Property Taxation Intensive Course


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.

I have really enjoyed sharing my knowledge with all of you, I hope that you have benefitted from the course and enjoyed it as much as I have enjoyed sharing my knowledge with you.

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.

 

About Richard

Richard Oon Hock Chye has more than 25 years of experience in taxation and business advice, with particular expertise in Malaysian property law. He began his taxation career with Deloitte Touche Tohmatsu, a ‛Big Four’ accounting firm, before starting his own practice, ConsulNet Tax Services Sdn. Bhd., in 1996. He is currently the National Tax Director of TY Teoh International, one of the leading consulting service providers in Malaysia. It is a member of the MSI Global Alliance, a global network of more than 250 independent legal and accounting firms, in over 100 countries. Richard sits on the board of two companies listed on the Main Board of Bursa Malaysia, as an independent non-executive director. He is also a regular contributor to several magazines and publications, and has shared his tax expertise on numerous occasions with organisations and property developers. As well as being a member of the Malaysian Institute of Accountants (MIA), Richard is a fellow member of both the Association of Chartered Certified Accountants (ACCA) and the Chartered Tax Institute of Malaysia (CTIM). He is a Certified Financial Planner (CFP) and holds a tax agent licence issued by the Ministry of Finance. Richard is also the author of the book, ‘Every Property Investor’s Guide To How To Pay Less Tax Legally’.

2 thoughts on “Property Taxation Intensive Course

  1. Attn : Mr. Richard
    Good afternoon to you. I m taking ACCA recently in Ipoh and wants to be major in Tax. What shall i do? Please give me advise, what is the requirement? I want to be specialist in Tax. Where is your office now?

    Thanks and Regards

    Ku Mei Yean
    H/p : 016-5030877

    • You taking ACCA is step in the correct direction in obtaining your qualification as an accountant. Accountancy, needless to say, is the basis of your ability to understand the treatment of income and expenses and advise the clients well.

      Being a tax practitioner is another thing all together. Firstly, I would advise you to obtain membership with the Chartered Tax Institute of Malaysia (CTIM). Please refer to their website http://www.ctim.org.my/ for further details. To be a tax practitioner in Malaysia, you will need to obtain the necessary licence with the Ministry of Finance, with the recommendation from the Inland Revenue Board. With that, you would need some years of experience (not forgetting the necessary tax knowledge) to obtain the IRB’s endorsement.

      That was the path I took and I wish you all the best in your taxation career!

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