ANSWER ALL FOUR (4) QUESTIONS QUESTION 1 Mr. Adam Daniel is a 52-year-old Malaysian tax resident who decided to retire optionally on 31 December 2018 from ABC Sdn Bhd. He has been working in the company since 1 January 2006. Given below information pertaining to their income and expenses for the basis year 2018: Employment with ABC Sdn Bhd RM Monthly salary 72,000 Leave pay for months of Jan 2019 and Feb 2019-received on 31" of Dec 2018 12,000 Holiday trip to Japan 4,800 A six-year old company car which originally cost RM 180,000 was provided to Mr. Adam Daniel together with fuel. Business / Trading Adjusted income 66,000 Capital allowance 3,000 Balancing allowance 900 Balancing charge 2,600 Unabsorbed business loss brought forward from YA 2017 56,800 Other Sources of Income Malaysian dividend (single-tier dividend) 30,000 Monthly annuity received from his late mother's trust fund 1,000 Royalty from translation of books as per request from Ministry of Higher 18,500 Education Royalty from participating in a cultural performance for three days (Merdeka Day) 4,000 approved by Minister (not part of exercising his official duties) Royalty from recording of disc for singing Malaysian Day song 4,200 Interest on fixed deposits with Public Bank 3,412 Expenses Cash donation to an orphanage (approved institution) 9,000 Zakat (obligatory) - evidenced with receipts 3,080 Contributions to Employee Provident Fund (EPF) 7,920 Purchase of sports equipment 500 Premium on medical insurance 3.200 Purchase of a personal computer 4,400 REQUIRED: Perform the computation of the chargeable income for Mr. Adam Daniel for Year of Assessment 2018 ANSWER ALL FOUR (4) QUESTIONS QUESTION 1 Mr. Adam Daniel is a 52-year-old Malaysian tax resident who decided to retire optionally on 31 December 2018 from ABC Sdn Bhd. He has been working in the company since 1 January 2006. Given below information pertaining to their income and expenses for the basis year 2018: Employment with ABC Sdn Bhd RM Monthly salary 72,000 Leave pay for months of Jan 2019 and Feb 2019-received on 31" of Dec 2018 12,000 Holiday trip to Japan 4,800 A six-year old company car which originally cost RM 180,000 was provided to Mr. Adam Daniel together with fuel. Business / Trading Adjusted income 66,000 Capital allowance 3,000 Balancing allowance 900 Balancing charge 2,600 Unabsorbed business loss brought forward from YA 2017 56,800 Other Sources of Income Malaysian dividend (single-tier dividend) 30,000 Monthly annuity received from his late mother's trust fund 1,000 Royalty from translation of books as per request from Ministry of Higher 18,500 Education Royalty from participating in a cultural performance for three days (Merdeka Day) 4,000 approved by Minister (not part of exercising his official duties) Royalty from recording of disc for singing Malaysian Day song 4,200 Interest on fixed deposits with Public Bank 3,412 Expenses Cash donation to an orphanage (approved institution) 9,000 Zakat (obligatory) - evidenced with receipts 3,080 Contributions to Employee Provident Fund (EPF) 7,920 Purchase of sports equipment 500 Premium on medical insurance 3.200 Purchase of a personal computer 4,400 REQUIRED: Perform the computation of the chargeable income for Mr. Adam Daniel for Year of Assessment 2018
