Filing Singapore Tax

Tax filing season is upon us in Singapore and it's important to make sure you're taking advantage of all the available allowances, reliefs, and deductions to minimize your tax burden. In this article, we'll go over some of the key things you need to know about using reliefs and deductions in your Singapore tax filing, as well as how to claim back previous years' reliefs if you missed any.

Reliefs

Reliefs are deductions that can be made from your taxable income. Some common reliefs in Singapore include the personal income tax relief, which is given to all taxpayers. Qualifying child relief is also common, which can be taken by one spouse (not both) who support their children up through university.  Other common reliefs are the foreign domestic worker levy relief, which is allowed by female spouses only. Lastly, course fees relief, which is given to individuals who are taking courses to improve their skills or qualifications.

Deductions

Deductions are expenses that can be deducted from your taxable income. Some common deductions in Singapore include the expenses related to earning your income, such as transport expenses, and the expenses related to your employment, such as the cost of uniforms or tools. These deductions come with specific conditions, so please ensure that you meet those conditions before claiming.

Filing Reliefs and Deductions

Singapore tax filing is completed online.  For your convenience most employers will file through the auto inclusion scheme.   If you are self-employed you will need to file your income yourself.  Everyone should still login to their personal tax portal through the IRAS website to claim reliefs and deductions.  Not all reliefs and deductions are automatic, so please ensure you file to claim.

Claiming Back Previous Years' Reliefs

If you missed claiming a relief in a previous year or multiple years, you may still be able to claim it and receive a refund. To do so, you will need to submit a request for an amendment to your tax assessment. This can be done online through the IRAS website or by submitting a paper form. You can claim back reliefs for up to four years from the current year of assessment.

Conclusion

The examples above are common reliefs and deductions, but there are more that apply in specific circumstances.  Please talk with your advisor or IRAS to ensure you claim the right amounts for your specific tax circumstances.  If you have any questions, please contact us here at Avrio Wealth.

This material is intended for educational and informational purposes only. It is not intended to provide specific advice or recommendations for any individual. Additionally, you should consult with your Financial Advisor, Tax Advisor, or Attorney on your specific situation. The views expressed in the material are that of the author and do not necessarily reflect those of any market, regulatory body, State or Federal Agency, or Association. All efforts have been made to report or share true and accurate information. However, the information may become materially outdated or otherwise rendered incorrect due to subsequent new research or other changes, without notice. The author nor the firm are able to always verify the content from third-party sources. For additional information about the firm, please visit the MAS Website at https://www.mas.gov.sg/  and the SEC Website at www.adviserinfo.sec.gov. For a copy of the firm's ADV Part 2 Brochure, please contact us at info@avriowealth.com.