GST forProperty

Developers

GSTSeminar

RM

16 December 2015 (Wednesday)

ARMADA HOTELPetaling Jaya

#

RM805.60 RM710.20Members of Strategic Partners

RM837.40 RM742.00GlobalAcc Corporate Members

RM879.80 RM784.40Non Members

SEMINAR FEE (GST INCLUSIVE)

Strategic Partners:

8CPE

HOURS

GST for Property Developers

16 December 2015 @ Armada Hotel, Petaling Jaya

(Globalacc is a registered training provider with HRDF. MyCo ID No: 755452-D)

4

3

2

1

Including GST Rules for mixeddevelopment and joint venture projects

GLOBALACC Tel: 03-7880 3028 (Johnny)Fax: 03-7880 3009019-650 3032 (Mr. Goh)/012-311 0181 (Johnny)Email: globalaccrt@gmail.comWebsite: www.globalacc.com

Globalacc Research & Training Sdn Bhd (755452-D) [GST No. 001869217792]J-1-19 Jalan PJU 1/43, Aman Suria Damansara, 47301 Petaling Jaya, Selangor

Bank details: PBB 313 968 4822

www.globalacc.com

• Full payment is required to guarantee entry to the seminar room. You can bank in & fax bank in slip to us. Cheque is to be payable to ‘Globalacc Research & Training Sdn Bhd’• Cancellation is not allowed but replacement is welcome with prior notice• Organiser reserves the right to amend or cancel the events• Certi�cate of Attendance will be issued. CPE hour for members of professional bodies is subject to veri�cation and approval of the respective bodies• Video and sound recording is not allowed during the seminar• Application to HRDF for claims is subject to approval by the relevant authority

REPEAT!!

Website

INTRODUCTION

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 signi�cant 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 transactions and agreements can have different terms• Property or development can be a 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 during initial implementation of GST to manage for uncompleted projects and property transaction which may result in GST being ‘absorbed’ in certain circumstances. The GST rules for property developers have gone through several changes since the beginning of last year. The latest version of GST industry 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 important GST issues involving different type of projects and transactions. In particular, he has followed up closely the development of GST rules and issues for property developers since the issuance of the �rst 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 for compliance as well as for planning purposes.

PART A : KEY GST RULES FOR PROPERTY DEVELOPERS AND DIFFERENT TYPES OF PROPERTIES1. Scope of GST and Types of Supplies for different properties and lands • Scope of Malaysia GST • What types of properties are 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 charges • 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 investment4. Value of supply and GST ‘absorption’ • Price display • How to determine value of supply and to calculate GST amount5. 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 requirements6. 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

PART B : GST ISSUES AND RULES FOR TRANSITIONAL PERIOD, JOINT VENTURE PROJECTS AND MIXED DEVELOPMENT PROJECTS 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 date8. 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 or Development Agreements9. Mixed suppliers – input tax apportionment and longer period adjustments • Understanding the basic rules • How to determine IRR based on standard method • What about other methods10. Mixed suppliers - capital goods adjustment(CGA) • What capital assets are subject to CGA • How do rules work in year 1 and subsequent years

WHO SHOULD ATTEND• 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

GST For Property DevelopersSeminar Outline

PROFILE OF SPEAKERGoh 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 �nancial controller, he has wide exposure in many �elds 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, CTIM and FPAM and was involved in working groups and task forces of both MIA and MICPA. He was the Honorary Treasurer of Malaysia Economic Association (MEA) and a trustee for its foundation for 6 years. He has conducted seminars and workshops on �nancial 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 has successfully completed the 10 day course conducted by the Royal Customs of Malaysia for GST consultants and agents and is now an approved GST tax agent recognised by MOF. He is currently involved in a number of GST implementation projects for his clients.

GOH KEAN HOE

Agenda 8.15 am - Welcome and registration 9.00 am - Seminar commences10.30 am - Morning break10.45 am - Seminar continues

1.00 pm - Lunch 2.00 pm - Seminar continues 3.30 pm - Afternoon break 3.45 pm - Seminar continues 5.00 pm - Seminar ends