Need advice on TA ?

[proud owner]

Hi guys,

I have properties that are rented out as partially furnished.


I have seen friend's TA where the property is rented out as Fully furnished.


I notice that the rental amount is split into 2 parts :

unit + furnitures.


for instance ... rent of 8k ... it shows 5k for the unit + 3k for the furnitures.


How does it work ?

how does one report the 'income' when reporting income tax ?



can anyone enlighten me please ?

[august]

Hi guys,

I have properties that are rented out as partially furnished.


I have seen friend's TA where the property is rented out as Fully furnished.


I notice that the rental amount is split into 2 parts :

unit + furnitures.


for instance ... rent of 8k ... it shows 5k for the unit + 3k for the furnitures.


How does it work ?

how does one report the 'income' when reporting income tax ?



can anyone enlighten me please ?

I did not bother to split. :beats-me-man:

Any benefit to splitting? I remember vaguely not much difference.

[JNSYN]

When reporting income tax, no difference.

But splitting, will affect property tax. IRAS will calculate AV based on rental of unit not the furniture. During the e-stamping of TA, these can be clearly input. So unless all landlords take effort to do this, then AV will be lowered.

[DC33_2008]

I will usually ask my agent to fix rental of furniture, etc between 25-30% for partial furnished. Otherwise, NAV will be high in the vicinity.
When reporting income tax, no difference.

But splitting, will affect property tax. IRAS will calculate AV based on rental of unit not the furniture. During the e-stamping of TA, these can be clearly input. So unless all landlords take effort to do this, then AV will be lowered.

[proud owner]

great info. ..

thanks guys


by the way, for a rental condo ... when reporting income tax, do we 'minus the condo maintenance charges' ?

[Warren49]

great info. ..

thanks guys


by the way, for a rental condo ... when reporting income tax, do we 'minus the condo maintenance charges' ?

The ans is yes, and IRAS provides deductible items in great detail here.

http://www.iras.gov.sg/irasHome/page04.aspx?id=160

[lifeline]

You may find this useful...

http://www.iras.gov.sg/irasHome/page04.aspx?id=160#Rental_expenses

http://www.iras.gov.sg/irashome/page.aspx?id=12158#1

[lifeline]

Those with multiple properties renting their latest new condo ... can also deduct the agent's commission too.