Peter Pang was employed by XYZ Company Limited at a monthly salary of $20,000 up to 30 June 2012. In addition to his salary, the company also paid him a housing allowance of $5,000 per month, but he actually lived in his own property on Hong Kong Island.
On 1 July 2012, Peter was promoted to manager with a revised monthly salary of $30,000. He moved into the company's quarter at a rent of $3,000 per month payable to XYZ.
In December 2012, Peter was sent to London on a business trip for a month and resided in a London hotel. The company paid all the hotel accommodation expenses, which amounted to $24,000. During his stay in London, his family continued to reside in the company's quarter.
You are required to compute the assessable income for the year of assessment 2012/13 for Peter Pang.