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PROPERTY TRANSACTIONS (Foreign Worker Housing (Commercially Operated Dorms…

- - - - must be occupied for 1 year after completion of bldg works
      - To owner-occupied tax rates for resi prop undergoing reno/AA or demolition
      - Max 2 year remission
    - - 30 days to file objection to IRAS
      - Vacant land/land under construction
        
        AV: 5% of est mkt rate
        
        Land under construction may get exemption from MOF max 3 years
        
        Non-residential rate of 10% of AV
    - - 1st 5 years: 6% of gross receits
      - After 5 years: 25% of gross receipts
  - - - For all real estate transactions (e-Stamping)
      - Present for stamping anytime before executing (signing)
      - Timing (14 days/30 days overseas)
      - Consequence
        of not stamping
        
        Cannot be used as evidence
        
        Penalty of up to 1/4 times (before/after 3 mths)
      - Refer to cheat sheets
      - ABSD
        
        ABSD Refunds
        
        Must dispose first property within 6 mths of purchase/TOP/CSC
        
        Only for married couple joint purchase, with least 1SC
        
        ABSD Remission
        
        Only for first property
        
        Only for SC-SPR married couple purchases
        
        Foreigners treated same as SC (INLUS)
        
        For developers
        
        15% (5% pa int) if don't develop and dispose residential units within 5 years of purchase of land
      - Mortgage stamp duty: 0.4% of loan amt, $500 cap
      - Lease duty paid by tenant 0.4% (x4 for >4 yr lease) of AAR
  - - - Exempt supplies
        
        Sale and rental of unfurnished resi property
        
        For furnished property, value of exempt supply = 1/12 of AV
        Tax chargeable on monthly furniture rental
      - Out of scope supplies
    - - Standard-rated
        
        Includes transactions for non-resi properties
      - zero-rated
  - - - Deductibles
        
        Incl. Costs of rent collection (max 5% of rent or actual amt spent, lower)
        
        Excl cost of agent fee for first tenant
        
        Accrued solely for producing the rental income
    - - Progressive tax from 0 - 20%
    - - Employment income: 15% or resident rate, higher
      - Director/consultant/other income: 22%