99-1 Deals - What Are The Implications & Can Still Play Play?

Рет қаралды 5,911

2 ай бұрын

99-1 Deal - What Are The Implications & Can Still Play Play?
I will be talking about the 99-1 deals and how IRAS has plans to claw back $60 million from such buyers. I will touch on the implication not only on those buyers but also the impact to the property market. We will also assess if we can still continue with such deals but in a proper manner. Lastly, I will end of with my views on the obsession with property in Singapore and how we should look at it from another angle.
Alan Wee
CEA Reg No. R024730A
wa.me/+6592973150
www.AlanWeeProperty.com
/ @alanweeproperty
FB: AlanWeeProperty
PropNex :I Can Fly” Program Link: propnex.com/icanfly/92973150
Giving back to NUS: nus.edu.sg/nusgiving
References:
www.straitstimes.com/business....
www.businesstimes.com.sg/sing...
www.iras.gov.sg/taxes/stamp-d...)
www.hdb.gov.sg/residential/li...
www.iras.gov.sg/taxes/corpora...
www.channelnewsasia.com/singa...
www.iras.gov.sg/taxes/stamp-d...)
www.straitstimes.com/singapor...
www.straitstimes.com/business...
• Singapore Finance Mini...
www.iras.gov.sg/quick-links/p...
www.straitstimes.com/business...

Пікірлер: 32

@zackchoy1969 2 ай бұрын

Thank you for the contribution towards Nation Building !

@leanne2330 2 ай бұрын

For newly web buyer 1%, to position for exit next buy without ABSD... Is also tax avoidance. G should manage that.

@hudsonsjourney4132 2 ай бұрын

in a way, yes. but to avoid paying BSD though not ABSD. because there is no rule to say you cannot buy in a single person's name if you penalise by saying avoiding BSD, it is right. but if you penalise by saying avoid ABSD, all single name buyers will be charged the same (including trust too) because they are all avoiding to pay ABSD. then you might as well say only married couples can buy property in singapore with both names in title

@mkt282 2 ай бұрын

Wise words ...always enjoy your video

@alanweeproperty 2 ай бұрын

I appreciate that

@fanlie1576 2 ай бұрын

@@alanweeproperty Good advice at the end of video. Generally we just need to be content with what we have.

@hudsonsjourney4132 2 ай бұрын

The loophole in this 99-1 (or other % deals) is that the 1% owner can actually borrow more than what he owns! eg Father buys 1% of 1mil property > is equals to 10k. By right he can only borrow 75% of 10k which is 7.5k But the bank illegally lends him like 500k to purchase the 10k ownership of the house The real culprits IRAS needs to go after are the banks for illegally lending more than 75% LTV

@alanweeproperty 2 ай бұрын

you have a valid point.....unlese they own self check own self. else biz as norm....

@sweetpea2947 Ай бұрын

Hi Alan can i please check with u ,is there any ABSD different payable to Iras ? When the child and father buy the property right from the start ? 99 % child and 1 % father. Compare to Child buy property under his name only. Then sell his 1 % share to father later?

@alanweeproperty Ай бұрын

The later can be seen as an avoidance of tax depending on its intent.

@sweetpea2947 Ай бұрын

Any different in ABSD tax?

@MalcolmAng 2 ай бұрын

Can iras clawback things happen for years, if so then probably we have some sweet deals to buy.

@alanweeproperty 2 ай бұрын

those deals likely will still proceed. if they sell now. they are hit by SSD + ABSD. Wow compo meal. so i doubt they will.

@fanlie1576 2 ай бұрын

Siao Liao Loh 😀

@freddylim310 2 ай бұрын

Bro, you also good in TCSS😂

@alanweeproperty 2 ай бұрын

Thanks 😅 next time join me for that too.

@ocswoodlands 2 ай бұрын

Alan - very atypical agent 😅

@alanweeproperty 2 ай бұрын

Very typical Singaporean too!

@ericlim428 2 ай бұрын

Prioritise , Only Good children , Good life , Stressfree Iivelihood are upmost Importance . Not Owning many Private , Luxury Cars and Feel High class . But Save here save there , stingy here n there just to Maintain this kind of Life style . Worth you say or not ???

@chinchowpowpook 2 ай бұрын

Good children good life stress free = high income..(either slave for work or passive gain from stock or Pty)..do have? Don’t dream to be stress free..impossible

@alanweeproperty 2 ай бұрын

Yes, you are right

@ericlim428 2 ай бұрын

@@alanweeproperty veey knowledgeable on our property concern . You the right guy !

@alanlim6526 2 ай бұрын

another thing that need to be plugged .... Generally, the gains derived from the sale of a property in Singapore (also known as capital gains) are not taxable. However, when your main income is derived from trading in properties, the gains from the sale of property will be taxed. .... So flipper that does not hold more than 5-10 yrs should be taxed on capital gains...... govt should look at how many times a person flip and make capital gains on property speculation and tax them accordingly (as gain are derived from trading in properties). !!

@chinchowpowpook 2 ай бұрын

If u missed making pot of gold,,eat it,,don’t need to sour grape and demand government do this do that..

@alanlim6526 2 ай бұрын

@@chinchowpowpook in singapore best not to walk on knife edge... not about sour grapes... there are things not worth risking

@alanweeproperty 2 ай бұрын

If they introduce this measure. Just simply look at the number of transactions before and after TOP. Which is massively huge. This is a very touchy issue...GE coming. Cannot anyhow introduce. Ppl will lose confident and the market will tank. Seats will be lost...so why bother open the Pandora box?

@alanlim6526 2 ай бұрын

@@alanweeproperty same issue as cancelling the 4% in Special Account ... election around the corner and massively touchy & huge..... end day.... it's up to i guess doing right or doing it popular.... i have no answer.