Author: summerfield_admin

Co-Housing Australia

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Co-Housing Australia

Brisbane to outshine Sydney and Melbourne dwelling prices in 2020: Westpac

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Brisbane to Outshine Sydney and Melbourne dwelling prices in 2020: Westpac

Brisbane dwelling prices will outperform those in Sydney and Melbourne in 2020, according to Westpac.

They believe the Queensland capital will see eight per cent increases next year, above the six forecasted for the two major capital city markets.

Westpac suggest the strong momentum in Sydney and Melbourne will fade as affordability issues re-emerge and population slows.

Brisbane is well positioned due to its affordability and population inflows.

“Momentum heading into 2020 is clearly positive, albeit uneven across markets,” Westpac advised.

They said in the near term, the main guidance comes from current price momentum, auction markets, listings and their buyer sentiment measures.

“Nationally, these are all showing positive prospects for early 2020 with price growth accelerating, auction clearance rates riding high in Sydney and Melbourne, listings showing a clear tightening and a positive pulse from buyer sentiment pointing to a further lift in demand.

“The cyclical momentum is strongest in Sydney and Melbourne but is also showing a notable pick up in Brisbane. Adelaide and Hobart are seeing a more muted lift with Perth yet to pull out of its multi year price decline.

Dwelling Prices: Actual and Forecast

Average* 2017 2018 2019e 2020f Comments
Sydney 5.1 3.2 -8.9 4.1 +6 Strong Momentum fades as affordability issues re-emerge, population slows
Melbourne 4.3 10.2 -7.0 4.2 +6 Strong Momentum fades as affordability issues re-emerge, population flows
Brisbane 0.9 1.8 0.2 1.0 +8 Gathering pace, well-placed in terms of affordability and likely population inflow
Perth -1.5 -1.7 -4.7 -6.8 -0.5 Closer to stabilizing but missing population & economic supports for recovery
Adelaide 1.5 2.5 1.3 -0.5 +2 Stable with some policy support but lacking economic drivers for stronger upturn
Hobart 3.3 11.9 8.7 3.1 +5 Market remains very light meaning any lift in demand quick to stake price growth
Australia 3.4 4.3 -6.4 2.4 +5 Resurgence becoming more evenly balanced across markets

All dwellings, Australia is five major capital cities combined measure; *10yr average
Source: CoreLogic, Westpac Economics

They predict a number of factors to shape residential property over 2020.

“The first is policy – we expect the RBA to cut rates by another 25bps at its February meeting and to turn to so-called unconventional policy measures to provide additional stimulus,” Westpac advise.

The second factor is supply, both in the form of sellers returning to the market and the physical supply of new dwellings. New listings fell to extreme lows in 2019.

“Our analysis suggests the listing cycle tends to follow the sales cycle by about six months. A likely lift in new listings will test the depth of demand in the first half of 2020. The supply of newly built dwellings will also remain elevated. Completions eased back from a record 218k in 2018 to an estimated 205k in 2019.

“Our projections have this easing to around 175k in 2020, still well above average pre-boom levels with about 50k of that high rise dwellings. New supply could prove difficult to absorb and will weigh on prices and rents in some segments – Sydney’s rental vacancy rate and Melbourne’s stock of unsold units being key areas to watch.

Westpac believe would-be buyers in Sydney and Melbourne will be priced out of the markets and will seek more affordable markets if the current price resurgence continues, which will slow growth.

“As 2020 unfolds we expect another dynamic to come to the fore around affordability and population flows.

“Despite the price correction in 2017-18 and a further lowering in interest rates, affordability remains relatively stretched in Sydney and Melbourne.

“The resurgence in prices see these markets run into the same affordability constraints that emerged in 2016-17 as prices near previous peaks.

“Investor activity will lift as low deposit rates and equity volatility drive more interest in real estate but funding is likely to remain a constraint on investors.”

Real Property Gains Tax (RPGT)

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Real Property Gains Tax (RPGT)

A. DETERMINATION OF ACQUISITION PRICE FOR DISPOSAL OF REAL PROPERTY ACQUIRED PRIOR TO 1 JANUARY 2013

Existing Legislation
Effective from 1 January 2019, in the case of a disposal of real property acquired prior to 1 January 2000, the acquisition price of such real property for the purpose of determining the chargeable gain subject to Real Property Gains Tax shall be the market value of the real property as at 1 January 2000. The disposer must be a Malaysian citizen or permanent resident.

