Dolah retired as a consultant at oil and gas company in Malaysia when he reached the...

 

  

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Dolah retired as a consultant at oil and gas company in Malaysia when he reached the age of 45 in December 2019 (not compulsory retirement age). He had worked for the company since January 2006. Upon his retirement, Dolah purchased a house in Ipoh and rent out the house (furnished). Through a qualified real estate agent, Dolah managed to rent the house to first tenant starting from March 2020. However, due to unavoidable circumstances, the tenant moved out on 30 September 2020. Through the same agent, Dolah managed to find the second tenant started from November 2020. The following information was provided by Dolah in relation to his incomes, which were derived from Malaysia and expenses for the year of assessment 2020: Item RM Pension 108,000 Rental House: March to September 2020 1,400 per month 1,600 per month November to December 2020 Rental deposit (refundable): 2,800 3,200 First tenant Second tenant Utilities deposit (not refundable): First tenant 1,500 Second tenant 2,000 Expenses: Real estate agent First tenancy agreement 1,800 800 Second tenancy agreement 500 Repairs of clogged toilet Installation of air-condition (April, 2020) 700 3,000 Fire insurance (January to December 2020) Replacement of furniture to high quality (October, 2020) Annual quit rent and assessment 3,600 6,000 6,000 Interest and Dividend Interest from fixed deposit at CIMB Bank Bhd. 4,500 Dividend from Carigali Gas Bhd 15,500 Royalty Publication of a book written by Dolah titled "Fundamentals of Investing in Oil and Gas" 30,000 Commission Received commission from helping his friend gained profit from investment 5,000 a60% of the amount was related to searching for the first tenant. Required: Compute the aggregate income for Dolah for the year of assessment 2020. Indicate NIL for non-taxable-income or non-allowable expenses. Dolah retired as a consultant at oil and gas company in Malaysia when he reached the age of 45 in December 2019 (not compulsory retirement age). He had worked for the company since January 2006. Upon his retirement, Dolah purchased a house in Ipoh and rent out the house (furnished). Through a qualified real estate agent, Dolah managed to rent the house to first tenant starting from March 2020. However, due to unavoidable circumstances, the tenant moved out on 30 September 2020. Through the same agent, Dolah managed to find the second tenant started from November 2020. The following information was provided by Dolah in relation to his incomes, which were derived from Malaysia and expenses for the year of assessment 2020: Item RM Pension 108,000 Rental House: March to September 2020 1,400 per month 1,600 per month November to December 2020 Rental deposit (refundable): 2,800 3,200 First tenant Second tenant Utilities deposit (not refundable): First tenant 1,500 Second tenant 2,000 Expenses: Real estate agent First tenancy agreement 1,800 800 Second tenancy agreement 500 Repairs of clogged toilet Installation of air-condition (April, 2020) 700 3,000 Fire insurance (January to December 2020) Replacement of furniture to high quality (October, 2020) Annual quit rent and assessment 3,600 6,000 6,000 Interest and Dividend Interest from fixed deposit at CIMB Bank Bhd. 4,500 Dividend from Carigali Gas Bhd 15,500 Royalty Publication of a book written by Dolah titled "Fundamentals of Investing in Oil and Gas" 30,000 Commission Received commission from helping his friend gained profit from investment 5,000 a60% of the amount was related to searching for the first tenant. Required: Compute the aggregate income for Dolah for the year of assessment 2020. Indicate NIL for non-taxable-income or non-allowable expenses.

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INTRODUCTION Dolah is a retired Consultant at an oil and gas company in Malaysia In Malaysia pensions paid to people after reaching the age of retirement are exempt from tax However if a person has mu... View the full answer