Rent from property – Singapore real estate agent
Rent received from the letting of property in Singapore is subject to income tax, while property is subject to property tax. Rental income includes rent of the premises, maintenance, furniture and fittings. After deductions for allowable expenses (such as property tax), the net amount is taxable. Singapore real estate agent.
Rental income is taxable when it is due and payable to the property owner, and not the date of actual receipt. Singapore real estate agent
The rental income is taxed on all the joint owners based on their share in the property. It does not matter which party receives the rent or whether the owners paid for the property. This also applies to rental loss. The rental loss is apportioned to joint owners based on their share in the property. Singapore real estate agent
GST implemented from 1 April 1994
- Tax on consumption in Singapore including imports of goods
- Business with annual turnover of more than S$1 million – must be registered as “taxable person” (need not be a company)
- Any person/company can volunteer to be a taxable person but must remain registered for at least 2 years.
- Taxable person who makes taxable supplies must charge GST including:
- All supplies of goods and services (e.g. agent’s commission)
- Sale and lease of movable property (e.g. sale and lease of furniture)
- Sale or lease of non-residential properties (e.g. commercial properties such as sale price of a factory unit or rental of shop)
- Maintenance fee including sinking fund.
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