Monthly Archives: May 2017

GST Impact on Accounting and Tax Issues for Property Developers, JMB/MC & Property Investors

I will be speaking at Kota Kinabalu and Kuching on 8 May 2017 & 22 May 2017 respectively on ” GST Impact on Accounting and Tax Issues for Property Developers, JMB/MC & Property Investors. You may download the brochure here 20170417-2-CTIM -GST Impact on Accounting PD JMB MC

The tax event covers the following areas includes:

Usage of Land and National Land code

  • Meaning of land
  • Classification of land
  • Condition & variation of condition
  • Qualified and final title
  • Land dealings

GST treatments for property developers and contractors

  • Scope of Charges,
  • Type of supply includes Standard supply & Exempt supply
  • GST treatment on property development and construction
  • Type of supply on mixed development projects
  • Import of services on foreign consultants
  • Type of supply on contra account/reimbursement and disbursement
  • GST treatment on deem supply, promotional packages; defects liabilities & liquidated damages; retention sum; and service charge.
  • GST treatment on Land Development Agreement
  • Place of supply and Place of supply for services belongs
  • Time of supply on sales of property based on progress billing and completed property
  • Time of supply on construction services with & without certificate of work done
  • Progressive or periodic supply & during transitional period
  • Retention sum

Land Development Agreement (LDA)

  • LDA between landowner & developer
  • Unincorporated Joint venture
  • Government land & special purpose vehicle

GST treatment for JMB and MC

  • Relevant provisions on Strata Management Act
  • GST treatment before JMB & MC
  • GST treatment after JMB & MC
  • GST treatment on activities

Input Tax Credit and adjustment for mixed suppliers

  • Claiming input tax credits-allowable/non-allowable/block input tax
  • Partial exemption
  • Apportionment of ITC
  • Standard and alternative methods
  • De Minimis Limit
  • Tax years and Longer period
  • Capital goods adjustment
  • Change of use

GST tax code & tax set

  • Tax codes maintenance
  • Chart of accounts
  • Tax codes & Tax sets

Accounting for GST

  • Credit and Debit Note
  • Bad debt relief & recover
  • Bad debt written off
  • Gift rule and deem supply
  • Tax and GST treatment on retention sum
  • Record Keeping
  • Accounting basis
  • Taxable Period
  • Offences and Penalties

Income tax treatments

  • Scope of income tax and scope of GST
  • Deductible and non-deductible GST expenses
  • Qualifying expenditure on capital allowance
  • Qualifying expenditure and CGA adjustment
  • Disposal of asset on CGA adjustment