ACC307 Taxation of Companies and Partnerships TMA Assignment Sample

Taxation spares none i.e. whether it is an individual, business in partnership, or big companies, all have to pay tax following the significant rules of taxation of the country. A business administration student who wishes to work in a business/ finance department also needs to learn about taxation concepts, rules, and regulations. In order to educate the students about the theories and legislative of income tax, the Singapore University of Social Sciences introduces a course named as ACC307 Taxation of Companies and Partnerships.

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The SUSS ACC307 course provides the students with profound knowledge of the tax policies and different sections of the Income-tax act. Along with the supreme knowledge, the students also need to write tutor assignment answers within a given deadline.

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Primary Objective of SUSS ACC307 Taxation of Companies and Partnerships Course

The key aim of introducing the ACC307 SUSS course is to equip the students with the taxation of companies including the taxability of income, income tax exemption, deductions types, etc. This course also familiarizes the scholars with the tax allowances that are available to reduce the chargeable income of a company.

Besides all this, the SUSS ACC307 course also focuses on raising the students’ awareness about the applications of tax concepts and help them build efficient skills for tax laws in commercial settings.

Introduction to taxation in terms of companies and partnerships

According to federal law, a partnership is not a taxable entity. There is no partnership income tax rather there is the corporate income tax which makes the compensation.

However, the income tax from the partnership will be charged to the individual partners according to their own individual tax rates.

What does the ACC307 SUSS Course the SG Students About?

The SUSS ACC307 course is a modular undergraduate course which provides the students with the knowledge of how the companies or partnership business deal with the taxation, What kind of allowances in the income tax do they get? How can one apply the conditions for the claim of LIA?, etc.

This 6 months course trains the SG students with great knowledge and skills. The course teaches how and when a company can utilize the unabsorbed allowances, losses, and donations using different mechanisms.

This course also covers the elementary taxations of partnership. That also includes the general partnership, limited liability partnership, and limited partnership.

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Course Structure of SUSS ACC307 Course

The framework of the ACC307 SUSS course comprises of different topics which enable the students to acquire sound expertise about all the aspects of income tax.

The main topics of the ACC307 Taxation of Companies and Partnerships course are as follows: –

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

Scholastic Upshots of SUSS ACC307 Taxation of Companies and Partnerships Course

The students learning the ACC307 Taxation of Companies and Partnerships course get to understand the different laws under which the taxation policies are defined. And also tells about the diverse tax rules on the basis of the entity i.e. individual, partnership, or any business organization.

Moreover, these are the major learning outcomes of the ACC307 SUSS course: –

• Employ the central concepts of the charging section of income tax
• Assess the types of income tax and the principle of taxation
• Review and utilize the income tax exemption where needed
• Evaluate the revenue and capital expenses from the viewpoint of taxation in contrast with the accounting outlook and determine their deductibility
• Distinguish between special and double deduction and also apply such deductions where needed
• Differentiate between qualifying and non-qualifying assets
• Calculate the capital allowance by applying different years of claim
• Determine the capital allowances for intellectual property rights
• Evaluate the balancing adjustment and capital allowance for hire purchase
• Explain the features of LIA – Land Intensification Allowance; Apply conditions for the claim of LIA
• Distinguish between the types of investment companies and their income tax treatments
• Reckon the service income; & estimate the tax consequences for a service company
• Appraise the conditions for Group Relief; discuss the situation when it can be transferred
• Explain the differences between the tax treatments of partnerships and those of the companies
• Contrast Limited Liability Partnership with Limited Partnership

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