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Question: 10 marks Mr. Daemon Hill purchased an office in Lai Chi Kok (Kowloon, Hong Kong) in late February 2018; and rent it out on 1 May 2018. As you were the tax accountant of Mr. Hill, he gave the following information to you concerning the lease of his property: 1. 2. 3. Term of lease Rent free period Rent 4. Rental deposit 5. 16. 7. Initial premium Rates Management fees Five years from 1 May 2018 | 1 May 2018 to 30 June 2018 $45,000 per month (inclusive of a management fee of $3,000), payable in advance $90,000 payable on 1 May 2018. As per the lease agreement, the rental deposit is to be used to compensate Mr. Hill for any loss of revenue if the tenant defaults on the payment of rent. $180,000 payable on 1 May 2018 $6,000 per quarter, payable by Mr. Hill to the HKSAR $3,000 per month, and it was agreed that it's tenant liability to pay this management fee. It was payable through Mr. Hill to the management company. $22,500 paid by Mr. Hill on 1 May 2018 $12,000 for the water pipes leakage, paid by Mr. Hill and the tenant. Even though the damage was not caused by the tenant, it was agreed that 50% of it was borne and paid by each on 1 August 2018. 8. 9. Agency fee Repair charges The tenant did not pay the rent to Mr. Hill from 1 March 2019 onwards. On 31 May 2019, the tenant moved out of the property and could no longer be contacted. Since then, the property has been left vacant. Required: a) Compute the property tax liabilities for Mr. Hill for the year of assessment 2018/19. Ignore the rates concession, and also ignore provisional property tax. (5 marks) b) Briefly explain the tax treatment of the following that were due from the tenant: i. ii. Default rental income, i.e., rent in arrears; and Trrecoverable rental income (2 marks) (3 marks) Question: 10 marks Mr. Daemon Hill purchased an office in Lai Chi Kok (Kowloon, Hong Kong) in late February 2018; and rent it out on 1 May 2018. As you were the tax accountant of Mr. Hill, he gave the following information to you concerning the lease of his property: 1. 2. 3. Term of lease Rent free period Rent 4. Rental deposit 5. 16. 7. Initial premium Rates Management fees Five years from 1 May 2018 | 1 May 2018 to 30 June 2018 $45,000 per month (inclusive of a management fee of $3,000), payable in advance $90,000 payable on 1 May 2018. As per the lease agreement, the rental deposit is to be used to compensate Mr. Hill for any loss of revenue if the tenant defaults on the payment of rent. $180,000 payable on 1 May 2018 $6,000 per quarter, payable by Mr. Hill to the HKSAR $3,000 per month, and it was agreed that it's tenant liability to pay this management fee. It was payable through Mr. Hill to the management company. $22,500 paid by Mr. Hill on 1 May 2018 $12,000 for the water pipes leakage, paid by Mr. Hill and the tenant. Even though the damage was not caused by the tenant, it was agreed that 50% of it was borne and paid by each on 1 August 2018. 8. 9. Agency fee Repair charges The tenant did not pay the rent to Mr. Hill from 1 March 2019 onwards. On 31 May 2019, the tenant moved out of the property and could no longer be contacted. Since then, the property has been left vacant. Required: a) Compute the property tax liabilities for Mr. Hill for the year of assessment 2018/19. Ignore the rates concession, and also ignore provisional property tax. (5 marks) b) Briefly explain the tax treatment of the following that were due from the tenant: i. ii. Default rental income, i.e., rent in arrears; and Trrecoverable rental income (2 marks)