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On January 2016, Klasik Lavender Sdn Bhd (KLSB) (accounts ending on 31 December) purchased a...

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Accounting

On January 2016, Klasik Lavender Sdn Bhd (KLSB) (accounts ending on 31 December) purchased a 12-storey hotel building costing RM10 million. The hotel business commenced operations in June 2016 and its management is controlled by the KLSB. The hotel building qualifies as an industrial building under the provision of paragraph 37F, Schedule 3 of the ITA.

From June 2016 to 2020, KLSB rented the ground floor, the third floor and the fourth floor to outsiders according to the rental period as follows:

Year

Tenant

Floor of building

2016 to 2020

Rayyan Co.

of the ground floor

2018 to 2020

Jintan Co.

of the ground floor

Muthu Co.

of the ground floor

Aura Wellness Spa Co.

of the third floor

Softcare Pharmacy Co.

of the third floor

2020

Naufal Co.

Fourth floor

You are required to compute the Industrial Building Allowance from the year of assessment 2016 until year of assessment 2020.

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