Proposed Legislation
It is proposed that the determination of market value as of 1 January 2000 as the acquisition price for the disposal of real properties acquired before year 2000 be amended to the market value as of 1 January 2013 as the acquisition price for the disposal of real properties acquired prior to year 2013 for the purpose of Real Property Gains Tax computation.

Reference
Schedule 2 and 3 of the Real Property Gains Tax Act 1976.

Effective Date
For the disposal of real properties from 12 October 2019.

Likely Tax effects and Implications
In consideration of the public’s view, the Government has introduced this measure to reduce the Real Property Gains Tax exposure on the disposal of real properties by Malaysian citizens and permanent residents after 5 years from the date of acquisition.

B. RETENTION SUM BY ACQUIRED FOR DISPOSAL OF CHARGEABLE ASSET BY A COMPANY NOT INCORPORATED IN MALAYSIA

Existing Legislation
Presently, where the disposer of chargeable assets (i.e. real property or shares in a real property company) is not a Malaysian citizen and not a permanent resident, and the consideration for the disposal consists wholly or partly of money, the acquirer is required to withhold either the whole of that money or a sum not exceeding 7% of the total value of the consideration, whichever is lower, and remit the sum withheld to the Inland Revenue Board (IRB) within 60 days after the date of disposal.

Proposed Legislation
It is proposed that the above requirement be extended to the disposal of a chargeable asset by a company not incorporated in Malaysia.

Reference
Section 21B (1A) of the Real Property Gains Tax Act 1976.

Effective Date
Upon coming into operation of the Finance Act 2019.

Likely Tax Effects and Implications
This amendment would require the acquirer to withhold and remit a sum not exceeding 7% of the consideration relating to the disposal of a chargeable asset by a company not incorporated in Malaysia.

C. CHANGES IN REAL PROPERTY GAINS TAX RATES APPLICABLE TO DISPOSAL OF CHARGEABLE ASSET BY A COMPANY NOT INCORPORATED IN MALAYSIA AND A TRUSTEE OF A TRUST

Existing Legislation
Presently, gains from the disposal of chargeable assets (i.e. real property or shares in a real property company) are taxed under the Real Property Gains Tax Act 1976. The current effective Real Property Gains Tax rates range from 5% to 30%, depending on who the disposer is and the holding period of the chargeable asset, and they are as follows:

Date of Disposal Real Property Gains Tax Rates
Companies Individual (Citizen / Permanent Resident) Individual (Non-Citizen / Non-Permanent Resident)
Within 3 years from date of acquisition 30% 30% 30%
In the 4th year 20% 20% 30%
In the 5th year 15% 15% 30%
In the 6th year and subsequent years 10% 5% 10%

Proposed Legislation
It is proposed that the Real Property Gains Tax rates affecting the disposal of chargeable assets by a company not incorporated in Malaysia and a trustee of a trust be revised as follows:

Date of Disposal Real Property Gains Tax Rates
Companies Incorporated in Malaysia or a Trustee of a trust Individual (Citizen / Permanent Resident) Individual (Non-Citizen / Non-Permanent Resident) or a Company Not Incorporated in Malaysia
Within 3 years from date of acquisition 30% 30% 30%
In the 4th year 20% 20% 30%
In the 5th year 15% 15% 30%
In the 6th year and subsequent years 10% 5% 10%

Reference
Part II AND III of Schedule 5 of the Real Property Gains Tax Act 1976.

Effective Date
Upon coming into operation of the Finance Act 2019.

Likely Tax Effects and Implications
This amendment seeks to change the Real Property Gains Tax rates applicable to gains on disposal of chargeable assets by a company not incorporated in Malaysia and a trustee of a trust.

 

2020 Review of Income Tax Rates and Income Tax Structure

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Review of Income Tax Rates and Income Tax Structure

Existing Legislation
Presently, the income tax for resident individual taxpayer is calculated based on scale rates ranging from 0% to 28% with the maximum rate of 28% being applicable to the chargeable income band of RM1,000,000 and above.

