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