Tax, CPF Flashcards
Annual Value (用来算property tax)
Building: based on estimated market rentals of similar or comparable properties and NOT on the actual rental income received.
Land/ Development Sites: at __% of the estimated freehold market value
5%
Commercial and industrial properties (Non-Residential) are taxed at __% of the Annual Value.
10%
place for “convalescence”- property tax @10%
恢复期
BSD
Residential:
1. $360k to $1M: 3% x ( purchase price / valuation (选高的） ) - $__
2. $1M to $1.5M: 4% x ( purchase price / value ) - $__
3. $1.5M to $3M: 5% x ( higher value ) - $__
4. Above $3M: 6% x ( higher value ) - $__
Non-residential:
Amount exceeding $1.5M, cap at 5%
5400;
15400;
30400;
60400
SSD
Residential:
up to 1 year: __%
up to 2 year: __%
up to 3 year: __%
Industrial:
up to 1 year: 15%
up to 2 year: 10%
up to 3 year: 5%
12
8
4
ABSD
SC:
2nd= __%
3rd= __%
PR:
1st= __%
2nd= __%
3rd= __%
Foreigner: __%
Entities: __%
Developer: __%
Trustee: __%
SC:
2nd= 20%
3rd= 30%
PR:
1st= 5%
2nd= 30%
3rd= 35%
Foreigner: 60%
Entities: 65%
Developer: 40%
Trustee: 65%
In addition to existing stamp duty on shares, the Additional Conveyance Duties (ACD) that will apply on qualifying sale/ transfer of equity interests in Property Holding Entities are:
Additional Conveyance Duties for Buyers (ACDB):
*Existing Buyer’s Stamp Duty at 1% to 6%
*Additional Buyer’s Stamp Duty at __% (flat rate)
Additional Conveyance Duties for Sellers (ACDS):
*Seller’s Stamp Duty at __% (flat rate)
65
12
“Remission” by way of refund
1. Upfront payment of ABSD(Trust)= 65%
2. Beneficiary must be named in trust deed
3. Beneficial ownership must be “vested” to beneficiary pursuant to the trust deed
4. BO cannot be revoked, varied or subject to condition subsequent, under terms of the trust
5. Apply for refund within __ months from date of trust deed.
Remission= cancellation of charge, penalty
Vest= to give power, authority
6 months
What is meant by “Beneficial ownership must be vested to beneficiary pursuant to the trust deed”?
-Trust deed must confer the rights and interest in the property to the child
-Trust deed must state the property belongs to the child, NOT the __.
trustee
NO refund of ABSD where beneficial ownership:
- is not vested at time of creation of trust
-can be revoked (under terms of trust)
-can be varied
-is “contingent”- to be vested only if, and when, an event is triggered
-is deferred
contingent= depending on or influenced by something else
CPF for private properties:
1. For down payment
1st loan:
5% cash+
__% CPF+
__% loan
2nd loan:
__% cash+
__% CPF+
45% loan
- Monthly instalments
- Stamp duty, legal fees, survey fees
- Repay loan for land purchase, construction on land
5% cash+
20% CPF+
75% loan
2nd loan:
25% cash+
30% CPF+
45% loan
Home Protection Scheme
HPS is for CPF members who own an HDB flat and are paying their monthly housing instalments using CPF savings or cash. It insures until he turns __ yrs old, or until the housing loans are paid up.
Benefits : Protect you and your family against losing your home.
Rest assured that in the event of a claim, HPS will settle the outstanding housing loan, up to the insured sum, with HDB or the mortgagee directly.
65 yrs old
For private residential properties under construction, buyers start paying property tax from?
Date of TOP
For new HDB flats under construction, buyers start paying property tax from?
The date of vacant possession
How often and when does IRAS review the property tax annual value?
Once a year at the beginning of the year
