ACCA Students.

[dark_aLLeY]

Yes, I replied already. Time for Little Nonya finale ~!!

 

[marktan20042000]

bro dark alley

check your PM

thanks man

 

[nuky8181]

Hi everyone,

I am taking F6 this round. Went for buz tip and end up missing classes from the start. Anyone can help me with the following question.

1) From YA2005, taxpayer may elect for non trade income to be assessed on accounting year basis.
What should I do during the transition period?
Eg, A/C YE is 30 April. Suppose taxpayer decide to opt for assessment to be on A/C yr for YA 2007. At YA2006, he would have already paid the tax for 1st Jan 05 to 31st Dec 05. For YA2007, it should be from 1st May 05 to 30 April 06 but he already paid for 1st May 05 to 31Dec 05 in YA2006. How should I label my YA date?

2) From YA2009, all investment income must be assessed on accounting basis.
Similar question to 1). How about the transition period?

Think I be posting more question. Intend to take F5 as well.....dunno how to cope with the situation I am in now.....

 

[Kupo_Nut]

Hi everyone,

I am taking F6 this round. Went for buz tip and end up missing classes from the start. Anyone can help me with the following question.

1) From YA2005, taxpayer may elect for non trade income to be assessed on accounting year basis.
What should I do during the transition period?
Eg, A/C YE is 30 April. Suppose taxpayer decide to opt for assessment to be on A/C yr for YA 2007. At YA2006, he would have already paid the tax for 1st Jan 05 to 31st Dec 05. For YA2007, it should be from 1st May 05 to 30 April 06 but he already paid for 1st May 05 to 31Dec 05 in YA2006. How should I label my YA date?

2) From YA2009, all investment income must be assessed on accounting basis.
Similar question to 1). How about the transition period?

Think I be posting more question. Intend to take F5 as well.....dunno how to cope with the situation I am in now.....

For YA 2007, your period of assessment should be 1 Jan to 30 April 06, and subsequently, for YA2008, it will be 30 april 06 to 30 april 07.

 

[nuky8181]

For YA 2007, your period of assessment should be 1 Jan to 30 April 06, and subsequently, for YA2008, it will be 30 april 06 to 30 april 07.

I see. That mean no revision is required for this item. Only the period of assessment is changed. Whatever tax before would remain. Correct? I guess your reply is for both my question .Thanks alot man.

 

[rubber33]

Hi everyone,

I am taking F6 this round. Went for buz tip and end up missing classes from the start. Anyone can help me with the following question.

1) From YA2005, taxpayer may elect for non trade income to be assessed on accounting year basis.
What should I do during the transition period?
Eg, A/C YE is 30 April. Suppose taxpayer decide to opt for assessment to be on A/C yr for YA 2007. At YA2006, he would have already paid the tax for 1st Jan 05 to 31st Dec 05. For YA2007, it should be from 1st May 05 to 30 April 06 but he already paid for 1st May 05 to 31Dec 05 in YA2006. How should I label my YA date?

2) From YA2009, all investment income must be assessed on accounting basis.
Similar question to 1). How about the transition period?

Think I be posting more question. Intend to take F5 as well.....dunno how to cope with the situation I am in now.....

Dividend is still base on calendar year.
however it is exempted from tax.(1 tier)

 

[rubber33]

good luck everyone....
7days to result...............

 

[Petrelli_83]

Hi everyone,

I am taking F6 this round. Went for buz tip and end up missing classes from the start. Anyone can help me with the following question.

1) From YA2005, taxpayer may elect for non trade income to be assessed on accounting year basis.
What should I do during the transition period?
Eg, A/C YE is 30 April. Suppose taxpayer decide to opt for assessment to be on A/C yr for YA 2007. At YA2006, he would have already paid the tax for 1st Jan 05 to 31st Dec 05. For YA2007, it should be from 1st May 05 to 30 April 06 but he already paid for 1st May 05 to 31Dec 05 in YA2006. How should I label my YA date?

2) From YA2009, all investment income must be assessed on accounting basis.
Similar question to 1). How about the transition period?

