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Tax Asdasdsad Essay

1211 words - 5 pages

Disposal proceeds from the sale of plant and machinery deployed in a business | Disposal proceeds from sale of PPE is considered Revenue Receipts of Capital Nature. 1) Fruit and Tree Analogy- “Deployed in Biz”; therefore without the intention of making a quick gain 2) Fixed Capital v Circulating Capital- example of PPE in biz to produce income; disposal proceeds regarded as capital receipts |
Late Payment interest charged on subscriptions by a recreational club to a delinquent member | 1) Section 10(1)(a)- Non trade source of income; interest.Riches vs Westminster Bank- “essence of interest is that it is a payment which becomes due because creditor has not had his money at the due ...view middle of the document...

Colby is a Singaporean of Irish and Chinese descent. | The recipient is assessable to tax under Section10(1)(f); Royalty- paid for the right to useAnnuityS10(1)(e) |
Winnings of $2M from a toto draw | Tax exempt, In Singapore, are not taxable as they are windfalls and not of income nature." |
Winnings of $100k from a lottery in HongKong | Tax exempt, In Singapore, are not taxable as they are windfalls and not of income nature."Depends on what you do with the earningse.g. put money in bank and earn interest(taxed)invest money in a business- earned a mil, remitted to singapore,(taxed)DISTINCTION BETWEEN CAPITAL BROUGHT TO SINGAPORE AND AMOUNT MADE ON CAPITAL |
Earnings from sale of counterfeit bags | Taxed- Lindsay, woodward & Hiscox V CIR (1923); according to case law guidance, illegality of activites does not shield the receipts derived from such activites from income tax if it can be established that the activities in question bear the characteristic of trade. * Badges of trade test. |
Distribution of Bonus Shares | Not income nature? “in accordance with ordinary concepts and usages of mankindIe; reallocation wthin shareholder's funds since each shareholder's percentage shareholdings remains the same before and after the bonus issue. |
Distribution received from the divestment of a business | Payment for sale of biz assets are prima facie capital receipts. Prima facie, when assets of a biz are sold, the resultant gain is not of a trading nature but a capital natures, thus not taxedFixed Capital v Circulating Capital- example of PPE in biz to produce income; disposal proceeds regarded as capital receipts |
Receipt of a lump sum by Jerry tan who retired from his 30-year career at the ministry of foreign affairs | Tax exempt – S13 (1)(h) ; any sum received by way of commutation of pensions granted under written law in Singapore.Focus is on the nature of payment being a lump sum pmt. |
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| 6 badges + 3 additional badges |
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BADGES OF TRADE TEST:
Section 10(1) reads... Incomes tax shall be payable at rates specified hereinafter for each year of assessment upon the income of any person accruing in or derived from sinapore or received in Singapore from outside Singapore in respect of: a) gains or profits made from any trade, business
Trade as defined in Oxford dictionary: the practice of some occupation, biz habitually carried on, esp whe practised as a means of livelihood or gain,
Point to note:
Badges of trade test relevant to determine whether the sale of Le' Clarion constitutes a trade
SUBJECT MATTER OF REALIZATION
LENGTH OF OWNERSHIP-
Le' Clarion...

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