Singapore University of Social Sciences

Taxation of Companies and Partnerships (ACC307)

Applications Open: 01 October 2019

Applications Close: 30 November 2019

Next Available Intake: January 2020

Course Types: Modular Undergraduate Course

Language: English

Duration: 6 months

Fees: To be confirmed

Area of Interest: Business Administration

Schemes: Alumni Continuing Education + (ACE+), Lifelong Learning Credit (L2C)

Funding: SkillsFuture, Union Training Assistance Programme (UTAP)


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 July

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

  • Illustrate and apply the key concepts of the charging section of income tax
  • Distinguish between the various types of income and demonstrate how they are taxed
  • Analyse and apply the income tax exemption where applicable
  • Distinguish between 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
  • Identify the activities to which the Productivity and Innovation Credit Scheme (PIC) is applicable and calculate PIC deductions in accordance with the sections
  • Distinguish between qualifying and non-qualifying assets and calculate capital allowance by applying different years of claim
  • Calculate balancing adjustment and capital allowance for hire purchase
  • Illustrate the features of Land Intensification Allowance
  • Determine the relevant dates for shareholding test and analyse the shareholding composition for future utilisation of unabsorbed items
  • Identify the conditions for Group Relief and the situations in which it can be transferred
  • Differentiate the 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 written proficiency
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