File Your Tax Returns Bros!

[Fu11thr0tt1e]

That news from 1 year ago lah... are we still lumber 1?

U dun have confident in our PAP gov? ;-) Edited March 13, 2019 by Fu11thr0tt1e

[1fast1]

Personal Income rate and inflation rate are relatively low if compared to many other developed countries, my opinion (will get dislike for sureð).

 

The problem lies in the income disparity and also it efforts in the distribution of nation wealth ( the 200 here..300 there don't count..these are vote buying tactic).

 

Not enough polcies put forward to bridge the gap. Always reactive rather than proactive in problem solving by simply adopting the easier quick fix solution.

 

Example..What make my hair raise is how can a government use personal income tax "baby relief" as carrot? Baby equal income tax relief? Absurd! Money!

 

Imo the group that benefited more from baby relief financially have no problem in raising their children. Tell me I am wrong here!

 

Is the other lower spectrum in our society that need the help more. Sadly this group seemingly gradually expanding by each passing polices. Baby relief are redundant to them.

The gahmen only wants the rich to have kids. They can't come out and say this sort of thing outright anymore, but fundamentally, they're as elitist as they've always been.

[Atonchia]

Those need to fill income tax are HNWI.

 

I no need to file one bocs is an employee and company submit all stuff.

 

Donation also automatically shows up on the form.

[Kopites]

The gahmen only wants the rich to have kids. They can't come out and say this sort of thing outright anymore, but fundamentally, they're as elitist as they've always been.

You mean...Graduate make more baby? Non graduate make less baby?

 

 

Half time!!!

[1fast1]

You mean...Graduate make more baby? Non graduate make less baby?

 

 

Half time!!!ð

The gahmen has become more liberal and understanding and compassionate.

 

Now they realise that you don't have to be a graduate to be rich.

 

Rich enough already.

[Throttle2]

Mai hiam lah,

You got taxes to file, should be very happy.

 

I no income nothing to file, jiak ka kee, sibei siong

Last few years lose to @radx

Very sad ....

[Angcheek]

You mean...Graduate make more baby? Non graduate make less baby?

 

 

Half time!!!

[Fu11thr0tt1e]

That news from 1 year ago lah... are we still lumber 1?

 

Singapore, Hong Kong, and Paris are the most expensive cities for expatriates to live in

https://www.straitstimes.com/singapore/singapore-hong-kong-and-paris-are-the-most-expensive-cities-to-live-in?utm_medium=Social&utm_campaign=STFB&utm_source=Facebook&fbclid=IwAR0PM9A7rOsBZfmFput8zMIfyWe2N4AG6g6pL1vPnzPTDOd3PpQCVHXRcFE#Echobox=1552955934

 

Still lumber one for the 6th year straight! 

 

Told u right bro? 

 

Must have confident is this PAP gov.

 

I believe many more 'good' years to cum!

 

Mark my word!

 

Edited March 19, 2019 by Fu11thr0tt1e

[Vid]

Singapore, Hong Kong, and Paris are the most expensive cities for expatriates to live in

https://www.straitstimes.com/singapore/singapore-hong-kong-and-paris-are-the-most-expensive-cities-to-live-in?utm_medium=Social&utm_campaign=STFB&utm_source=Facebook&fbclid=IwAR0PM9A7rOsBZfmFput8zMIfyWe2N4AG6g6pL1vPnzPTDOd3PpQCVHXRcFE#Echobox=1552955934

 

Still lumber one for the 6th year straight! 

 

 

PAP got to work "harder" liao. [laugh]

[Mason016]

PAP got to work "harder" liao. [laugh]

Huat ah!!!

[Vid]

Huat ah!!!

 

Not long to wait liao. When GST increase is implemented, the other countries can only smell our smoke   

[therock]

3 more weeks to go... MTL!

Deadlines: 

https://www.iras.gov.sg/irashome/web/pages/taxCalendarListing.aspx

[Raychay]

PAP got to work "harder" liao. [laugh]

They are already working very hard liao!

Any harder we have to pay them more    

[therock]

https://www.straitstimes.com/business/invest/get-savings-from-tax-reliefs-and-deductions

 

 

 

https://www.straitstimes.com/business/invest/checklist-for-tax-filing

 

 

 

BE SINGPASS 2FA-READY TO FILE

SingPass 2FA is needed for log in to myTax Portal.

For quicker logins, download SingPass Mobile at www.singpassmobile.sg.

CHECK YOUR RELIEFS, REBATES, DEDUCTIONS

Check your eligibility with the Personal Reliefs Eligibility Tool at www.iras.gov.sg.

FILE BY APRIL 18

File on-the-go at mytax.iras.gov.sg by April 18. File early to give yourself sufficient time to check the pre-filled information.

SIGN UP AND PAY BY GIRO

Get instant approval from DBS and OCBC bank when you sign up to pay your income tax in Giro instalments at mytax.iras.gov.sg. Payment for taxes by cheque is no longer accepted at all SingPost branches from March 1 this year.

