Singapore Expats Forum

tax return

Discuss about the latest news & interesting topics, real life experience or other out of topic discussions with locals & expatriates in Singapore.

nanana
Chatter
Chatter
Posts: 261
Joined: Fri, 25 Apr 2008

tax return

Postby nanana » Sat, 16 Apr 2016 9:27 am

First time entering work force, after many years of hibernating....
I have some queries about tax return. Asked some of the people around me but they told me to check on iras website. Of 'cos I checked the website. You may call me a tax idiot...and I admit it myself... If it is easy for me to understand, I won't be asking for help, right?

Anyway, as a rule of thumb, if I check my tax portal and it says I don't have to file tax return for this year, does that mean I really don't have to file?
However, it also says that if my net income is over 22k, then I will need to file.
Now, I have the Form IR8A from my employer. I have some numbers for gross salary, bonus, cpf deduction and donation CDAC deductions (whatever that means).
so what is net income by iras definition??

net income = gross income + bonus?
net income = gross income + bonus + cpf + CDAC?
net income = gross income +bonus - cpf -CDAC?

??? :???: :shock: ](*,) #-o

BBCWatcher
Editor
Editor
Posts: 1035
Joined: Sun, 13 Sep 2015

Re: tax return

Postby BBCWatcher » Sat, 16 Apr 2016 6:05 pm

If IRAS says you don't have to file then you don't have to file unless you either can take one of the tax reliefs IRAS doesn't already know about or unless you have taxable income to report that isn't part of the auto inclusion scheme.

nanana
Chatter
Chatter
Posts: 261
Joined: Fri, 25 Apr 2008

Re: tax return

Postby nanana » Sat, 16 Apr 2016 9:24 pm

ahhh! thank you so much for your reply. I didn't know anything about auto inclusion scheme. that makes life so much easier then.

BBCWatcher
Editor
Editor
Posts: 1035
Joined: Sun, 13 Sep 2015

Re: tax return

Postby BBCWatcher » Sun, 17 Apr 2016 8:53 am

Of course you should still review your tax return to make sure it's accurate and complete.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 34456
Joined: Thu, 11 Nov 2004
Location: Still Fishing!
Contact:

Re: tax return

Postby sundaymorningstaple » Sun, 17 Apr 2016 10:04 am

Which means you still have to figure it out and fill out the forms (e.g., go through all the motions except mailing it.

nanana
Chatter
Chatter
Posts: 261
Joined: Fri, 25 Apr 2008

Re: tax return

Postby nanana » Sun, 17 Apr 2016 12:03 pm

sundaymorningstaple wrote:Which means you still have to figure it out and fill out the forms (e.g., go through all the motions except mailing it.


good advice. I suppose I have to. Damn! So how to solve the equation ?
What is net income?
Net = gross + bonus - cpf - donation?

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 34456
Joined: Thu, 11 Nov 2004
Location: Still Fishing!
Contact:

Re: tax return

Postby sundaymorningstaple » Sun, 17 Apr 2016 2:27 pm

Click the following link, download it to your desktop and launch it (EXCEL spreadsheet). All you have to do it fill in the applicable numbers. Question on specific deduction/income to be included/excluded, click the titles of the line, they are hyperlinked. The applicable links will tell you what is or is not to be included or excluded.

https://www.iras.gov.sg/irashome/upload ... 1_IRAS.xls

BBCWatcher
Editor
Editor
Posts: 1035
Joined: Sun, 13 Sep 2015

Re: tax return

Postby BBCWatcher » Sun, 17 Apr 2016 2:58 pm

It's not that complicated and not that much work. After IRAS prepares your tax return, simply review it. Make sure all your reportable income is included, and make sure IRAS selected all the tax reliefs you're eligible to take (and none that you aren't eligible to take). If everything looks OK, do nothing except pay your taxes per normal.

There should be no math checking required. IRAS knows how to add, subtract, multiply, and divide.

nanana
Chatter
Chatter
Posts: 261
Joined: Fri, 25 Apr 2008

Re: tax return

Postby nanana » Sun, 17 Apr 2016 10:45 pm

Thanks guys! Really appreciate the tips. :D


  • Similar Topics
    Replies
    Views
    Last post

Return to “General Discussions”

Who is online

Users browsing this forum: No registered users and 2 guests

cron