Filing taxes are easy in Singapore. If you are a salaried worker. Most likely your employer will be included in the IRAS and you need not file for your income and bonuses. It is automatically included in your IRAS filing. However the reliefs are not that straight forward. I have friends who did not apply for the reliefs thinking that it is automatic as well. No they cannot be more wrong. You got to file for your reliefs. If you have children who are still schooling and are not working. Do file to get your reliefs. You will be savings thousands of dollars.
I have a friend who did not file for his child reliefs for 8 years when he was back in Singapore working. He have missed out for the past 8 years. I asked him to book an appointment with IRAS, IRAS did feedback him they can assist him to claim back 4 years. However the other years that he did not claim reliefs, they cannot do anything. I'm puzzled on this as i thought IRAS would have records up to whole life time for people who are working in Singapore. Nevertheless i told my friend to try writing to his MP for help. To see whether MP can help him out there. From my calculations he will be savings $10k - $20k tax as his income is also quite high. Hopefully his MP will be able to help him out. A dollar save is a dollar earn for this economy as cost of living has went up significantly for the past 5 years.
No comments:
Post a Comment