Members, poh income tax liao buay?
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When dateline huh? Can declare nett $1.5k/month?
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$800 enough liao
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less than 1 k per mth
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I thought few years back already got some changes for IRAS declaration.....
Go check it out.....
Unless you got receive letter from IRAS.....
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Than Goberment work year standard 1 mah.....
April to April.....
So dateline before April lor.....
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Govt more interested in medisave lah, income tax...for show only. Again, come june, medisave contribution is going to be doubled
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Originally posted by hammerhammer8888:
$800 enough liao
Zhun bo, later iras treat u ah kun, and contact company to see your fare income
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Originally posted by Keepthechange666:
I thought few years back already got some changes for IRAS declaration.....
Go check it out.....
Unless you got receive letter from IRAS.....
No letter, only SMS, ask u do it online
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Originally posted by j007:
Zhun bo, later iras treat u ah kun, and contact company to see your fare income
You si beh lazy leh.....
If you have received any letter, form or SMS informing you to file an Income Tax Return, you must file regardless of the amount of your annual income in the previous year or whether your employer is participating in the Auto-Inclusion Scheme (AIS) for Employment Income.
Check out our infographic which helps you separate hearsay from the facts.
Alternatively, you can check your filing requirements through SMS or check your filing requirement tool (47KB)No-Filing Service
IRAS may waive the requirement to file an Income Tax Return for taxpayers who only have auto-included employment income and their relief claims are the same as the previous year.
Click here for more details.When is the filing due date?
Please submit your completed paper tax form to us by 15 Apr. If you e-File, you have up to 18 Apr to do so.
If you cannot submit your form by 15 Apr
Please send in your application to extend the filing due date before 31 Mar by email, fax or post .
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The 1st sentence say very clearly, "if you have received any letter, form or SMS informing you to file an Income Tax Return".....
If no receive....
They will tax you accordingly using your previous year declaration lor.....
Unless you yourself got changes.....
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Just a gentle reminder . IRAS has already collect data from respective taxi operator about TD income. They already know how much TD's income is. Whoever wants to declare less or more is up to your decision. Nobody puts a knife at your neck to make that decision . They gave you 45 days to make the declaration. Good luck.
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Recent years, there's a lot of TD rent out their flat or room to earn extra income.....
But take note hor, this rental collected must declared in your income tax also hor.....
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Originally posted by Keepthechange666:
Recent years, there's a lot of TD rent out their flat or room to earn extra income.....
But take note hor, this rental collected must declared in your income tax also hor.....
By right yes,, but then hor... there's always by left lor..
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First you just declare yr core income, an estimate taxi income, that is all, the rest is income tax agency job. If IRA never said anything and charge u base on the declared income, case close. If IRA said that you got this and that income, then, apologise to them and they will just add in, and it will be reflected in yr income tax bill. UNDERSTAND.
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Originally posted by bowah:
First you just declare yr core income, an estimate taxi income, that is all, the rest is income tax agency job.
If IRA never said anything and charge u base on the declared income, case close.
If IRA said that you got this and that income, then, apologise to them and they will just add in, and it will be reflected in yr income tax bill. UNDERSTAND.
I'm referring to leasing out of your HDB flats lah.... it is taxable (by right) but also by left lor...
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Tax what, how they know you rent out how much??? they only want you to register that you rent out your flat only, careless the income. Property and captial gain are not taxable in Singapore leh, however they use thing like levies, gst and stamp duties to tax you.
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Now you know why the rich get richer, they sold their properties, not taxable, they gain from shares, not taxable, so some of their income are massaged and transfer into capital gain income, no tax.
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Kian tio ho, mai kay kian.....
Once you rent out a HDB approved unit (those illegal subletting type not included), your property tax won't enjoy subsidized anymore.....
It will peg on to the annual value of your HDB unit.....
So you think IRAS won't know?.....
SMLJ??????......"Now you know why the rich get richer, they sold their properties, not taxable, they gain from shares, not taxable, so some of their income are massaged and transfer into capital gain income, no tax."
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Originally posted by Diablo9898:
By right yes,, but then hor... there's always by left lor..
In our Goberment concept, there is no by left.....
