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 for Mr Wei. Mr Wei is a nonHong Kong resident and an Australian citizen. He came to Hong Kong on March to visit his friends. On May Mr Wei signed the ASP to purchase a commercial property firsttime 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: $ legal cost and agency fee: $ decoration and cleanup costs:$ The property was subsequently leased out to Mr Fung under the following terms: i Term of lease: two years from August iMonthly rental: $iiRent deposit: $ paid on signing the lease agreement iiiManagement fee: $ per month, payable by the tenant to management company ivRates: $ per quarter, payable by the landlord to the government vRepair of windows in the commercial property: $ paid by Mr Wei viMr Fung failed to pay rent since January Mr Wei was informed by the management company that the tenant had moved out on February and could not be contacted.
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