For non-resident individual taxpayer, the income tax rate is at 28%.

Proposed Legislation
It is proposed that chargeable income band exceeding RM 2,000,000 be introduced and the tax rate for resident individual taxpayer for chargeable income exceeding RM2,000,000 be increased by 2% as follows:

Chargeable Income (RM) Existing Rates (%) Proposed Rates (%) Increase (%)
0 – 5,000 0 0 –
5,001 – 20,000 1 1 –
20,001 – 35,000 3 3 –
35,001 – 50,000 8 8 –
50,001 – 70,000 14 14 –
70,001 – 100,000 21 21 –
100,001 – 250,000 24 24 –
250,001 – 400,000 24.5 24.5 –
400,001 – 600,000 25 25 –
600,001 – 1,000,000 26 26 –
1,000,001 – 2,000,000 28 28 –
Above 2,000,000 28 30 2

It is proposed that non-resident individual taxpayer’s income tax rate be increased by 2% from 28% to 30%.

Reference
Schedule 1 Part 1 Paragraphs 1 and 1A of the Income Tax Act 1967.

Effective Date
From year of assessment 2020.

Likely Tax Effects and Implications

  1. The Monthly Tax Deduction (MTD) table applicable to tax deductions in 2020 will have to be revised by the tax authorities to take into account the increase and change in the structure in income tax rates.
  2. The proposed resident tax rates are tabulated as below:
Chargeable income brackets Present tax rate

(%)

 Proposed tax rate

(%)

 Present tax payable

(RM)

 Proposed tax payable

(RM)
(RM)
On the first

On the next

 5,000

5,000

 0

1

 0

1

 0

50

 0

50
On the first

On the next

 10,000

10,000

 1 1 50

100

 50

100
On the first

On the next

 20,000

15,000

 3 3 150

450

 150

450
On the first

On the next

 35,000

15,000

 8 8 600

1,200

 600

1,200
On the first

On the next

 50,000

20,000

 14 14 1,800

2,800

 1,800

2,800
On the first

On the next

 70,000

30,000

 21 21 4,600

6,300

 4,600

6,300
On the first

On the next

 100,000

150,000

 24 24 10,900

36,000

 10,900

36,000
On the first

On the next

 250,000

150,000

 24.5 24.5 46,900

36,750

 46,900

36,750
On the first

Exceeding

 400,000

200,000

 25 25 83,650

50,000

 83,650

50,000
On the first

Exceeding

 600,000

400,000

 26 26 133,650

104,000

 133,650

104,000
On the first

Exceeding

 1,000,000

1,000,000

 28 28 237,650

280,000

 237,650

280,000
On the first

Exceeding

 2,000,000

2,000,000

 28 30 517,650 517,650

Business Migration and Investment Visa Pathways for All Countries

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AUSTRALIA

Business Migration and Investment Visa Pathways for Australia
Provisional Permanent
VISA Class Business Innovation

188 (A)

 Investor Stream

188 (B)

 Significant Investor Stream 188 (C) Business Talent Visa

132 (A)
Net Assets AUD$800k AUD$2.25m AUD$5m AUD$1.5m (at least AUD$400k in business assets
Proof: Source of Funds 2 years 2 fiscal years Yes 2 years
Business Turnover AUD$500k for at least 2 of the last 4 fiscal years NA NA AUD$ 3m for at least 2 of the last 4 fiscal years
Company Ownership ≥ 30% NA NA 10% (if PLC) or ≥ 30%
Amount of Investment AUD$200k AUD$1.5m for 4 years

(Government Bonds)

 AUD$5m for 4 years

(Fund Management)

 AUD$1m or AUD$1.5m for land development
Length of VISA 4 years provisional visa 4 years provisional visa 4 years provisional visa 5 years

(renewable)
Getting PR Apply for 888 after running a successful business for 2 years Apply for 888 after bond matures in 4 years Apply for 888 after maintaining investment fund for 4 years NA
Minimum Required Stay 1 out of 2 years 2 out of 4 years 40 days each year for 4 years NA
Other Requirements
Age Limit 55 years old* 55 years old* No age limit 55 years old*
Managerial Experience 2 years minimum 2 years minimum NA 2 years minimum
Points Test 65 points 65 points NA NA
English Test IELTS 4.5* IELTS 4.5* NA IELTS 4.5*
Investment Options Financial Planning (600k)

