Generic ACCA slide

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Generic ACCA slide
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Opening title slide. Highlight and overwrite
dummy title. Restrict yourself to a maximum of 3
lines. This text is set to align at the
bottom. Do not change the fonts or sizes used.
F6 Taxation
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Areas to Cover

• Paper settings
• New syllabus
• Exam approach
• Excluded topics
• Common errors
• General exam techniques
• Housekeeping

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Paper settings .. New old

• 5 Questions Only ALL Compulsory 2 comp 3
  out of 5
• Q1 Q2 55 marks (30 25 marks) profits tax
  salaries tax
• 55 marks corporate unincorporated
• Q3 20 marks PA/property tax/partnership
• 15 marks tax admin)
• Q4 Q5 15 10 marks on any other area
• 15 marks Q4-property tax/partnership Q5/6/7
  any area
• Tax administration/assessment/collection either
  alone or part of question
• Tax minimisation/deferral (basic) in any
  question

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F6 New Syllabus

• HK tax system
• Salaries Tax
• Profits Tax
• Property Tax
• Personal Assessment
• Rights/obligations of taxpayers/employers/agents,
  implications of non-compliance
  rights/obligations of IRD re tax
  assessment/collection/recovery

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Exam Approach

• Mainly computational
• Case-oriented in most Qs
• Both relevant and irrelevant facts/info are given
• All tax rates/allowances/ deductions are given

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Excluded Topics

• S9A, S20AE, S22B, S39E, S61, S61A S61B
• Double taxation relief
• Trusts and settlements
• Stamp duty
• Co in receivership/liquidation
• Reorganisations, MA
• Service companies
• Special industries except club trade
  association
• Tax investigations audits

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Common Errors

• PL instead of tax comp
• Symmetrical tax treatment eg item taxed in A
  therefore deductible in B
• Deductible income instead of non-taxable income
• Taxable expense instead of non-deductible
  expense
• Various items under one heading eg 3 interest
  expense items aggregated

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Profit before tax 100 Add non-deductible
expense A 10 0.5 deductible
expense B 20 X Less non-taxable income C
30 0.5 taxable income D
40 X Adjusted profit 60 Correct
treatments 0.5 mark each total 5 marks
Common Errors contd

• Assumptions different from facts
• Assumed taxable/deductible?
• Showing table of correct tax treatments eg
• Insufficient time to complete
• Explain when not asked
• Too details for Q with few marks
• Rationale not given in explanations
• Repeat facts given

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General Exam Techniques

• Profits tax computation starts with accounting
  profits
• Go straight to the answer, no need to repeat the
  facts or give introduction
• When asked to explain, should explain the tax
  treatment no mark will be given if only the tax
  treatment is stated
• Show all workings, separate answers to separate
  items

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General Exam Techniques

• Give reasonable assumptions to support your
  answers
• Explanations supported by section no. help
  markers understand
• Adjustment item described by nature rather than
  by category e.g. staff loan written off instead
  of bad debt help avoid overlook by markers
• Neat and tidy

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Housekeeping..

• Answer book cover tick the Q number attempted,
  not write down the Q number, dont tick the Q not
  answered
• Dont jump pages for same Q if necessary, make
  clear reference
• Dont combine different Qs on same one page
• Pencils may be used for computations only
• Show clear workings

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Closing slide, can be a repeat of the opening
slide or a thank you as here. This text is set
to align at the bottom. Do not change the fonts
or sizes used.
Thank you