30.6.2013 25,000
    1.7.2013 – 30.6.2014 18,000

    State the basis period and calculate the adjusted income for relevant YA.

    Year of Basis Period Period Adjusted Income


    Assessment
    2012 1.1.2012 – 31.12.2012 12 months 43,000
    2013 1.1.2013 – 30.6.2013 6 months 25,000
    2014 1.7.2013 – 30.6.2014 12 months 18,000

    4. Syed Saddiq Sdn Bhd commence business on 1 November 2013 and normally
    makes up account to 31 December each year. When the company merge with parent
    company, the company changed its financial year end to 30 April starting 2016. The
    company drew up accounts as follows:
    Accounting Period Adjusted Income (RM)
    1.11.2013 – 31.12.2014 18,000
    1.1.2015 – 30.4.2016 30,000
    1.5.2016 – 30.4.2017 20,000

    State the basis period for the relevant year of assessment (YA) and the adjusted
    income.

    Year of Basis Period Period Adjusted Income


    Assessment
    2014 1.11.2013 – 31.12.2014 14 months 18,000
    2015 1.1.2015 – 31.8.2015 8 months 15,000
    2016 1.9.2015 – 30.4.2016 8 months 15,000
    2017 1.5.2016 – 30.4.2017 12 months 20,000

    You might also like