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I rent my room and I have to inform HDB . Why ? If not nowadays its considered illegal subletting. Do you know the the walls got years ? Your neighbour can just called HDB and let them know. Immediately the PO will do a house Visit. If you have nice neighbours its ok. Your secret is safe. IRAS can check your IC into the system if your house is registered to HDB if its sublet. Then all the details is there. If a house agent do the subletting for you, they also know. Coz the house agent is registered with HDB.
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As I said, Rent out hv to register with town council, but for income, who knows??? well, if you think you want to declare, go ahead, you pay extra taxation, and once you enter an income, govt very happy, and to erase it, you might hv to visit IRA and bang table. It up to you, not a matter of kian or not, you pay
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There is different between under declare and not declaring, under declare determine a core income declared below the real income, and it is a penalty, you can get charged and fine. For example, your core income is Taxi driving, you declare it per norm, this is your core trade and income, and this is what IRA is interested, others like sublet a room and all these is exordinary, which if really they got so much time to check on you, it is consider not declaring, not under declare. Like for me, my core business is casket driving, other freelance like ship repair, marine engineering, downloaded of bulker carrier's cars, taxi driving, declare smlj?? siao ar? then I rent my room to people, I explained to them my relative's, my grand uncle's son's sister in law daughter from pahang...cannot meh??
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Actually the registration is through HDB website which is under PAP. In there they want to know how much you declare. Cannot Siam. They also the market rate of room rental in the area. If you declare too low might as well dun rent out at all. The govt not stupid. They just closed one eye.
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Originally posted by bowah:
There is different between under declare and not declaring, under declare determine a core income declared below the real income, and it is a penalty, you can get charged and fine.
For example, your core income is Taxi driving, you declare it per norm, this is your core trade and income, and this is what IRA is interested, others like sublet a room and all these is exordinary, which if really they got so much time to check on you, it is consider not declaring, not under declare.
Like for me, my core business is casket driving, other freelance like ship repair, marine engineering, downloaded of bulker carrier’s cars, taxi driving, declare smlj?? siao ar? then I rent my room to people, I explained to them my relative’s, my grand uncle’s son’s sister in law daughter from pahang…cannot meh??
They will come and interview your relative. Do you know that Malaysians with valid work permit can stay for as long as they want but other nationality can only stay for max 30 months. Those TD who sublet the whole house must seek permission from HDB coz of too much complaints from our fellow Singapore lang. Now got quota.
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Certain income need to declare, just declare.....
You want to siam, the most siam few years nia.....
IRAS is famous for retrieving "old debt".....
After you collect rental song song for 2-3 years, than bo declared.....
Suddenly received a letter from IRAS, asking for arrear for that 2-3years, than the amount confirm heart attack type, than start to kbkp our Goberment knnbccb lor......
Rent
Rental income from the letting of property in Singapore is subject to income tax, while your property is subject to property tax. Your rental income includes rent of the premises, maintenance, furniture and fittings. The net amount after deductions for allowable expenses (such as property tax) is taxable.
Generally, forfeiture of rental deposit is also considered as your Gross Rent. However, depending on the reason for the forfeiture of the rental deposit, IRAS may consider to exclude it as part of the Gross Rent. Therefore, please furnish the reason for the forfeiture of the rental deposit when filing your tax return.Use our Rental Calculator (254KB) to compute your rental income.
When is rental income taxable
Rental income is taxable when it is due and payable to the property owner, and not the date of actual receipt.
Your tenant rented your property from Oct to Dec 2013. He paid the rent for this period in Jan 2014, the following year.
You need to declare the rent for Oct to Dec 2013 in the Year of Assessment (YA) 2014 as the rent was due to you in 2013.
For solely owned property
The rental income is taxed on the sole owner. It does not matter whether the sole owner or a third party receives the rent.
For jointly-owned property
The rental income is taxed on all the joint owners based on their share in the property. It does not matter which party receives the rent or whether the owners paid for the property.
This also applies to rental loss. The rental loss is apportioned to joint owners based on their share in the property.
Rental expenses
For an expense to be deductible from rental income derived in Singapore, the expense must be incurred:
- Solely for the purpose of producing the rental income; AND
- During the period of tenancy.
