Advice

Should We Keep Our 4-Room Queenstown BTO Or Give It Up For A Resale HDB/Condo?

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Bernard
Bernard
3 months ago

Why are you still talking about 99-1 ? Having discussed with my agent , there are very few circumstances that authorities would find acceptable reasons for such an arrangement.

Stacked Homes
Admin
3 months ago
Reply to  Bernard

Hi Bernard, the issue with 99-1 is commonly confused with its usage to evade tax rather than avoid it later on. In the cases highlighted, IRAS is concerned with those purchasing with 100% ownership and then quickly selling 1% to another party who already owns a property. The tax attracted for the 2nd party is then just 1% rather than the full amount. It may seem like a small difference but it has a greatly different outcome. In the latter case, it’s clear that the arrangement is to avoid paying the ABSD due to the quick sale of the 1%. However, the 99-1 decoupling situation is different since this arrangement is bought from the start. The party may not even decouple or sell their house at all later on, so there’s no tax evasion here. This article helps to explain the nuances.

Aaron
Aaron
3 months ago

Isn’t the couple income ceiling for BTO is capped at $14K/couple? How is it possible that this couple earning $16K is able to get a BTO man….

Stacked Homes
Admin
3 months ago
Reply to  Aaron

They may have only recently gotten the pay increase – but this isn’t something we could confirm

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