Our Program

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GST FOR PROPERTY DEVELOPERS

Date : 16th December 2015
Time : 9:00 am To 5:00 pm
Venue : Armada Hotel, Petaling Jaya
Speaker : Mr. Goh Kean Hoe

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GST rules and compliance are rather straight forward if a company is involved in making wholly standard-rated supply. For property developers, GST compliance can get very complicated and the exposure can be significant due to a number of factors including :

  • Nature of the property - non-removable, involve property development (primary market) and investment/trading (secondary market), involve land laws, big value per transaction etc.
  • GST treatment is different for different types of properties (exempt supply vs taxable supply)
  • Property transaction and agreements can have different terms.
  • Property or development can be mix of different properties.
  • Development can be carried out under joint venture arrangement with landowner with different terms.
  • Property development takes place over a few years but sales and payment take place before completion (build and sell model).

There are also transitional issues initial implementation of GST to manage for uncompleted projects and property transaction which may result in GST being 'absorded' in certain circumstances. The GST rules for property developers have gone through guide from Customs was only issued on 30 March 2015, one year after the previous version on 11 March 2014.

The objective of this training is to discuss all the relevant GST laws and rules for property developers including issues for mixed development and joint venture projects. With his 20 years of experiences as auditors and tax agent for a number of property developers and the recent involvement as GST consultant and trainer, the speaker has a good overall knowledge of property development industry to enable him to understand and critically analyses all the followed up closely the development of GST rules and issues for property developers since the issuance of the first GST industry guide in January 2014. Participants can expect to receive a good summary and understanding of the GST rules and issues affecting property developers compliance as well as for planning purposes.

To guide the Accounts Department to comply with the GST lawsand rules and to account for GST and to file GST return correctly

Day 1

  1. Scope of GST and Types of Supplies for different properties and lands.
    • Scope of Malaysia GST
    • What types of properties and Exempt Supply and its effect
    • What lands are treated as Relief Supply and its effect
    • Imported services and effect on different type of properties
  2. GST treatment for other supply of goods and services by developers
    • Promotional and marketing package - 'Free' goods and services
    • Booking fee, administrative and other chrages
    • Late penalty and other compensation
    • Property management charges by developer and JMB/MC
  3. GST registration
    • General rules for registration
    • The requirements and strategy for new projects and property investment
  4. Value of supply and GST 'absorption'
    • Price display
    • How to determine value of supply and to calculate GST amount
  5. Time of supply (TOS) and issuance of Tax Invoice and CN/DN.
    • General time of supply rules for goods and services
    • TOS rules for property under development and completed properties
    • TOS rules for construction services and retention sum
    • Tax invoices and CN/DN - rules and requirements
  6. Input tax claims for wholly taxable supply (company with pure non-residential projects)
    • Conditions to claim input tax
    • Input tax claims for new projects/companies
    • GST adjustment under 6 months rules
  7. Transitional rules
    • Payment received or invoice issued before effective date
    • Supply spanning over the effective date - property under development and construction services (including retention sum)
    • Agreements signed before effective date
  8. GST treatment for joint venture project or development agreement
    • What are the rules provided so far and effect to different types of properties
    • Determining supplies made, value of supply, time of supply and issuance of tax invoice by landowner and developer for your JV of Development Agreements
  9. Mixed suppliers - input tax apportionment and longer period adjustments
    • Understanding the basic rules
    • How to determine IRR based on standard method
    • What about other methods
  10. Mixed suppliers - capital goods adjustment (CGA)
    • What capital assets are subject to CGA
    • How do rules work in year 1 and subsequent years

Goh Kean Hoe is an approved company auditor and a licensed tax agent with past and present clients that include PLCs, MNCs, SMEs, and entrepreneurs. Previously an audit manager with a Big Four Accounting Firm and a company financial controller, he has wide exposure in many fields over the past 20 years including the property sector and international assignments. His biggest strength is his technical knowledge and analytical skill. He has published articles on deferred taxation and property development accounting in the national journal and newspapers.

Kean Hoe holds a Bachelor of Accounting from the University of Malaya. He is a member of MIA, MICPA and CTIM. He currently sits on the Tax Practice Committee and GST Working Group of the MICPA. He was the Honorary Treasurer of Malaysia Economic Association (MEA) and a trustee for its foundation for 6 years. He has conducted numerous seminars and workshops on financial and accounting related subjects.

In preparing for GST implementation in Malaysia, Kean Hoe has been working closely with GST Academy Singapore since 2010 to develop GST training programmes for Malaysia and to provide GST consulting services. He has successfully completed the 10 day course conducted by the Royal Customs of Malaysia for GST consultants and agents and is an approved GST tax agent licensed by MOF. He was involved in a number of GST implementation projects in 2014/2015 and is currently a GST consultant to a few companies.

  • Directors and management team of property developers
  • Finance managers and accountants of property developers
  • Tax agents and company auditors
  • Accounts department personnel and internal auditors of property developers

Seminar Particular

Organisation Particular

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Payment Particular

Note :

  • All payment shall be made to Globalacc Research & Training Sdn Bhd.
  • Advanced payment is required to secure the seats.

You may bank-in the cheque or transfer to our bank account as follows:

Banker : Public Bank Berhad

Account No. : 313 968 4822

Please email the bank-in slip / transaction slip to globalaccrt@gmail.com for our record and reference in order for us to issue an official receipt.



Notes :

  • Registration will be accepted subject to availability of seats on first come first served basis and receipt of payment in advance.
  • Confirmation of registration and Tax Invoice will be issued in due course.
  • The organizer reserves the right to cancel the event and any payment made shall be refunded in full if the event is subsequently cancelled.
  • Certificate of Attendance will be issued. CPE hour for members of professional bodies is subject to verification and approval of the respective bodies.
  • Application to HRDF for claims is subject to approval by the relevant authority.