2Link.Com: Accounting Refreshment

Thursday, December 3, 2009

Accounting Refreshment

1. First Touch In Accounting
2. Basic Book Keeping
3. Bank Reconciliation
4. Correction on Entry
5. Control Accounts
6. Accounting for Inventory
7. Single Entry and Incomplete Record

Further detail, please click: http://acct-refresh.blogspot.com/

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TAX MATTER : BASIS PERIOD

Case 1:

Detail of Company Z:

Date of incorporation : 3 October, 2007
Date of commencement : 5 January, 2009
First set Account close at 31 May, 2008 and subsequent close at 31 May.

Basis period for Company Z is as following:

Y/A 2008 (Accounting period: 03-10-2007 to 31-05-2008) - N/A (not yet commence business)

Y/A 2009 (Accounting period: 01-06-2008 to 31-05-2009) - 5-01-2009 to 31-05-2009

Y/A 2010 (Accounting period: 01-06-2009 to 31-05-2010) - 01-06-2009 to 31-05-2010

According to Public Ruling 7/2001, Para 3.5.3 : " Where a company commences operations and its first accounts are made up for less than or more than 12 months not ending on 31 December, the basis period for the year of assessment is the year ending on 31 December each year until accounts are made up for a 12-month accounting period."

Since Company Z's commencement date fall into the period which its accounts are made up for a 12-month accounting period, hence, its basis period no need to end at 31-12 and just end at its closing date.

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Thursday, December 3, 2009

Accounting Refreshment

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TAX MATTER : BASIS PERIOD

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