A month of planning and 200+ presentation slides later, I’ve concluded my Property Taxation Intensive Course last weekend at the Northam All Suites Hotel in Penang.
A lot of materials were given to the participants, plus some others which were not supposed to be covered in the program but were still extended to the participants to ensure that the whole aspects of tax implications of property transactions, ranging from tax-deductibility of expenses, planning for mitigation of tax exposure to sources of funds for purchase of properties, were covered in my 1.5-day course.
I am happy that a lot of questions were asked by the participants and I hope that I had satisfactorily answered all questions asked from me.
I must admit that there were some technical issues with regard to the audio challenges at times and the issue of my Mac ‘freezing’ up especially at the most critical points, but I hope these issues did not overshadow the course itself and the amount of information disemminated during the course.
A recap of the topics covered:
- How the self-assessment system affects the taxpayer and what must the taxpayer do;
- Understanding what is tax-deductible and what’s not and how to maximise the claims for expenses;
- Real Property Gains Tax (RPGT) implications and how I have made things easier to keep track of the expenses incurred against RPGT with the template provided;
- Exposure of property transactions to Income Tax (!) and how to minimize the badges of trade;
- Investment holding companies (IHC) and how/why is it important to avoid the IHC tag;
- Taxability of share transfers in Real Property Companies (RPCs) and what the taxpayer needs to do;
- Why the limited liability partnership (LLP) is “GOOD!” for the property investor;
- Tax audits and the penalties involved for incorrect returns;
- The importance of establishing and monitoring your sources of funds to finance the purchase of properties (template given).
My friend, JH Lee, the author of the book, “Engineering Your Road to Financial Freedom”, surprised the students by coming over to do an ad-hoc signing of his book.
To my students; you are welcome (anytime) to ask me any questions that you may have regarding taxation if property transactions. I’ll be more than happy to answer them.
Being my student, you have gained LIFETIME access to the Members’ Section of my blog. I hope you will check out my blog frequently for updates on taxation that may benefit you as a taxpayer.