Question
Hello, i need answer for all the questions. Alex, a pensioner lives in Malaysia with his wife. He had invested $200,000 in a unit trust
Hello, i need answer for all the questions.
- Alex, a pensioner lives in Malaysia with his wife. He had invested $200,000 in a unit trust fund. For Ya2018 he received a fully taxable income distribution of 6% from the unit trust fund. Alex received a net distribution of $9,120. The tax deducted at source was $2,880. Alex also received a net rental income of $68,000. Calculate the tax payable for Alex.
- Mr. Mahen retired as a senior lecturer from a public university on reaching the compulsory age of retirement on 30 April 2018. He tarnished the following information to his accountant;
| $ |
Salary per month to April 2018 | 9,000 |
Pension per month | 4,000 |
Golden handshake | 44,000 |
Gratuity | 125,000 |
Dividend income
- From Hong Kong totalling $12,000 remitted to Malaysia on 5 November 2018
- Frm Paloh Steel Bhd. of $3,000
- Capital repayment of $3,000 from Ken Investment Bhd, 7 December 2018
Interest income
Mahen received interest of $6,000 from an investment of $150,000 in a 12 month fixed deposit in Public Bank
Royalty income
Mahen wrote a book Improving Productivity in the Malaysian Manufacturing Companies and earned royalties of $46,000 in 2018. He paid $6,000 to a colleague to edit the book.
He also undertook a research on corporate governance and he commercialized in his research findings. Mahen received royalty of $25,000.
Rental income
Mahen had a bungalow in Bangsar which he rents out to expatriates. It is rented out for $4,000 a month. The tenant who had stayed in the house for five years move out on 30 may 2018. Mahen took the opportunity to repair and paint the house. The house was rented out again on 1 September 2018 to a new tenant. The tenant paid him a deposit of $8,000 and an advance of $4,000. Mahen incurred the following expenditure for the house;
| $ |
Quit rent & assessment | 1,000 |
Fire insurance | 3,000 |
Advertising cost to find new tenant | 1,000 |
Repairs | 5,200 |
Sewage fees | 96 |
New air conditioning units | 5,000 |
Loan instalments is $2,000 per month ($900 is the interest portion)
Mahen started a new job with a salary of $12,000 per month with a private university on 1 June 2018.
Compute the total income of Mr. Mahen
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