Taxation of Companies and Partnerships

Singapore University of Social Sciences

Taxation of Companies and Partnerships (ACC307)

Applications Open: 01 October 2023

Applications Close: 15 November 2023

Next Available Intake: January 2024

Course Types: Modular Undergraduate Course

Language: English

Duration: 6 months

Fees: $1536 View More Details on Fees

Area of Interest: Business Administration

Schemes: Alumni Continuing Education (ACE), Resilience

Funding: SkillsFuture

School/Department: School of Business

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Synopsis

ACC307 covers taxation of companies which include taxability of income, income tax exemption, types of deductions and tax allowances available to reduce the chargeable income of a company. In addition, students will be taught how and when a company is able to utilise the unabsorbed allowances, losses and donations under the various mechanisms. Finally, this course also covers the elementary taxations of partnership which includes general partnership, limited liability partnership and limited partnership. During the course, students will be examined on their understanding and application of tax concepts and be prompted to familiarise themselves with various sections of the Income Tax Act. In this connection, it is important for students to acquire this practical skill in order to obtain a better understanding of the underlying legislation governing tax treatments which would assist the students in the related applications of such tax laws in the commercial settings.

Level: 3
Credit Units: 5
Presentation Pattern: Every January

Topics

Charging section of income tax
Income tax exemption
General deduction rule and prohibited deduction
Special deduction and further deduction
Productivity and innovation credit scheme
Introduction to capital allowance
Disposal of Assets and Hire Purchase
Industrial Building Allowance and Land Intensification Allowance
Carry Forward / Back of Unabsorbed Items
Group Relief System
Introduction to Partnership
Introduction to limited liability partnerships and limited partnerships

Learning Outcome

Apply the key concepts of the charging section of income tax
Appraise the type of income and how it is taxed
Analyse and apply the income tax exemption where applicable
Examine revenue and capital expenses from the taxation perspective as compared to accounting perspective and determine their deductibility
Differentiate between special and double deduction and apply such deductions where applicable
Distinguish between qualifying and non-qualifying assets and calculate capital allowance by applying different years of claim
Calculate capital allowances for intellectual property rights
Calculate balancing adjustment and capital allowance for hire purchase
Illustrate the features of Land Intensification Allowance and apply conditions for the claim of LIA
Differentiate between the types of investment companies and their income tax treatments
Compute the service income and appraise the tax consequences for a service company
Determine the relevant dates for shareholding test and analyse the shareholding composition for future utilisation of unabsorbed items
Evaluate the conditions for Group Relief and the situations in which it can be transferred
Discuss the differences in tax treatments of partnerships from those of companies
Compare Limited Liability Partnership with Limited Partnership
Formulate taxation for companies, being familiar with various sources of income, deductions, capital allowances and tax reliefs
Compute the allocations of profits in a partnership and the tax liability of the partners
Develop the essential knowledge and interpersonal skills to work effectively in a team
Demonstrate proficiency in written and verbal communication skills