partnership taxation HOLIDAY VACATION politeknik

1. PARTNERSHIP TAXATION
HOLIDAY VACATIONS
NAME OF GROUP: MATRIX NO.
NOOR AMIRA BT ABD HAMID 16DAT12F1053
SHALENY A/P RAMACHANDRAN 16DAT12F1079
NOR AIMI FARHANA BT MOHD HOSNI 16DAT12F1097
MUHD A;IFAA B ZULKIFLI 16DAT12F1042
MUHD SYAHID BIN ZAINUDIN 16DAT12F1041

2. DEFINITION

4. • A salaried partner usually works for the company
• who also receives a regular salary in
exchange for his/her services for the company.
• He does not share the loses of partnership
although he may share the profits.
• A Full partnership involves in carrying out a
business purpose.
• Full partners responsibilities in connection with
management of the business,
• Each individual partner assumes full responsibility
for all of the business's debts and obligations..
• is a partnership between a fundraising
organisation and a commercial entity, where
the commercial entity provides money, skills
or other resources to the fundraising
organisation.
SALARIE
D
PARTNER
S
COPERAT
E
PARTNER
S

5. • A limited partnership allows each partner to
restrict his or her personal liability to the
amount of his or her business investment .
• limited partner(s) do(es) not participate in
management
• A sleeping partner is a partner who ‘sleeps’,
that is, he does not take active part in the
management of the business.
• Only contributes to the share capital of the
firm, is bound by the activities of other
partners.
• Shares the profits and losses of the business

7. COMPUTATION OF ADJUSTED INCOME & DIVISIBLE INCOME FOR PARTNERS
add
less
less
less
Net profit (before taxation)
1) Partners’ remuneration
2) Partners’ interest on capital or advanced
3) Private and domestic expenses of a partners
4) Any item (not allowable/allowable)/Expenses not
allowed by partnership business
Other income (as in financial statement)
• Other incomes
• Real property
• Statutory income of dividend , rental and interest
• Profit on disposal of asset
Double deduction
PROVISIONAL ADJUSTED INCOME-
section 55(2)
Section 55(3)
1) Partners’ remuneration
2) Partners’ interest on capital or advanced
3) Private and domestic expenses, if any of a partner
DIVISIBLE
RM
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
RM
xxx
(xx)
(xxx)
xxx
(xxx)
(xxx)
(xxx)
xxx

8. COMPUTATION OF STATUTORY INCOME
Partners’ remuneration
Partners’ interest on capital or advanced
Private and domestic expenses of a partners
Divisible income
ADJUSTED INCOME
(PARTNERS)
Balancing charge
Balancing allowance / Capital allowance
Section 4(a): statutory of partnership
business
Other income
Sec 4(b) : statutory income of salary
Sec 4(c) : statutory income of dividend & interest
Sec 4(d) : statutory income of rental & royalty
Sec 4(e) : statutory income of pension & annuity
Sec 4(f) : other than sec 4(a) – (e)
AGGREATE
INCOME
(-) Donation for approved institution
TOTAL
INCOME
Personal relief
a) Tax payer
b) Spouse/wife/husband
PARTNERS
A B C
xx
xx
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xx
xx
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xx
xx
xx
xx
xx
xx
xx
(xx)
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
(xx)
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
(xx)
xx
xx
xx
xx
xx
xx

9. PARTNERSHIP