Time to pay income tax: Do you need to pay? Do you know how to do it?

Time to pay income tax: Do you need to pay? Do you know how to do it?

KopiTalk·2018-03-03 11:55

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Oh well, the annual tax season is here. Is this your first time filing for a tax return? Have you forgotten all about it? 

Read on and follow the guide.

Are you required to file tax?

Is your annual income more than $22,000? If so, you are liable to file a tax return starting from 1 March 2018.

Besides that, regardless how much you earned previously, you must file an income tax return if receive a letter, form or SMS from IRAS reminding you to do so.

Documents to prepare

There are a few things to prepare before you start filing for you tax return.

1.  IR8A from your employer

2.  Particulars of your dependants (such as child or parent)

3. Details of property rented out

4. Sole-proprietorship Unique Entity Number/Partnership Tax Reference Number

Different types of filing methods

1. e-Filing

2. Paper Filing

3. No-Filing Service (NFS)

Steps for e-Filing

1. Once you've logged into myTax Portal, click on "Individuals" > "File Form B/B1" to begin.

2. Check through the pre-fill information such as your income, deductions and reliefs in your online tax form.

3. Update your existing tax reliefs if necessary. (eg. relief for newborn baby)

4. Declare other sources of income such as rental income if it's not stated in your tax form.

5. Save a copy of your acknowledgement receipt once you submit.

Due dates

Keep track of these dates or you will be penalised for filing late.

1. e-Filing: 18 Apr 2018

2. Paper Filing: 15 Apr 2018

Pay your income tax isn't as daunting a task as you think it is. Do it early in case you need help! 

(Image Credit/s: iras) 

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Singapore Tax Government