Medical Services

F&B (300k)

 Government Bond Fund Management Financial Planning

Medical Services

Land Development

*Can be waived subject to conditions

Visa Information on: BUSINESS VISA AS IN AUSTRALIA >> Read More

2019 – 2020 新财年移民配额变化 2019-2020 Migration Program Planning Levels >> Read More

CANADA

Business Migration and Investment Visa Pathways for Canada
VISA Class Entrepreneur Investor
Net Assets CAD$600k CAD$2.0m
Proof: Source of Funds Yes Yes
Business Turnover NA NA
Amount of Investment CAD$150k Option1: CAD$1.2m for 5 years with no interest

Option 2: CAD$330k paid to bank
Length of VISA 2 years work visa 5 years PR (renewable)
Getting PR Apply for PR after 1 year of business NA
Minimum Required Stay 1 out of 2 years 2 out of 5 years
Other Requirements
Age Limit NA NA
Managerial Experience 3 or 5 years 2 years
Points Test TBC TBC
English Test CLB 5 CLB 5

 

USA

Business Migration and Investment Visa Pathways for USA
VISA Class EB-5
Net Assets USD$1m
Proof: Source of Funds 7 years
Business Turnover NA
Amount of Investment USD$500k for 5 years minimum
Length of VISA 2 years conditional green card
Getting PR Remove conditions
Minimum Required Stay Visit once every six months
Other Requirements
Age Limit NA
Managerial Experience NA
Points Test NA
English Test NA

 

CYPRUS

Business Migration and Investment Visa Pathways for Cyprus
VISA Class Citizenship
Net Assets NA
Proof: Source of Funds NA
Business Turnover NA
Amount of Investment EUR$2m
Length of VISA Citizenship
Getting PR NA
Minimum Required Stay NA
Other Requirements
Age Limit NA
Managerial Experience NA
Points Test NA
English Test NA

MM2H Fees Structure

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Summerfield MM2H’s Plan A & B

MM2H Fee Structure

Please select a Plan according to the services you need for your MM2H application.

PLAN-A

For Age 60 & Above Only

 PLAN-B

COMPLETE NEW MM2H

 PLAN-C

SUSPENDED
FEE IN RM MAIN APPLICANT 9000 10000 12000
PER DEPENDENT 1000 1000 1000
With Documents in English Only.
REFER TO CHART BELOW FOR DETAILS A B C
MODE OF PAYMENT (in RINGGIT MALAYSIA)
STAGE-ONE As per MAAA As per MAAA As per MAAA
STAGE-TWO Balance of Fee Balance of Fee Balance of Fee

Agent Appointment Fee @ RM 2000 is due after we receive the signed MAAA.
(MAAA = MM2H Agent Appointment Agreement)
This is to ensure that clients who appoint Summerfield MM2H as their MM2H Agent are genuine.
This AA fee is part of our total fee stated in the signed MAAA.

 

Our Scope of Services for each Selected Plan

STAGE-ONE : Plan A, B & C – MM2H Application A B C
1.    Provide up to date information on the terms and conditions of MM2H Programme. √ √ √
2.    Evaluate applicant’s eligibility for the MM2H Application via our MM2H Online Assessment. √ √ √
3.    Provide detailed MM2H Checklist designed for easy reference of all required documents for a successful MM2H Application. √ √ √
4.    Provide samples of required documents for reference. √ √ √
5.    Guide applicant to prepare the complete documents as per Ministry’s requirements. √ √ √
6.    Review & confirm documents are complete prior to delivery to us for the formal submission. √ √ √
7.    Fee Due @ Submission – Applicant is to remit the fee to our bank account as per selected Plan. √ √ √
8.    Upon receipt of fee & complete documents, we prepare documents on our part as agent/sponsor including the Personal Bond(s) signed with stamp duties paid or applicants as required by the Immigration Department of Malaysia. (No deposits are required). √ √ √
9.    Submit application to the Ministry of Tourism (MoTour). √ √ √
10. Email applicant the official receipt of submission from MoTac. As of to date, from the date of submission, the Ministry takes up to 5 to 7 months to process and to approve the applications. √ √ √
11. Follow-up with the Ministry concerning the status of the application. √ √ √
12. In the unlikely event that the application is being declined, appeals will be submitted to the Ministry until the issuance of MM2H Conditional Approval Letter (MCAL). √ √ √
13. Upon approval, we will email applicant the MM2H Conditional Approval Letter. Applicant is to schedule visit to Kuala Lumpur to complete all conditions & to obtain the MM2H Pass & Visa Endorsement(s). Guidance will be provided for Steg-Two Procedures. √ √ √

