Q1)

Jean, a 40-year-old Singapore citizen, was provided with the following employment income and benefits for the year 2020:

(i) Monthly salary of $4,000. (ii) 2020 contractual bonus of $8,000. Jean is single and entitled to earned income relief of $1,000. Jean contributed to the Central Provident Fund based on the statutory limits. Calculate Jean's minimum chargeable income for the Year of Assessment 2021.

Q2) Tom was awarded an option purchase the company's shares at $2/share. On 25 March 2020, he exercised the option to purchase 5000 shares when the share price was $2.50/share. He sold the shares at $4/share on 15 November 2020. The taxable benefit for the year 2020 is?

Q3)

Beta (S) Pte Ltd, in the business of making clothes, sold a tractor for $40,000 on 15 August 2020. The tractor was bought for $39,000 during its accounting year ended 31 December 2019. Calculate the balancing adjustment for the Year of Assessment 2021 assuming no capital allowance is claimed in the year of disposal.

1. Balancing charge of $14,000

2. Balancing charge of $1,000

3. Balancing charge of $13,000

4. non of the above