Note 1: Illustration:
(a) Loan obtained (by mortgaging Property A) to purchase Property B.
- The loan interest is deductible provided rental income is generated from Property B.(b) Loan obtained (by mortgaging Property A) to be used for other purposes e.g. to purchase another property for residential purpose or for business, etc.
- The loan interest is not deductible against rental income of Property A as the loan is not incurred to purchase the said property.(c) Overdraft obtained for financing the purchase of Property A and also for personal use.
- Only that portion of the loan interest applicable to the amount of loan to finance the purchase of Property A is deductible against its rental income.(d) For interest incurred on refinanced loans, please refer to e-Tax guide "Administrative concession on interest incurred by taxpayers on loans to re-finance earlier loans. or borrowings".
Note 2: As a concession, agent's commission, advertising and legal expenses for getting the first tenant of a subsequent property is deductible against the rental income of that property.
Subletting of property
Some landlords may choose to rent out a portion of their property (for e.g. 1 room) to their tenants. Landlords are required to apportion the claimable expenses incurred based on the number of rooms rented out.
You are living in a 4 room flat with 3 bedrooms. You sublet 1 of the rooms to your tenant from 1 Jan to 31 Dec 2013. Your tenant pays you rent of $600 per month. In addition, the total amount of deductible expenses incurred is $3,000.
Your net rent is calculated as follows:
Gross Rent for the year 2013 : $600 x 12 = $7,200 Total claimable expenses incurred : $3,000 Total number of rooms in your property : 3 rooms Total number of rooms rented out : 1 room Proportion of claimable expenses allowed : $3,000/3 x 1 = $1,000
Net Rent = Gross Rent – Proportion of claimable expenses allowed
= $7,200 - $1,000
= $6,200How to report Rent
You have to declare the gross rent of your property in the previous year, and details of deductible expenses of each property under ‘Other Income: Rent from property’ in your tax return.
For property owned by more than 1 owner
All owners of the property have to give details of the total annual rent collected, total deductible expenses before showing each of their share of rent.Non-Reporting of Rental Income
IRAS can detect non-reporting of rental information. Landlords with rental income should report the income in their tax returns. Those who have not done so by 18 April, the filing deadline, may email us.
There are penalties for submission of incorrect returns. However, IRAS may waive the penalty if voluntary disclosure is made within the 'grace period' of 1 year from the statutory filing date.
Find out more about how to report a mistake to qualify for zero penalty or lower penalty.
Rental losses
If your gross rent from the letting out of properties is less than the deductible expenses, you cannot use the rental loss to set off against any other income (e.g. employment income) that you may have in the same year.
Also, you cannot carry forward these losses to set off against any other income in the future.
However, as an administrative concession, you can use the rental loss of one property to set off against the taxable rental income of another property in the same year if all the tenanted properties have been rented out at market rates.Example 3: Using the rental loss from one property to offset the rental gain from another property
PropertyRental Gain/(Loss) in the year 2009A $30,000 B ($10,000)
Rental gains from property A $30,000 Less: Rental loss from property B $10,000 Taxable net rent $20,000 You will be taxed on the net gain of $20,000 from these two properties.
Transfer of rental losses between spouses
A married couple can transfer their rental losses between each other.
You can only offset the amount of rental loss transferred against your spouse's taxable rental income.
Husband's taxable rental income in 2013 $1,000 Wife's rental loss in 2013 $1,500 The wife can transfer $1,000 of her rental loss to be offset against husband's rental gain.
How to transfer
An election has to be made by both spouses in writing on a year to year basis, giving their names, identification numbers and signatures.
The election can be made at any time, including the time when you submit your income tax return. However, the election cannot be made after 30 days from the time you or spouse receive the Notice of Assessment, whichever is the later. Once made, the election is irrevocable.
We will re-compute you and your spouse's assessment to take into account the respective transfers. Any subsequent revision to either party's tax assessment will result in a corresponding revision to the other party's tax assessment.
To simplify the individual income tax system, the spousal transfer scheme would be removed from Year of Assessment 2016. This would mean that a married couple can no longer transfer their rental losses between each other after Year of Assessment 2015.New!
Find out more about Net Annual Value (NAV) & expenses.