Mr. Yang and Mrs. Yang supply you with the following information relating to the year ended 31 March 2020:

1. Mr. Yang was employed by a local law firm as a solicitor. He received a monthly salary of $80,000 plus a one-month discretionary bonus from his employer.

2. Mr. Yang was concurrently appointed as Independent Non-executive Director of a Hong Kong listed company incorporated in Bermuda but managed and controlled in Hong Kong. He received a fee of S240,000 from the listed company as director's remuneration.

3. Mr. Yang contributed $30,000 a year in total to the Mandatory Provident Fund. He also paid S2,500 and $3,500 to relevant statutory bodies for maintaining his local and overseas lawyer's qualifications respectively.

4. Mr. Yang lived in a residential property in Hong Kong owned by himself. During the year, the total amount of mortgage interest paid to a bank by the Mr. Yang was $50,000.

5. Mr. Yang has formed a partnership with Mr. Wong carrying on online vintage products trading business in Hong Kong. The share of tax loss attributable to Mr. Yang during the year was $185,000.

6. Mr. Yang has a father in Hong Kong living alone. Notwithstanding that his father was already beyond the age of 65, he was still physically fit and has been appointed by a local university as part-time lecturer. During the year, Mr. Yang contributed $24,000 to his father as maintenance. 7. Mrs. Yang has been married to Mr. Yang for more than 10 years. She was a Mainland Chinese residing in Shenzhen, the PRC, together with their son aged eight and Mrs. Yang's mother aged 69. Mr. Yang regularly went to Shenzhen staying with his family members at the weekends during the year.

8. Mrs. Yang did not have any employment income assessable to salaries tax.

9. Mrs. Yang enrolled in a summer course organized by a University in Hong Kong studying English and paid $25,000 as the tuition fee. She also donated $10,000 to the Tung Wah Group of Hospital. 5

10. Mrs. Yang has acquired a residential property in Hong Kong and has constantly leased it out for generating rental income for a considerable period of time. A new tenancy agreement was entered into and commenced on 1 January 2020 for a two-year term at $22,000 per month with one month rent fee period upon commencement of the lease contract. Rates of $2,500 per quarter and property management fee of $2,000 per month were all paid by Mrs. Yang. During the year, Mrs. Yang incurred $143,700 mortgage loan interest for the abovesaid property. Required: Suppose you were tax advisors of a CPA firm, write a Report to Mr. Yang and Mrs. Yang, to discuss and suggest whether it is favourable to elect for electing personal assessment in the year of assessment 2019/2020.

Note: 1. You are required to show the total tax liabilities of Mr. Yang for Y/E 2019/2020, and the total tax liabilities of Mrs. Yang for the Y/E 2019/2020.

2. Computation of PA liability is not a must.

3. Ignore provisional tax, tax rebate and rates concession for the year, if any.

4. Proper format and structure of a report will be awarded.