Computing Tax Payable for Clubs and Associations
Income from clubs, trade associations, management corporations and town councils is taxed at the same tax rate as a company.
Example: Club ABC has chargeable income of $36,000 for YA 2021
|Chargeable income before deducting exempt amount||36,000|
|Less: Exempt amount|
|First $10,000 @75%||(7,500)|
|Next $26,000 @ 50%||(13,000)|
|Chargeable income after deducting exempt amount||15,500|
|Tax Payable @ 17%||2,635.00|
Basic Tax Calculator
The Basic Tax Calculator (BTC) is designed to help you calculate the tax liability of your club/society/association.
Please download the tax calculator as follows: