Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department 前稅局評稅主任楊輝洪

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Election for Personal Assessment

 

Personal assessment does not always reduce tax payable. In some cases, electing for Personal Assessment increases total tax payable. This usually happens when the marginal tax rate under Salaries Tax exceeds the standard rate applicable to Property Tax and Profits Tax. Below is my advice.

 

In general, you should elect for Personal Assessment in the following situations:

  • You have property income only.

  • You have business income only.

  • You pay mortgage interest on let-out property.

  • You have business losses and other incomes such as salaries, property income or business profits.

  • You do not have employment income but business or property income, and you made approved charitable donations.

  • You do not have employment income but business or property income, and you want to claim self-education expenses, residential care expenses or home loan interest.

 

In general, you should not elect for Personal Assessment in the following situations:

  • You have employment income only.

  • You have employment income and other incomes and your marginal tax rate under Salaries Tax exceeds the standard rate.

  • Your business or property income is so big that it will be taxed at standard rate under Personal Assessment and you do not claim self-education expenses, residential care expenses or home loan interest.

Only the person meeting the following conditions can elect for Personal Assessment:

  • 18 years old or above, or under 18 if both parents have died; and

  • A permanent or temporary resident in Hong Kong. A permanent resident means one ordinarily resides in Hong Kong. A temporary resident means one stays in Hong Kong for more than 180 days in the year of assessment or for more than 300 days in two consecutive years of assessment, one of which is the year of assessment in question.

 

Click here to check if PA is to your advantage

 

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