 

STAGE-TWO : Plan A, B & C – MM2H Approval A B C
1.    Applicants (& family, if applicable) are to visit Kuala Lumpur within 6 months from the issuance date of the MCAL to fulfil the conditions set by the Immigration of Malaysia as below:

a.        Assist to complete Medical Check-up at selected clinic.

b.        Assist to purchase Medical Insurance for each participant as per requirement with our selected insurance company; (Insurance Premium payable to Insurance Company).

c.        Fixed Deposit Placement

– Applicant are allowed to place the required Fixed Deposit with any bank in Malaysia.

– The Fixed Deposit must be under lien with auto-renewal for 10 years.

– Withdrawal of Fixed Deposit must have prior approval from Ministry of Tourism Malaysia.

 √ √ √
2.    After completion of the above conditions, we will be present with the applicants at MM2H Immigration Unit, Putrajaya to submit the required documents, to pay visa fee charges (with cash) and to obtain MM2H Pass & Visa endorsement(s). √ √ √
3.    Balance of Fee Due to us – Upon receipt of the MM2H Pass & Visa endorsements, applicant is to settle of the balance of the fee due to us according to the selected plan. √ √ √
ADDITIONAL SERVICES :
4.    Apply to extend “MM2H Conditional Approval Letter” for applicant with valid reason (One time)**. AH AH AH
5.    Additional Services for LGC application from Hong Kong, Singapore and China (One time). AH AH AH
6.    Advice on to hotel reservation on Kuala Lumpur area. AH AH AH
7.    2nd trip to Immigration to obtain first MM2H Pass & Visa for dependent(s). (One time – within 6-month period) AH AH AH

 

STAGE-THREE : Plan B & C – After MM2H Pass & Visa A B C
1.    Assist to obtain approval to withdraw part of FD one year later. (One time) AH AH √
2.    Assist to obtain MM2H Pass & Visa extension on new passport. (One time) AH AH √
3.    Assist to transfer Pass & Visa from old to new passport. (One time) AH AH √
ADDITIONAL SERVICES FOR PLAN C ONLY AH AH √
4.    Assist to obtain Student Permit for Children under 18 (One time). AH AH √
5.    Assist to submit application to Immigration add one dependent pass (spouse or child). (One time) AH AH √
6.    Assist to renew Insurance coverage from 2nd year onwards. AH AH √
7.    Assist to obtain approvals to purchase a new Tax-Free Car. XX XX XX
8.    Advice on appointing agent to import personal car. AH N/A √
9.    Advice on how to convert driving license. AH N/A √
10. Advice on employment & part-time work permit. AH AH √
11. Assist to apply for I-Card (when the system resumes) (One time). XX XX XX
12. Apply to terminate MM2H Status and to obtain approval to withdraw FD. (Within 5 years from issuance date of MM2H Pass & Visa). AH AH √
AH = Charges Based Ad Hoc Basis

 

General TERMS & CONDITIONS of Our A-B-C PLANS

  1. OTHER FEES TO BE BORNE BY APPLICANTS:
  • Visa fees payable to the Immigration of Malaysia directly for each individual:
      • Social Visit Fee @ RM 90 per year.
      • Multiple Entry visa @ RM 0 to RM 100 per year (if applicable).
      • Journey Performed Fee (RM 500 – RM 550) per person (if applicable).
  • Medical Check-Up Fee payable with cash to the doctor (if applicable).
  • Medical Health Insurance Premium payable directly to the insurance company.
  • Accommodation and transportation expenses during applicants’ visit to Kuala Lumpur.
  • All fees due to respective parties mentioned above are to be paid by applicants.

