Exams are around the corner and you are stressing out about what may come out!
It is back to that time again - ACCA exam week and you want to know how to pass ACCA ATX paperOne of the major findings about students ability to complete the paper - get your basics in order.
Ensure you have the knowledge requirement for the syllabus in your finger tips before you go into the exam hall
In the last June 2022 exam cycle the following was examined by the examiner for ACCA ATX
Q1
Rental income treatment
IBA and CA
RPC status
RPGT computation for share disposal
RPGT vs ITA
REIT distribution treatment
Bonus issue treatment
Expense treatment - early payment penalty and professional fee for finding new business
Q2
Investment tax allowance
Tax admin for company - payment, estimates
Employee remuneration treatment
Responsibility of employer for employee (local and foreign)
Q3
Restructuring - losses utilisation; capital allowance utilisation
Investment income treatment - rental; rental as business; REIT and bank interest
Q4
LLP tax treatment of partners; basis period; residence status; submission for estimates and tax instalments
That is what came out the last sitting and there is only 1 exam paper for all 3 sittings
So if you sit in the evening, the paper that was set in the morning will be the same paper - I think there is a design fault for ACCA in this case for ATX paper
Now what is my take on what may come out in the coming exam cycle; given that the examiner has not written any articles to date.
The following are only good guesses of what could come out in the exam and you should always prepare for the exam properly
Knowledge that can be tested this round for ACCA ATX exam would be:
RPGT - Death; Leases; Sub-lease; NGNL company; NGNL gift; NGNL 75% shares; dates; partial disposal; Co. amalgamation exemption
Sales tax - Drawback; Importation; Bad debt treatment; Penalties; Inter-co transfers
Estate and trust - with specific question asking about treatment of trustee; lump sum receipt of retention
Individual tax - gratuity; loss of employment; residence planning; difference between resident/non-resident; ESOS
Incentives - R&D; PS; RA; AIE; ASIE; MITC; ITA in that order of preference.
Tax admin - tax audit/investigation; public ruling vs advance ruling; DGIR powers
International tax - WHT - Public entertainer; Royalty; Interest; Labuan; Tax-EBITDA; Bilateral relief vs Unilateral relief; Permanent establishment
Investment holding company or unit trust treatment
Control transfer rules and implication for transfer of equipments between units
Stamp duty exemption for interco transfer; eligibility and also withdrawal
Question 1 will be a wild card with many small areas being examined
Financing - Lease vs HP vs Outright buy vs Rent
Setup - Branch vs Subsidiary
Interest rate restrictions for OD and related party transactions with interest rates
Discussion on whether the aggregate the business or to treat the businesses as stand alone
Discussion on badges of trade for classification of income earned
Discussion on principles of anti-avoidance that can be used
Tax computation will be required for
1. RPGT
2. Company tax with incentives impact
3. Capital allowance and financing effect
Right that is all that I can think about for the coming exam
Those planning to study for Dec 2022 exam or March 2023 exam cycle - Jpro Training will open the intake by 18 September 2022
We will have 3 months course and a 6 month course that is provided jointly by Jpro and First Intuition UK.
Price list for the 3 months course is as follows
We have adjusted the fee to reflect the changes from current face to face to live classes with guidance approach.
The fee reflects the subject fee for ACCA 3 months course under Jpro
Jpro Premium courses which combines both Jpro and First Intuition learning system will also be available from Sept 15th onwards
Those planning to sign up for the courses can visit the website to register directly
www.jprotraining.com
