PARTNERSHIP TAXATIONHOLIDAY VACATIONS

NAME OF GROUP: MATRIX NO.NOOR AMIRA BT ABD HAMID 16DAT12F1053

SHALENY A/P RAMACHANDRAN 16DAT12F1079NOR AIMI FARHANA BT MOHD HOSNI 16DAT12F1097

MUHD A;IFAA B ZULKIFLI 16DAT12F1042MUHD SYAHID BIN ZAINUDIN 16DAT12F1041

DAT 6B SESSION DEC 2014

DEFINITION

A partnership is defined by Act as an association of any kind between parties who have agreed to combine any of their rights, power, property, labour or skills for the purpose of carrying on a business and sharing the profits

Type of partnership

• 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.

SALARIED

PARTNERS

FULL PARTNE

RS

COPERATE

PARTNERS

• 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

LIMITED PARTNER

S

• 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

SLEEPING

PARTNERS

PARTNERSHIP FORMAT

COMPUTATION OF ADJUSTED INCOME & DIVISIBLE INCOME FOR PARTNERS

add

less

less

less

Net profit (before taxation)1) Partners’ remuneration2) Partners’ interest on capital or advanced3) Private and domestic expenses of a partners4) 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’ remuneration2) Partners’ interest on capital or advanced3) Private and domestic expenses, if any of a

partner

DIVISIBLE INCOME

RM

xxxxxxxx

xxxxxxxx

xxxxxx

RMxxx

(xx)

(xxx)

xxx

(xxx)(xxx)(xxx)

xxx

COMPUTATION OF STATUTORY INCOME

Partners’ remunerationPartners’ interest on capital or advancedPrivate and domestic expenses of a partnersDivisible income ADJUSTED INCOME (PARTNERS)Balancing charge

Balancing allowance / Capital allowance Section 4(a): statutory of partnership business

Other incomeSec 4(b) : statutory income of salarySec 4(c) : statutory income of dividend & interestSec 4(d) : statutory income of rental & royaltySec 4(e) : statutory income of pension & annuitySec 4(f) : other than sec 4(a) – (e) AGGREATE INCOME(-) Donation for approved institution TOTAL INCOMEPersonal reliefa) Tax payerb) Spouse/wife/husbandc) Childrend) Insurance & etc CHARGEABLE INCOME

PARTNERSA B Cxxxxxxxxxxxx

xx

xxxxxxxxxxxx

(xx)xx

xxxxxxxxxx

xxxxxxxxxxxx

xx

xxxxxxxxxxxx

(xx)xx

xxxxxxxxxx

xxxxxxxxxxxx

xx

xxxxxxxxxxxx

(xx)xx

xxxxxxxxxx

PARTNERSHIPTHANK YOU…ENJOY YOUR HOLIDAYS…