As a property agent, investment, and owner, we will have to know taxation very well! It’s very important to know knowledge on taxation.
Wonderlist Property had networking session on the 7th September 2016 from 2pm to 5pm featuring Mr. Richard Oon, Founder and Managing Director of Consultant Tax Services Sdn Bhd.
Thanks to Mr. Richard Oon, he provide useful information on taxation! Topic that he presented during the networking session is ‘Tax Issues that Every Property Agent Should Know’.
According to Mr. Richard Oon, we always start with ‘OPRIME Model‘ when we are actually considering to purchase a property.
O – OBJECTIVE
P – PLAN
R – RESEARCH
I – INVEST
M – MANAGE
E – EXIT
We will surely have our own purpose of doing something, no matter what. Hence, we will have the purpose of buying a property or invest in selected project. There are 3 objectives: 1. Own Stay 2. Passive Income 3. Quick Sale. So, what is your client want to achieve? How are you going to achieve? There is where you planning starts. You have choice of investment vehicles such as individual, joint-ownerships etc. Following by doing research. Research on certain projects, legal, taxes (GST etc) and whatever information details that you think you need it, you will try to find out.
Next, you finally have made up your mind on projects you would like to invest. Later on, you started to manage, for example getting income from the rental. *Non-residential property’s rental will be charged GST – it depends on the landlord/tenant is GST-registered.* Lastly, exit – allowable costs against property gains (RPGT), for example enhancement costs of the property, incidental costs and non-allowable such as interest on borrowing.
This article did not go into very details, if you’re interested to join our event, or any topic that you would like to know about, kindly email me at email@example.com or drop a message at the ‘Contact’ page and let us know!
Written by:(Kellye Tan)