2. APPEAL CONDITION:

  • In the unlikely event when applications are being declined by the Ministry, we would file for appeals until the issuance of MM2H Conditional Approval Letter. Applicants must agree to comply to submit further supporting documents as per Ministry’s requirement.

3. REFUND POLICY:

  • All refunds shall be made in RM which we received. There shall be no compensation due to the fluctuation of the foreign exchange rate. All bank service charges shall be borne by the applicant.
  • No refund shall be made under circumstances due to your negligence of the conditions or any other personal matters arising including failure in meeting the K.I.V. conditions set forth by the authorities or health screen at the medical check-up stage.
  • No refund shall be made if applicants have neglected the 6-month condition as per MM2H Conditional Approval Letter.
  • No refund shall be made if declared information & submitted documents are not genuine.
  • No refund shall be made if applicants are black listed by the Immigration Department.
  • No refund shall be made if applicants do not comply with terms & conditions set forth by the authorities.
  • No refund shall be made if the Ministry delays in processing the applications.
  • No refund shall be made if the Ministry is not able to complete the financial verification.
  • The Agent Appointment Fee is not refundable if you abort the application.

4. PRIVACY STATEMENT:

  • All documents and information submitted to Summerfield MM2H shall be kept strictly confidential and used for MM2H application purpose only.
  • Under no circumstances, will any documents, already submitted to the relevant authorities, be returned. (for security reasons)

 

Our Bank Account Details

Please send the amount of payment equivalent to Ringgit Malaysia (RM) to our Bank Account as below:

CIMB Client Account

Account Name : Summerfield Property (M) Sdn Bhd
Account Number : 8600 870 605

Australia’s 6th Largest City

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Australia’s 6th Largest City

Over the next decade, the Gold Coast will transform into a globally recognised city while retaining its enviable lifestyle and stunning natural environment. More than $17 billion in major infrastructure projects are currently planned or underway.

Approximately $200 million worth of new worldclass sporting infrastructure has been built for the 2018 Gold Coast Commonwealth Games, including the Athletes Village, Gold Coast Aquatic Centre, Coomera Sports and Leisure Centre and the development of the Carrara Sports Precinct. These projects will have a lasting legacy for the local community.

The Gold Coast is Australia’s sixth-largest city, and its population of almost 580,000 people is expected to continue to grow at 3.5 per cent per annum for the next 20 years.

The city is a lifestyle, residential and employment hub of one of the nation’s fastest-growing regions – South East Queensland. It is rapidly emerging as a thriving metropolitan city with a dynamic business and cultural scene.

Covering an area of 1,400km², the Gold Coast’s boundaries extend from just south of Beenleigh to Coolangatta, taking in South Stradbroke Island and part of Moreton Bay, and extending west to the hinterland of Mount Tamborine and the Lamington and Darlington Ranges.

House prices are trending upwards, driving solid, sustainable capital growth for property owners. A recent report released by QBE predicts that the median price is expected to rise by 6 per cent by 2020, to a record $665,000.

The Gold Coast economy, which produces a Gross Regional Product of $31.56 billion each year, is driven by the tourism and construction industries.

The city welcomes close to 12 million visitors per year, making it one of Australia’s leading tourist destinations. The strip from Surfers Paradise to Broadbeach is one of the country’s best-favourite getaway spots.

Numerous projects are currently underway on the Gold Coast, including various residential developments, the $37 million first stage of the Cultural Precinct, the $600 million Stage 3 of the Light Rail, a $500 million M1 upgrade, $500 million The Star Gold Coast expansion and $1 billion Coomera Town Centre.

The $1.6 billion Stage 1 of Gold Coast Light Rail, linking Griffith University and the Gold Coast Health and Knowledge Precinct to Broadbeach via Southport, commenced service in 2014.

The $420 million Stage 2 connected Southport to the heavy rail at the Helensvale Station. It is expected to unlock $1 billion in development along the route. The $600 million Stage 3, which heads southbound to Burleigh Head, is currently the topic of a feasibility study and is expected to be open in 2021.

On a cultural front, the $365 million Gold Coast Cultural Precinct is fast becoming a reality with the builders behind Hobart’s critically acclaimed MONA awarded the contract for the precinct’s $60 million art gallery.