married person with property rent out

You should choose joint assessment and personal asessment.

Married couples allowance $200,000

e.g. your annual income $300,000
rental income your wife $100,000
rental income yourself $100,000

Total income assessable $500,000
Less :
married couples
allowance ($200,000)

Net assessable income $300,000

1st $30,000 2% $600
2nd $30,000 7% $2,100
3nd $30,000 13% $3,900
Balance 19% $39,900

Total tax payable $46,500

Compare with:
Property tax :
Rental income : You and yourwife $200,000
Less: 20% repairs and outgoings ( $4,000 )
Net assessable income $196,000

Total property tax payable=$196,000x16% =$31,360

Salary tax:
Your total income $300,000
Less:
Married couples
Allowance ($200,000 )
Assessable income $100,000

1st $30,000 2% $600
2nd $30,000 7% $2,100
3nd $30,000 13% $3,900
balance $19% $1,900

Total salary tax payable : $8,500

Total tax payable : property tax and salaries tax =$39,860
Comment:

You should report the property tax and salaries tax seperately. Do not choose the personal assessment of the salaries tax.

2007-10-15 19:19:32 補充：
I am a professional accounting with master degree. Salary tax also need to pay the provisional tax. It is better to see in details case by case every year!

The suggestion of "onlinetchow" provide is correct, it is benefit to you if you report separately for salaries tax & property tax only under this moment. Surely it is correct and normal presenting by normal people

But please remeber, property tax also need to paid the provisional tax.即係double喇...

如果你elect PA....又有d benefit個wor...好似你今年唔駛交salary provisonal tax~~拎幾萬蚊買下股票基金都唔只earn個少少different~~~

仲有property長短線投資又有分別...做法又唔同....(要講有排講, 講左又可能唔明..唔講好個講)

仲有好多好深入既野~未能盡載~~~~~~~~
一般我地會將客人個file詳細幾年study, 同埋攪個靚plan比佢地~

各位睇左呢段野既朋友: 請大家企在高d既山望一望吧, 不要再做井底之蛙

ps:點解咁多中產咁高學力都要搵律師睇中醫既(因為識d唔識d lor)
所以想長期save the tax & greater yr wealth~~~更係搵Accountant果d攪啦
不過如果你想方便, every year又唔care個一萬幾千既~~絕對可以自己攪(一樣有好多人年年lost左都唔知嫁)