THIS DOCUMENT CONTAINS TAX2601 ASSIGNMENT 5 OF SEM 2 2023 EXPECTED QUESTIONS AND ANSWERS. DUE CARE HAS BEEN TAKEN IN PREPARING THIS DOCUMENT . SPECIFIC REQUIREMENTS AND SUMMARISED NOTES ARE ALSO INCLUDED AT THE END OF THE ASSIGNMENT QUESTIONS TO HELP YOU UNDERSTAND THE CONCEPTS BETTER. PLEASE USE I...
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, For Private online tutoring via teams/zoom in FAC , MAC,INV TAX, DSC, ECS ,STA
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Ques on 1
a)
To calculate the missing capital allowance for Asset UC1, you will need to gather specific informa on from
the company accountant. Here are some ques ons you should ask the accountant to obtain the necessary
details:
Asset Descrip on: Can you provide a detailed descrip on of Asset UC1, including its type, purpose, and
any relevant specifica ons?
Date of Acquisi on: What was the exact date when Asset UC1 was acquired by the company?
Purchase Price: What was the total purchase price or cost of Asset UC1 when it was acquired?
Installa on and Transporta on Costs: Did the company incur any addi onal costs related to the installa on
or transporta on of Asset UC1? If so, please provide the details.
Residual Value: What is the es mated residual value of Asset UC1 at the end of its useful life?
Es mated Useful Life: What is the es mated useful life of Asset UC1 as per the company's deprecia on
policy or industry standards?
Deprecia on Method: Which deprecia on method is being used for Asset UC1 (e.g., straight-line, reducing
balance, or any other method)?
Current Accumulated Deprecia on: What is the current accumulated deprecia on for Asset UC1 up to the
end of the year of assessment on 31 March 2023?
Prior Years' Deprecia on: Can you provide the annual deprecia on amounts claimed for Asset UC1 in prior
years, if applicable?
Any Prior Recoupments: Has the company ever claimed any recoupments related to Asset UC1 in previous
years? If yes, please provide details.
Any Improvements or Addi ons: Were there any significant improvements, addi ons, or enhancements
made to Asset UC1 during the year of assessment that need to be considered for the calcula on?
Sec on 11(o) Scrapping Allowance: Was Asset UC1 ever scrapped or disposed of during the year of
assessment? If so, please provide details about the scrapping allowance claimed.
Deferral of Recoupments: Have any recoupments been deferred for Asset UC1 as allowed under Sec on
11(o)? If yes, please provide informa on on the deferred recoupments.
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