Profile
ACC307 covers taxation of companies which include taxability of income, income tax exemption, types of deductions and tax allowances available to reduce the chargeable income of a company. In addition, students will be taught how and when a company is able to utilise the unabsorbed allowances, losses and donations under the various mechanisms. Finally, this course also covers the elementary taxations of partnership which includes general partnership, limited liability partnership and limited partnership.During the course, students will be examined on their understanding and application of tax concepts and be prompted to familiarise themselves with various sections of the Income Tax Act. In this connection, it is important for students to acquire this practical skill in order to obtain a better understanding of the underlying legislation governing tax treatments which would assist the students in the related applications of such tax laws in the commercial settings.
What You'll Learn
Charging section of income tax;
Income tax exemption;
General deduction rule and prohibited deduction;
Special deduction and further deduction;
Productivity and innovation credit scheme;
Introduction to capital allowance;
Disposal of Assets and Hire Purchase;
Industrial Building Allowance and Land Intensification Allowance;
Carry Forward / Back of Unabsorbed Items;
Group Relief System;
Introduction to Partnership;
Introduction to limited liability partnerships and limited partnerships;
Minimum Entry Requirement
Diploma or an equivalent qualification from a recognised institution