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Commencement of bs, BP (For co, LLP, trust bodies, For Indv (sole…
Commencement of bs
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Tax implication
- pre-commencement exp
- :red_cross:ded
- :red_cross:incurred in production of inc
- exp incurred from commencement of bs
- :check:ded
- incurred wholly & exclusively in production of inc
- QE
- incurred b4 commencement of bs, deemed incurred on commencement date
Date of commencement
- manufacturing
- date when P&M are in place, raw mat have arrived
- trading
- when door is open to public
- plantation
- when seedlings are 1st planned
- acq of existing bs op
- <12 mths
- ending on a day in the same basis yr it commence bs
tht period = BP for 1st YA
12 mths
- ending on a day in the 3rd basis yr
tht period = BP for 3rd YA
:red_cross:1st + 2nd YA
- ending on a day following basis yr
tht period = BP for 2nd YA
:red_cross:1st YA
BP
For co, LLP, trust bodies
-
-
For Indv (sole proprietor, partnership)
-
-
Failure yr
- co fails to make up a/c to its normal y/e