Q1

Mr Chan graduated from the university in June 2019 and started his first job on 1 July 2019. His new employer is obliged to inform the Inland Revenue Department about his commencement of employment on or before:

Select one:

a. 1 October 2019.

b. 31 July 2019.

c. 31 July 2020.

d. 1 November 2019.

Q2

Albert works for Best Ltd, a Hong Kong trading company, at a monthly salary of $50,000. On 1 May 2019, Albert married Anita. He received a gift voucher for a package tour to Malaysia from Best Ltd with a value of $12,000. The package tour was transferable and could be resold for $8,000. Best Ltd also paid $500 to take out a family travel insurance policy for Albert.

What is the amount of Alberts assessable income for the year of assessment 2019/20?

Select one:

a. $600,600.

b. $608,500.

c. $600,000.

d. $612,500.

Q3

Kenneth is the Chief Executive Officer of Alpha Ltd. He was provided with a flat in Repulse Bay by Beta Ltd, a subsidiary of Alpha Ltd. No remuneration was paid by Beta Ltd to Kenneth.

In connection with Kenneth's employment with Alpha Ltd, he received salary income totaling $12,000,000 for the year of assessment 2019/20. In addition, he exercised a share option during the year and the taxable gain was $560,000. Deductible expenses agreed with the Inland Revenue Department to be $170,000.

What is the taxable benefit from the accommodation provided by Beta Ltd for the year of assessment 2019/20?

Select one:

a. $0.

b. $1,256,000.

c. $1,183,000.

d. $1,239,000.