Mr. Wong is the landlord of a luxury apartment. He lets his apartment to Ms. Lee...

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Mr. Wong is the landlord of a luxury apartment. He lets his apartment to Ms. Lee on a 4- year lease. The tenancy lease started on 1 June 2014, for a premium of $180,000, monthly rental of $68,000 and a monthly service fee of $6,000. Mr. Wong paid rates of $9,000 and incurred $40,000 on repairs & maintenance during Feb 2015. Required: Calculate the property tax payable for 2014/15. 2. The following information is related to the properties owned by Mr Chan: Property W - Tai Koo Shing, Hong Kong Mr Chan let Property W to Me Novack on 1 October 2011 for a term of 5 years. The relevant terms of the lease agreement are as follows: Monthly rent Initial premium: Deposits: Housekeeping fees: Rates: Management fees: Repair and maintenance: HK$10,000 to be paid at the beginning of each month HK$72,000 HK$10,000 The landlord will provide cleaning services to the tenant at a monthly fee of HK$1,000 Payable by the landlord (HK$1,500 per quarter) Payable by the tenant (HKS1,000 per month) Payable by the landlord During the year ended 31 March 2015. Mr Chan has paid repair expense of HK$5,000 directly to the service provider for fixing the windows. Due to an emergency incident, Ms Novack has first paid repair expense of HK$7,000 to replace the drainage system, and has subsequently received reimbursement of HKS4,000 from Mr Chan. Property X-CyberPort, Hong Kong It was occupied by Mr Chan as his residence. During the year ended 31 March 2015, Mr Chan paid the following expenses: (1) Rates: HK$2,000 per quarter, (ii) Management fee: HKS1,800 per month; and (iii) Mortgage loan interest: HKS100,000. Property Y- Austin Villa, Panyu District, the PRC Property Y was let to Ms Zhao on 1 April 2014 with a period of 3 years for RMB7,500 per month Ms Zhao was responsible for paying the management fee at RMB250 per month Property Y is jointly owned by Mr and Mrs Chan. (Annual average exchange rate as of 31 March 2015: RMB1 - HK$1.2302) Required: Compute the property tax liabilities of Mr Chan for the year of assessment 2014/15 Mr. Wong is the landlord of a luxury apartment. He lets his apartment to Ms. Lee on a 4- year lease. The tenancy lease started on 1 June 2014, for a premium of $180,000, monthly rental of $68,000 and a monthly service fee of $6,000. Mr. Wong paid rates of $9,000 and incurred $40,000 on repairs & maintenance during Feb 2015. Required: Calculate the property tax payable for 2014/15. 2. The following information is related to the properties owned by Mr Chan: Property W - Tai Koo Shing, Hong Kong Mr Chan let Property W to Me Novack on 1 October 2011 for a term of 5 years. The relevant terms of the lease agreement are as follows: Monthly rent Initial premium: Deposits: Housekeeping fees: Rates: Management fees: Repair and maintenance: HK$10,000 to be paid at the beginning of each month HK$72,000 HK$10,000 The landlord will provide cleaning services to the tenant at a monthly fee of HK$1,000 Payable by the landlord (HK$1,500 per quarter) Payable by the tenant (HKS1,000 per month) Payable by the landlord During the year ended 31 March 2015. Mr Chan has paid repair expense of HK$5,000 directly to the service provider for fixing the windows. Due to an emergency incident, Ms Novack has first paid repair expense of HK$7,000 to replace the drainage system, and has subsequently received reimbursement of HKS4,000 from Mr Chan. Property X-CyberPort, Hong Kong It was occupied by Mr Chan as his residence. During the year ended 31 March 2015, Mr Chan paid the following expenses: (1) Rates: HK$2,000 per quarter, (ii) Management fee: HKS1,800 per month; and (iii) Mortgage loan interest: HKS100,000. Property Y- Austin Villa, Panyu District, the PRC Property Y was let to Ms Zhao on 1 April 2014 with a period of 3 years for RMB7,500 per month Ms Zhao was responsible for paying the management fee at RMB250 per month Property Y is jointly owned by Mr and Mrs Chan. (Annual average exchange rate as of 31 March 2015: RMB1 - HK$1.2302) Required: Compute the property tax liabilities of Mr Chan for the year of assessment 2014/15

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For Mr Wong Calculation of Property Tax Payable for 201415 Premium 180000 Monthly Rental 68000 Monthly Service Fee 6000 Rates 9000 Repairs Maintenance ... View the full answer