YSA Annual Report 2018
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<strong>YSA</strong><br />
ANNUAL REPORT<br />
<strong>2018</strong><br />
44<br />
YOUNG SIKH ASSOCIATION (SINGAPORE)<br />
(Registered under The Societies Act. Cap. 311)<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER <strong>2018</strong><br />
4. ACCRUALS<br />
<strong>2018</strong> 2017<br />
$ $<br />
Accounting fee 650 650<br />
Audit fee 700 700<br />
1,350 1,350<br />
5. TAXATION<br />
a) Tax expense<br />
<strong>2018</strong> 2017<br />
$ $<br />
Current year’s tax expense - -<br />
The income tax expense on the results for the financial year varies from the amount of income<br />
tax determined by applying the Singapore standard rate of income tax to (deficit) before<br />
taxation due to the following factors:<br />
<strong>2018</strong> 2017<br />
$ $<br />
(Deficit) for the financial year before taxation (9,491) (13)<br />
Tax calculated at a tax rate of 17% (2017: 17%) (1,613) (2)<br />
Expenses not deductible for tax purposes 408 463<br />
Unutilised losses carried forward (6,518) (6,979)<br />
Unutilised approved donations carried forward (765) (765)<br />
Deferred tax asset not recognised 8,488 7,283<br />
- -
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