 

[therock]

https://www.straitstimes.com/business/invest/do-you-know

 

 

 

1. TAX RELIEFS ARE DIFFERENT FROM REBATES

In general, a tax relief is a deduction made from your total income to derive the income that attracts tax.

On the other hand, a tax rebate is a straight-up deduction from your actual tax dues.

For instance, the Parenthood Tax Rebate allows parents to claim rebates of up to $20,000 per child.

Any amount that is not used can be carried over and used to offset any future income tax payable. You can also transfer it to your spouse.

2. REIMBURSEMENTS ARE NOT TAXED, ALLOWANCES ARE

When you are reimbursed by your employer for the expenses you incur in the course of your work, the amount is not taxable.

This includes transport costs for travelling between your office and your client's office.

 

 

If your employer provides you with regular cash payments that benefit you, this amount will be subject to tax.

For example, your employer may give you monthly entertainment expenses of $500 and you spend $400 on entertaining your clients.

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What is individual income tax?

The amount of $500 must be reported as employment income in your income tax return, and you can claim employment expenses of up to $400.

3. TAX "RESIDENTS" AREN'T NECESSARILY CITIZENS

Tax residents are individuals who lived in Singapore during the year, or were physically present or took up employment in Singapore for 183 days or more during the year. Depending on the tax residency status, different income tax rules apply.

For instance, if you are a foreigner who has been employed here for 183 days last year, your Singapore-earned income will be taxed at resident tax rates.

And if you are working in Singapore and your employer is not a resident Singapore firm, your employment income will still be subject to Singapore tax.

 

[therock]

https://www.straitstimes.com/business/invest/common-tax-filing-errors-of-the-self-employed

 

 

Most of us pay our taxes every year but there are still some who unknowingly commit errors.

The taxman has recovered about $100 million in additional taxes over the past five years from its compliance programmes conducted on self-employed taxpayers who submitted incorrect returns.

The Inland Revenue Authority of Singapore (Iras) encourages such taxpayers to come forward voluntarily to disclose their slip-ups because it will mean penalties may be greatly reduced.

The taxman encourages voluntary compliance by identifying and prioritising key areas of risks and carrying out regular audits.

One area of focus is self-employed individuals - people carrying out a trade, business, profession or vocation such as doctors, dentists, lawyers, accountants, consultants, commission agents, private tutors, renovation contractors and bloggers.

As independent business operators, self-employed people were found to have a higher tendency of filing incorrect tax returns and making common filing mistakes.

 

 

Around 45 per cent of filing errors over the past five years were generated by omission or understatement of trade income, 37 per cent stemmed from over-claiming of expenses while 18 per cent came from arrangements that constitute tax avoidance.

ARRANGEMENTS THAT CONSTITUTE TAX AVOIDANCE CASE 1: DR MATTHEW TAN (NOT HIS REAL NAME)

Dr Matthew Tan is a locum or a freelance doctor who stands in for doctors at various clinics when they are away. Instead of collecting money paid to him by the various clinics, Dr Tan forms a company to collect and report the income instead.

By doing so, he enjoys the corporate rate of 17 per cent, well under the highest personal income rate of 22 per cent.

As the income reported by the company is essentially earned through Dr Tan's personal effort and the company has itself done nothing to earn the income, the taxman will make adjustments to remove any unfair advantages.

For tax avoidance cases, the Iras can review assessments for up to four back years. There would be no penalty for the tax adjustments, but the taxpayer will have to pay the difference.

What you should know: The Iras sees a growing risk of high-income people seeking to avoid taxes by setting up companies to book their personal service income, a process called corporatisation.

Apart from the lower tax rate of 17 per cent, companies can also benefit from the Start-up Tax Exemption scheme (SUTE) and/or Partial Tax Exemption scheme (PTE).

A tax avoidance arrangement normally involves a set-up that is artificial, contrived or has little or no commercial substance. Such an arrangement is typically designed to obtain a tax advantage that is not intended by Parliament. The Iras cites some examples:

• Setting-up more than one company for the same business;

• Assigning income earned through personal efforts to a shell company; and

• Changing the business structure from sole-proprietorship/ partnership to a company for the sole purpose of obtaining a tax advantage.

The Comptroller will make adjustments to arrangements that are carried out with tax avoidance as one of their main purposes and are not for bona fide commercial reasons.

Over the past five years, about 18 per cent of the additional taxes recovered from compliance programmes aimed at self-employed people came from disregarding tax avoidance arrangements.

The Iras said it has since recovered more than $18 million from individuals such as doctors, dentists, commission agents, private tutors, lawyers, accountants, consultants, renovation contractors and bloggers who tried to avoid tax by booking income through companies without commercial substance.

