(Answered) Spring sys pte ltd is in the semiconductor business and was

Accounting

Spring Sys Pte Ltd is in the semiconductor business and was incorporated on 1 January 2010. The company's financial year end is 31 December. During the year ended 31 December 2014, the company purchased industrial land and started to construct its own industrial building for the manufacturing of semiconductor products. Spring Sys Pte Ltd has also obtained approval from the EDB that the industrial building shall qualify for the LIA incentive.

$ Cost of land 1,200,000 Legal fees - land title 8,000 Quantity surveyor 25,000 Building plan - BCA 12,000 Installation of plumbing system 23,000 Progress payment 589,000 Interest - Building 33,000 Machinery 67,000 Installation costs on equipment 4,500 Freight & exchange loss on equipment 13,500 Equipment - repairs & maintenance 4,800

The construction work for the industrial building was completed on 31 December 2014 and the completed building or structure meets the relevant GPR benchmark. The surveyor has estimated that 12% of the building is used for the administration department.

Compute capital allowances under s 19A and the LIA for YA 2015, applying the relevant deduction rules.

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