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For an employee who is also family, can I just let them live in the company address for free as an employer?
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Joliebabyx
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For an employee who is also family, can I just let them live in the company address for free as an employer?
i will be going to Singapore as a foreigner under employment pass, and my family member is my employer. Am I able to just live at the company for free or do they have to establish some kind of housing allowance (for tax), tenant-landlord rental agreement etc? Would it be okay if I just lived at the company for free as an expat employment pass holder without any housing allowance agreement etc?
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sundaymorningstaple
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Re: For an employee who is also family, can I just let them live in the company address for free as an employer?
The FMV would have to be included on your IR8A at the end of the year (Income Tax form). You would be receiving '"In Kind" allowances and the fair market value is subject to tax as if it were actual income.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
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