Disclaimer






"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
Drop Down MenusCSS Drop Down MenuPure CSS Dropdown Menu
There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

SSD Issue & the masses

Interesting question on the FB -
I am interested in the answer.
Looking at the actual Declaration Form, it does seem that all owners need to sign it in front of a lawyer. Only those actually owing SSD are required to submit to the IRAS - the rest only need to be submitted if the IRAS requests them for audit purposes.

Honestly, you learn something new everyday in a collective sale.

Answer from FB:
So, two birds with one stone, as expected.
You will sign the SSD Declaration form when you sign a 'transfer form' for your property some time in the future

No mention of an extra fee - so take it as part of the service. I would expect nothing less.

I think they are learning on the job. We are giving them a baptism of fire :)


5 Sept 2017

Anonymous said: 

"Rec email confirmation from IRAS SSD payment is deferred till SALES ORDER date...today is the deadline to request for deferment,..i reckon most if not all the owners who are affected by the need to pay seller stamp duty have done the e-stamp and have written to IRAS to request for deferment...another hurdle down.."

5 comments:

  1. Where does it come from? Btw, I haven't got any registered mail by today. How about other SPs, any idea please? Tks.

    ReplyDelete
  2. You should have gotten a Letter from the lawyer in the post by now. It is just a letter informing you that the estate has been sold and with some other information. It also lists all the Sales Proceeds of all units.
    This letter was sent by ordinary post - the registered bundle is in a few weeks.

    ReplyDelete
  3. Two options:

    1. No SSD

    a) Sign the form, ensure the dates are correct, arrange an appointment with the CSC appointed lawyer. Easy.



    2. SSD (Time is money, literally)

    a) Do your e-stamping before the 5 September. There is a support group of affected SP's helping other affected SP's with this and 90% of affected SP's have been engaged.

    At the very least get the e-stamping Payment Slip which will have your reference number and discuss with IRAS before 5 September if you cannot afford to pay before the deadline. Don't delay, the consequences will be expensive.

    IRAS cannot help you unless you have completed this form!!

    https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/Other_Taxes/Stamp_Duty_for_Property/Learning_the_basics/User_Guide[1].pdf

    The work these SP's have undertaken outside of the remit of the MA and CSC should be heavily commended as they assist, counsel and drastically reduce the chances of any hiccups with the STB.

    I really hope some of you are ashamed of yourselves and your nasty comments about those affected, all you potentially are doing is driving people to the edge and increasing the chances of issues with the STB, then nobody gets paid or we get delayed into a territory of inflated property pricing. They have no interest in scuppering this deal, just working out how best to manage this temporary but extremely significant shortfall, a situation most assumed wouldn't be wished on anyone but unfortunately seems to be wished with glee by many on here and the facebook site. Fortunately, these affected SP's are repairing the damage caused by your comments and ensuring we can all get paid as soon as possible.

    b) Lastly and least importantly: Sign the declaration form, ensure the dates are correct (you will know these already from the e-stamping), arrange an appointment with the CSC appointed lawyer. Easy.

    With the public holiday tomorrow, undertake item a) today (Thursday) or at the very latest Monday (you can do all the online stuff, contact the MA or your fellow SP's over the long weekend - don't delay)

    ReplyDelete
  4. Rec email confirmation from IRAS SSD payment is deferred till SALES ORDER date...today is the deadline to request for deferment,..i reckon most if not all the owners who are affected by the need to pay seller stamp duty have done the e-stamp and have written to IRAS to request for deferment...another hurdle down..

    ReplyDelete
  5. Thanks for the info. Looks like the SSD issue shuld not be a prob. Hopefully we can iron out the LUP issue soon, when will the LUP result be made known by next month?

    ReplyDelete