This course is the pre-requisite for Tax Planning (TP). The course will offer you the basic for calculating company tax, gst and individual tax. Definitely a course you must take if you want to consider a summer tax internship.

You will know how to calculate your own individual tax after taking this course. You might just start thinking thrice about working overseas after being conscientious how high the (effective) tax rate other countries charge.

So far, only Prof Sum's class is known to have a project component. You will have to write a report regarding a real life tax issue (assigned by him). The project description will probably be given to you right after your mid-term exam. You will feel lost, unsure of what to do, just like how you would have felt when you first attempt your FA project or wondering how to adjust for your Corp project. However, things are not that bad, and you will somehow managed that 5000 words report by the time it's due. Psst: usually there's no right or wrong answer, which may be a good or bad thing...

• You have to address Prof Sum as his first name - Yee Loong, otherwise you will have to pay a fine of $0.10. (We will address him as that hereinafter, and hopefully he will not charge us $$ for calling him "Prof" prior to this. There are also other charges and fines in his class, but first you probably have to pay a hefty amount of e$ to enter it first.
• The mid-term exam might be a good indication of where you stand. Different prof may have different marking scheme styles, but generally if you passed you are doing "ok'.
• Yee Loong has a tradition of treating his students to a buffet at China Club. You can probably consider that as cashing out your e$ after spending a bomb during BOSS.
• You are pretty much forced to buy a new tax workbook every year because the tax law changes every year. You have to print a new copy of the Income Tax Act every year too.
• Students can avoid changes in tax laws tested by taking Taxation in Term II and following up with Advanced Taxation in Term I.

I advise juniors to consider straddling 223 in normal term 2 and take advanced taxation 403 in modified term (It helps a lot)

Do the cheat sheet well. Important! practise more

Read far beyond the textbook, look to the IRAS website for more information.

Practice Practice Practice. Good to revise the sample questions. Similar questions might come out!

Good to keep updated about tax changes in Singapore

Spend lots of time on it. Get your concepts right from the start, it will make life easier later on.

Understand the rationale, rather than memorise.

You'll work damn hard, but it'll be worth it. Remember to retain all knowledge as much as possible for tax planning. Keep up with this, it's not a last minute crammable subject. DONT EVER, EVER PROCRASTINATE EVEN FOR ONE WEEK!

Study in groups for better efficiency, since there is alot to be covered.

Visit the IRAS website.