tax return

[nanana]

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?

???

[BBCWatcher]

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]

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]

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

[sundaymorningstaple]

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]

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?

[sundaymorningstaple]

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]

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]

Thanks guys! Really appreciate the tips.