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Business English Lesson – Advanced Level`s archive
Capital Cost Allowance
1. David Trahair, C.A. explains that although most
expenses are deductible in the year you paid them, there
are types of purchases that are ......... differently.
accounted
bought
measured
treated
2. For example, purchases of property such as computers,
office furniture, buildings, and manufacturing equipment
are not usually written ......... in the year of acquisition.
down
in
off
up
3. These types of properties will ......... or become obsolete
over a number of years; in recognizing this, you can make
a yearly deduction for their cost for income tax purposes
called capital cost allowance.
turn out
turn over
wear down
wear out
4. All property of a capital nature that you purchase must
be grouped in a class ......... to that item. and all property
in that class is grouped together and the total cost is used
to determine the amount of capital cost allowance.
especially
special
specific
specified
5. Classes typically use a ......... balance to depreciate
property and each class is designated a maximum fixed
percentage for the year; there are 44 classes of property
with rates in the classes varying from as low as 4% to as
high as 100%.
declining
decreasing
receding
reclining
6. If your taxation year is less than twelve months, then
the allowable deduction amount will be ......... to a portion
of the maximum amount allowed.
appropriated
...
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