PowerHouse Limited is a registered company in Fiji. For the year ending 31st December 2018, the company's income tax assessed was $160,000 and allowable foreign tax credit was $10,000. Furthermore, withholding tax credit was $30,000. In the 2019 financial period, the advance tax instalments were $45,000 in June, $5,000 in September and $32,000 in December. However, the actual tax payable in the 2019 financial year is $90,000.

REQUIRED:

1. Compute the Late Payment Penalty for each instalment of the 2019 financial period. [5 marks]

2. Compute the Adjusted Late Payment Penalty for each instalment of the 2019 financial period. [5 marks]

Answer these questions with reference to the appropriate Income Tax Act's section(s).

note- we have to refer to the fiji income tax act section 110(1)

fiji income tax act can be found on google