OMISSION OR UNDERSTATEMENT OF TRADE INCOME CASE 1: HAIRDRESSER LUCY LAI (NOT HER REAL NAME)

Ms Lai owns a popular hair salon. She only accepts cash as she does not want the hassle of managing card payments. As she is busy tending to customers, she does not have a proper method of recording sales.

Whenever she buys new hairdressing tools, she pays using her cash earnings. Instead of reporting her full income and expenses, she deducted her business expenses and reported only net income in her tax return.

Ms Lai should maintain a detailed listing of sales and expenses, perhaps by using accounting software, and report her gross income as revenue and then claim for business expenses in her tax return.

What you should know: All self-employed people must accurately report their business or trade income in their tax returns.

The Iras notes that self-employed taxpayers who operate on a cash basis (that is, do not accept card payments) and who do not have a proper method of recording sales may incorrectly report their full amount of revenue received.

Some self-employed taxpayers pay for business purchases or expenses using their cash earnings and then report the net income as their revenue. This results in incorrect/inaccurate revenue figures.

CASE 2: BLOGGER NANCY TOH (NOT HER REAL NAME)

Ms Toh is a freelance social media influencer who blogs about beauty products and wellness services. She receives advertising and endorsement income from beauty parlours and nail salons for promoting their products and spa packages on her blog. As she does not regard blogging as a full-time job, she wrongly thought that she need not declare her blogging income.

Ms Toh should keep a detailed record of this income and report it in her return.

What you should know: Individuals who take up freelance or part-time jobs in the gig economy, such as private tutoring, managing an online business or driving a private-hire car, should declare such income under "trade, business, profession or vocation" in their tax forms.

Social media influencers who are engaged in blogging, advertising or other social media activities and receive monetary or non-monetary payments should also declare this in their returns. However, they are not required to declare non-monetary benefits if the product or service received is for one-off use and its value does not exceed $100.

OVERCLAIMING OF EXPENSES CASE 1: INSURANCE AGENT PATRICK YIM (NOT HIS REAL NAME)

Mr Yim sells life insurance policies. To avoid trouble with the taxman, he keeps excellent income records, including receipt books, invoices issued as well as customer files.

As he needs to meet several clients a day, he claims his private car expenses such as petrol, parking fees and maintenance costs.

However, he should not make claims on expenses relating to private cars. For income tax purposes, private car expenses are not allowed, even if the cars are used for business purposes.

What you should know: The Iras says that self-employed individuals may make unsubstantiated claims of payments to suppliers or pay disproportionate amounts of salary to family members. Such payments are not allowable or would be capped.

Payments to family members who are helping at the business should be pegged to market rates and the salary paid must commensurate with the work performed.

Taxpayers may make wrongful claims of private and domestic expenses in their tax returns. Such claims include personal insurance, expenses incurred for personal trips, family holiday expenses, personal medical expenses, private entertainment expenses as well as domestic utility and telephone charges. These expenses are not deductible for income tax purposes.

CASE 2: NOODLE SELLER MADAM PAK LOR SOR (NOT HER REAL NAME)

Madam Pak owns a roaring hawker business. As she is swamped with orders each day, she tries her best to estimate her income and expenses come tax filing season. To keep her stall tidy, she throws away all her supplier invoices.

Madam Pak should keep an accurate record of income earned and expenses claimed as well as supporting receipts and invoices for a period of five years. Failure to do so may result in expenses claims being disallowed by the Iras.

What you should know: Self-employed taxpayers are often found to claim business expenses based on estimations and without any valid basis.

They must keep complete receipts and tax invoices to show that the expenses claimed are based on actual amounts incurred for the business. Sketchy records with merely approximate amounts are inadequate and are not acceptable for income tax purposes.

QUICK TIPS

The taxman adopts a proactive approach to helping taxpayers and businesses comply with their obligations. Still, it is recommended that regular self-reviews are undertaken to ensure that past declarations are in order. Here are some tips for the self-employed:

• Keep proper records and accounts so that income and expenses can be readily determined and reported in your tax returns.

• For verification purposes, retain invoices, receipts, vouchers and other supporting documents for five years.

• Issue serially printed receipts if your gross income for the year exceeds $18,000 (from the sale of goods) or $12,000 (from providing services).

• Ensure that your business expense claims do not include private expenditure, such as entertainment and personal travelling expenses.

• Regularly review your existing record-keeping practices using the Record Keeping Self-Assessment Toolkit on the Inland Revenue Authority of Singapore website.

• Enhance and improve your record-keeping practices by taking an e-learning course or and by watching Iras YouTube videos on record keeping. For more information, visit www.iras.gov.sg >Quick Links >e-Learning >Self-employed/Partners.

• Explore the customised guides on the Iras website for self-employed individuals from specific business sectors and trades. Visit www.iras.gov.sg >Businesses >Self-Employed >Working Out Your Taxes >Essential Information for Self-Employed by Profession/Trade.

 

[Jman888]

you sound like the        

 

[Kb27]

just a friendly reminder if you've forgotten you need to file your tax returns.