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Tax return.

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Leafable
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Tax return.

Postby Leafable » Tue, 25 Sep 2012 9:49 am

Hi Expert of the Red dot,

Anyone have jump ship within 6 months of arriving on the island?

IRAS sent me a 15% tax due to I havent been here more than 183 days. Fair enough, rule will be rule.

Here's the question, do I get the extra tax back next year when I fill up the full year tax assessment?

Thanks in advanced for the master here.

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sundaymorningstaple
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Postby sundaymorningstaple » Tue, 25 Sep 2012 10:46 am

Yes. IRAS will automatically recalculate your previous tax assessment when you file the next years assessment OR you can file an amended 2011 assessment once you have been here more than 183 days. It's easier, however, to just let them apply it to your 2012 assessment. Considering the interest rates, it's not like it's going to be a huge loss of income unless you have a very big appetite for risk (Like the stock market). But you CAN go either way.

http://www.iras.gov.sg/irasHome/page04_ektid8960.aspx

Leafable
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Postby Leafable » Tue, 25 Sep 2012 11:44 am

sundaymorningstaple wrote:Yes. IRAS will automatically recalculate your previous tax assessment when you file the next years assessment OR you can file an amended 2011 assessment once you have been here more than 183 days. It's easier, however, to just let them apply it to your 2012 assessment. Considering the interest rates, it's not like it's going to be a huge loss of income unless you have a very big appetite for risk (Like the stock market). But you CAN go either way.

http://www.iras.gov.sg/irasHome/page04_ektid8960.aspx


Cheers mate! Thanks for the info SMS.

Interest rates? You mean they owed me interest by next year? I really doubt they will be considering.

But thanks again for the assurance.

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sundaymorningstaple
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Postby sundaymorningstaple » Tue, 25 Sep 2012 11:56 am

No, I meant filing an amended return to get the money back now. That way you could put it in the bank and draw all of .0025% interest! :-| :lol:


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