Think I be posting more question. Intend to take F5 as well.....dunno how to cope with the situation I am in now.....

Just a little note to add:

For 2) YA 2009 onwards, the accounting basis for passive/investment income will be legislated, but income received in this category is taxed on the "receipt" basis, based on the accounting year. Between YA 2005 and YA 2008, the preceding calender year basis is applied, and to facilitate transition, the taxpayer can elect for non-trade income to be assessed on an accounting year basis.

In summary, with effect from YA 2009, all income, trade/non-trae will be assessed on an accounting year basis, with trade income taxed on accrual method, investment/passive income taxed on receipt method.

 

[IishAcrone]

I thought CFA is more on Finance side, ACCA is more on accounting side. Both are different modules at all..

yea correct. for acca, most peeps will go on for their CPA instead

 

[IishAcrone]

good luck everyone....
7days to result...............

i can smell it already. good luck to all

 

[rubber33]

hi guys anyone interested int F12567 notes and BBP texts do let me know.

 

[star89]

P6 or P7?

I left with one option paper. Don't know which paper I should take. I have passed P5. P4 is out for me. Now left with 2 option. P6 Advance Tax or P7 Advance Audit? I am working in audit line. But not good with writing. The fundamental Audit, I resit the exam a few times till pass.

Any body can share with me your comments?

 

[hongge]

P6 is not hard if the examiner stick to P6 theories but sometime she will set F6 calculation so u need to noe F6 and P6 to be safe. the thends were 10% of the paper will be calculation but last sitting i think came out 40% on calculation so hmm... its still passable cos calculation wun be tested as detail as f6. i scored 55mks last sem when i screwed up the 40% calculation as i nv revise calculation.

for P7, if u juz finished P2, definately will be so much easier. cos they test auditing on FRS. so standard ans will be defining wat FRS says and then wat the company did wrong and recommend correction actions. most of it can just anyhow say story la. but some chim FRS will be tested. i scored 58 for telling alot of stories.

both papers are extremely theories base. p6 theories basically is to write out tax rules which alot to remember. p7 theories mostly based on FRS and ur own imagination. since u working in audit, taking p7 will helps u in ur future work but if your imagination not gd, might fail 1 or 2 times la.

 

[rubber33]

hey guys what are the mid tier firm ar?
RSM Grant Thornton.

time to look for job. hopefully can find one after june sitting

 

[destiny123]

Anyone selling F5 textbook and revision kit?

 

[mulderang]

anyone tried doing acca after a BSC in Business??? How many exemption did u manage to get?? And what is the minimum level that one has to complete in order to seek employment>???

 

[mandiang]

Hi,
was reading and know that some of you guys attempted to do both a Uni degree and the ACCA at the same time. How did you guys manage to pull it off ? I am attemping the same "journey/path" have been rather unsuccessful in getting quality grades for both. Any opinions/advice/tips ? Cheers !

 

[mandiang]

anyone tried doing acca after a BSC in Business??? How many exemption did u manage to get?? And what is the minimum level that one has to complete in order to seek employment>???

i think it would depend. I heard that it is useful to have some working experience for professional papers as you need to go bwyond the textbook for those papers. Exemptions, you would have to wither check with ICPAS or ACCA , coe it would depend on the university and what kind of Business degree it is

 

[snoozex]

Hi,
was reading and know that some of you guys attempted to do both a Uni degree and the ACCA at the same time. How did you guys manage to pull it off ? I am attemping the same "journey/path" have been rather unsuccessful in getting quality grades for both. Any opinions/advice/tips ? Cheers !

Hmmm... wat degree program are you currently in now? u did badly for both or?

 

[mandiang]

Hmmm... wat degree program are you currently in now? u did badly for both or?

I managed to pass all of my Uni papers but unfortunately for ACCA, I didn't pass 2 out of 3 papers that I took at the same time. So now am unable to move on the next level.. =( Uni grades average only.. haiz.. only a few As here and there.. other than that, rather tragic.. Oh ya Private school Uni DL program