Asked by CK
SSD: Seller Stamp Duty
Under the Jan 2011 SSD rule, those who purchased their property after Jan 2011 will have to pay SSD (basing on sales or valuation amount which ever is higher) if they sell within 4 yrs from date of purchased. The SSD amount has to be paid in full within 14 days upon excise of sales contract.
16% - 1st yr, 12% - 2nd yr,8% - 3rd yr, 4% - 4th yr
The amount of SSD can be huge if the property is above $1m, ie: selling a $1.7m property within 2yrs will results in $204,000.00 in SSD.
As far as I know, Banks does not provide short-term loan for SSD.
In the event that seller has to sell the property due to financial reason:
1) What will happen if seller is not able to pay the amount within the said period?
2) Can seller appeal to IRAS to defer payment to after completion of sales?
3) What other option does the seller has?
Under the Jan 2011 SSD rule, those who purchased their property after Jan 2011 will have to pay SSD (basing on sales or valuation amount which ever is higher) if they sell within 4 yrs from date of purchased. The SSD amount has to be paid in full within 14 days upon excise of sales contract.
16% - 1st yr, 12% - 2nd yr,8% - 3rd yr, 4% - 4th yr
The amount of SSD can be huge if the property is above $1m, ie: selling a $1.7m property within 2yrs will results in $204,000.00 in SSD.
As far as I know, Banks does not provide short-term loan for SSD.
In the event that seller has to sell the property due to financial reason:
1) What will happen if seller is not able to pay the amount within the said period?
2) Can seller appeal to IRAS to defer payment to after completion of sales?
3) What other option does the seller has?
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