By Nur Ihsan Fadhlina
ihsan@mystar.com.my

Agnes Wong from Syarikat Ong Group of Companies speaks at StarProperty.my Roadshow 2017 at Atria Shopping Gallery

Managing your GST when it comes to property buying is all about matching game, according to Syarikat Ong Group of Companies managing partner Agnes Wong.

In her talk titled ‘How to maximise returns on your property investment through tax optimisation’ at StarProperty.my Roadshow 2017 at Atria Shopping Gallery, Wong said those who are running a business are only mandatorily required to register for GST if their business dealings exceed the threshold of RM500,000.

“When one is running a property rental business, there are deductible and nondeductible expenses when it comes to filing for GST.

“Some expenses that are non-tax deductible for the first-time rental include the cost to obtain the first tenant, advertising cost, the legal cost to prepare rental agreement, the stamp duty on the tenancy agreement and the commission for property agent.

“However, these expenses are allowed for a tax deduction if it’s not the cost of the first-time rental,” said Wong.

For those who are handling renewal of rental, she said the expenses are available for tax deduction to include the assessment and quit rent, the loan interest during the rental generation stage, fire insurance premium, rent collection fee and the related legal expenses, the fees to renew a tenancy or to change a tenant, as well as the repair and maintenance fees.

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