News on the revival of the Ex-Grand Duta Hyatt:



http://www.theedgeproperty.com/my/content/...-may-be-revived

http://www.epbt.gov.my/osc/Proj1_Info.cfm?Name=596908&S=S

Hope this eyesore will finally be revived. The other 3 "problem" old developments nearby have already been revived, this would be last one to be settled.

Wow wow wow, lard kor bought 10 units of summer suites
Taken from his Facebook.


Attached thumbnail(s)

Boss he is sunrise agent la. If u know ppl in sunrise u know he is holding those units to flip to followers la.

Anw ppl post fb u must clap ma. Dun onli

Why all the keys look so cheap 1? Toilet keys?

Finished fully furnishing my studio unit and passed to agent to market yesterday. Just received offer today at RM2k inclusive washer dryer.

:-)

Any unit (493sqf) with fraser view selling below 450k? PM me... I'm a serious buyer... we can appoint lawyer as stakeholder, then owner no need to pay commission to agent

Do remember you will need to pay 6% GST for loan

6% of RM450k? or 6% on the whatever charges/fees?

all lah bro,

450k +6%
lawyer fees +6%
petrol + 6%
wan tan mee also need to +6%

My layman understanding if seller as individual is not GST registrant, there is no need to collect GST from seller. Do not take this as advise and please consult your tax consultant.

It is 6% of your loan amount, when it is disbursed
The remaining will be your lawyer legal fee

There is no GST on the loan amount. You can refer to the Customs Dept Guide on Commercial Banking ( http://gst.customs.gov.my/en/rg/SiteAssets...uary%202014.pdf )



From the FAQ section, it is also clearly stated that there is no GST on the repayment, no GST on the interest charged, and no GST on any penalty charges. Bank will only collect GST on other fees or services charged.

You can also refer to the FAQ section of the Guide

Boss I guess jsl boss is referring to the commi 6% gst if chargeable. Not the loan??? One ll nvr get 100% loan for commi.

This post has been edited by ManutdGiggs: Aug 19 2015, 02:08 PM

Was made to understand by my lawyer when I bought an undercon SOVO that there will be GST applicable on loan amount disbursement after 1st Apr.

Will wait and see on my next drawdown to confirm then.

Would appreciate if anyone has puchased a commi unit after 1st Apr to confirm

ya, damn confusing as diff ppl giving diff story

When you purchase a commercial property from DEVELOPER, you are subject to GST because:
- The Developer is in the "business" of supplying Commercial Property units, and
- The Developer is a GST registered entity supplying a product that is subject to GST

The 6% GST is charged on the purchase price, not the loan amount, and has nothing to do with the loan. The tax collected based on the amount collect on progressive payments made to the developer.

When you purchase a commercial property from the secondary market, the sale may or may not be subject to GST. The sale will be subject to GST only If the seller is:
- A property trader in the business of buying and selling properties
- A GST registered entity

Please seek the advise of a professional tax consultant before making any decision. However after attending a few GST Seminars relating to real estate, the professional speakers have advised that Commercial Property transactions in the secondary market will only be subject to GST if the Seller is a "Property Trader" and a GST registered entity.

boss, not trolling but genuine legitimate question.

for purchase of a commercial prop nowadays, is it beneficial to buy a GST imposed prop or without?
summer suites price is more or less min 500k. it is at the exact threshold of present GST requirement.

while it may not affect the individuals who owns SS 1st hand, but it will definitely affect those who are looking into purchasing now.

if they buy a unit without GST, so if no output, they can't claim input tax, right? and similiarly when they dispose in future, they may be subjected to same condition.

so in all fairness, i would think corporate or business minded people would actually prefer a commercial which charges GST to enable them to also bill or factor their rents accordingly as well.
correct kah?

which brings to the next question, does that mean that 1st hand seller can opt to sell with and/or without GST?
kakakaka. damn confusing.

Thanks for the info.

Question would be if the commercial is more than 500K and the seller is an individual?

I don't get the logic of your first question. Why would there be any benefit for the buyer in paying GST on the purchase?

For the 2nd question its a no. There is no choice, the seller either has to collect or doesn't have to collect. Refer below:

While there are still aspects on GST that are not yet 100% clear, there are also items that have been cleared up. Many rulings, guides, clarifications have already been published on the Customs website. Those who need information should always refer to professional tax consultants or industry experts who have kept abreast with these updates. If one were to rely on unqualified opinions from laypersons, then one would easily be confused.

Asking on online forums is usually one of the worst sources of information. Many people like posting unsubstantiated information and hearsay pretending to be experts.

I myself do not claim to be an expert. However I have taken the time to learn about the subject and whenever possible will share the source of the information so others can explore further and verify if needed.

From the http://gst.customs.gov.my website:



Based on the above, as long as you don't sell more than 2 commercial properties, or more than 1 acre of commercial land within a 12 month period, you don't have to collect GST from your buyer.

AND even if you do sell more than 2 commercial properties, but you can justify to Customs that "there is no intention of making a supply", then you do not have to collect GST from your buyer.

Very simple.

Are you in the business (as an individual owner) of trading property and with a rental income exceeding the threshold all earned by yourself?

If no, then no GST applicable, unless you have volunteered to register yourself.

For owners, I think they will rather not want to charge GST because literally you actually put yourself at a price/rental disadvantage compared to owners with no GST. A declaration of GST is different from a declaration of income tax, so there is no element of viability for more loan eligibility.

*If you are buying under an IHC or an existing company with other non-property businesses, same question will have to be asked. Of course, for company, especially those that are already operating businesses, you need to ask me further if you have doubts. This is another topic.