New Measures To Cool Property Market 30 August

[JCase 0]

Change in Address nothing to do with property tax.

Change in address is mandatory by Immigration & Checkpoints Authority (ICA) within 28 days.

For property tax,

If you own and live in a private residential property, you may apply for the owner-occupier concession, by default it is 10% based on rental.

For new and resale HDB flat owners, you need not apply. The owner-occupier concession will be automatically granted to you

What if I own both a HDB Flat and a Private Residential Property?

If you own both a HDB flat and a private residential property, the owner-occupier concession will automatically apply to the HDB flat as HDB flat owners are required to live in their flats.

But if you wholly rent out your flat and live in your private residential property, the owner-occupier concession on your flat will be withdrawn from the date of letting. You may then apply for the owner-occupier concession for your other private property.

You need to notify IRAS within 15 days of the receipt of the rent if your property is let and rent is charged for the letting of the property.

The penalty for non-compliance of the above obligation is an up to $5,000 fine and a 10% interest rate charge on the Property Tax payable (if any).

CHEERS

Thanks.

So I just bough pte propand completion is today. I bought with tenancy. So during the conveyencing this info will be made avail to IRAS I assume? Do I still need to inform them?

[Warrior88 0]

Thanks.

So I just bough pte propand completion is today. I bought with tenancy. So during the conveyencing this info will be made avail to IRAS I assume? Do I still need to inform them?

Hi Jcase,

Care to share the implication of bought with tenancy. You take over the agreement, have you see the agreement ?

You would also follow through until the release of this tenancy ? Inventory, deposit, all settle by you. TIA

[JCase 0]

Hi Jcase,

Care to share the implication of bought with tenancy. You take over the agreement, have you see the agreement ?

You would also follow through until the release of this tenancy ? Inventory, deposit, all settle by you. TIA

Hi Warrior.

Yes I take over agreement. Tenancy runs out in Apr '11 and I will give 2-mos notice in Feb.

Deposit is already with me as this was deducted from final sale price.

[Warrior88 0]

Hi Warrior.

Yes I take over agreement. Tenancy runs out in Apr '11 and I will give 2-mos notice in Feb.

Deposit is already with me as this was deducted from final sale price.

Em... usually property tax paid either monthly or upfront for the whole year.

Usually, IRAS will rebate the seller the property tax, as for you just wait for IRAS letter to you.

Or you may be able to check your tax portal at

https://mytax.iras.gov.sg/ESVWeb/default.aspx

to view your tax status.

[bepgof 20]

Change in Address nothing to do with property tax.

Change in address is mandatory by Immigration & Checkpoints Authority (ICA) within 28 days.

For property tax,

If you own and live in a private residential property, you may apply for the owner-occupier concession, by default it is 10% based on rental.

For new and resale HDB flat owners, you need not apply. The owner-occupier concession will be automatically granted to you

What if I own both a HDB Flat and a Private Residential Property?

If you own both a HDB flat and a private residential property, the owner-occupier concession will automatically apply to the HDB flat as HDB flat owners are required to live in their flats.

But if you wholly rent out your flat and live in your private residential property, the owner-occupier concession on your flat will be withdrawn from the date of letting. You may then apply for the owner-occupier concession for your other private property.

You need to notify IRAS within 15 days of the receipt of the rent if your property is let and rent is charged for the letting of the property.

The penalty for non-compliance of the above obligation is an up to $5,000 fine and a 10% interest rate charge on the Property Tax payable (if any).

CHEERS

1. Address change is to add "weight" in appealling for switching.

2. Already stayed >MOP already=owners don't need to stay there anymore & the whole unit could be just give "foc" for uncles/aunties/friends/colleague..... to stay = need not to inform IRAS, unless rental with consideration($). FOC whole unit subletting need to get hdb's approval hor

3. Once IC's address change, IRAS is "supposed" to be notified by the SPF, and know which property is "owner-occupied", and the 4% & 10% "supposed" to be done correctly & automatically. But not the case, IRAS keke....You need to "write in" to inform them and they "acknowledged" then the whole is deemed complete.

Edited September 3, 2010 by bepgof

[JCase 0]

Em... usually property tax paid either monthly or upfront for the whole year.

Usually, IRAS will rebate the seller the property tax, as for you just wait for IRAS letter to you.

Or you may be able to check your tax portal at

https://mytax.iras.gov.sg/ESVWeb/default.aspx

to view your tax status.

At completion, 4 months of tax paid upfront. Full whack ... $160 per month

[Everybody 0]

1. Address change is to add "weight" in appealling for switching.

2. Already stayed >MOP already=owners don't need to stay there anymore & the whole unit could be just give "foc" for uncles/aunties/friends/colleague..... to stay = need not to inform IRAS, unless rental with consideration($). FOC whole unit subletting need to get hdb's approval hor

3. Once IC's address change, IRAS is "supposed" to be notified by the SPF, and know which property is "owner-occupied", and the 4% & 10% "supposed" to be done correctly & automatically. But not the case, IRAS keke....You need to "write in" to inform them and they "acknowledged" then the whole is deemed complete.

LOL .... The standard property tax is 10%. For new and resale HDB flat owners, you need not apply. The owner-occupier concession will be automatically granted to you

owner occupied is a CONCESSION, that may be GRANT to you, only if you APPLY, not automatic for Private House

Edited September 4, 2010 by Everybody

[bepgof 20]

LOL .... The standard property tax is 10%. For new and resale HDB flat owners, you need not apply. The owner-occupier concession will be automatically granted to you

owner occupied is a CONCESSION, that may be GRANT to you, only if you APPLY, not automatic for Private House

IC, thank for enlightening the conceesion & grant. IRAS stiil at upper hand.

Edited September 4, 2010 by bepgof

[Everybody 0]

IC, thank for enlightening the conceesion & grant. IRAS stiil at upper hand.

Yes, Most of our State revenue come from the Tax Department. Close to 20 billions ?

The latest new inclusion is from the Gambling Casino