Question: Based on the case given, your group is required to prepare and type the following computations in a professional way. Please ignore provisional tax and

Based on the case given, your group is required to prepare and type the following computations in a professional way. Please ignore provisional tax and any tax rebate / concessions on final tax payable: Property Tax Computation 2024/25 for Mr Wei. Mr. Wei is a non-Hong Kong resident and an Australian citizen. He came to Hong Kong on 27 March 2024 to visit his friends. On 1 May 2024, Mr. Wei signed the ASP to purchase a commercial property (first-time in his life buying properties in Hong Kong) located at Wong Chuk Hang, Hong Kong. Total costs paid by Mr. Wei included: acquisition cost (consideration): $30,000,000 legal cost and agency fee: $150,000 decoration and clean-up costs:$1,200,000 The property was subsequently leased out to Mr. Fung under the following terms: (i) Term of lease: two years from 1 August 2024(i)Monthly rental: $56,000(ii)Rent deposit: $102,000 paid on signing the lease agreement (iii)Management fee: $2,500 per month, payable by the tenant to management company (iv)Rates: $6,000 per quarter, payable by the landlord to the government (v)Repair of windows in the commercial property: $2,000 paid by Mr. Wei (vi)Mr. Fung failed to pay rent since 1 January 2025. Mr. Wei was informed by the management company that the tenant had moved out on 28 February 2025 and could not be contacted.

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