Income Tax bill is here!!! How much are you paying?

[ikan bilis]

me small fish very little income so income tax not an issue...


but hor, i'm paying $6K property tax + $4K GST yearly (on goods material purchased) alone ...


the govt is sucking me dry.... ... i wanna protest at hong lim park liow...

[carbuncle]

me small fish very little income so income tax not an issue...


but hor, i'm paying $6K property tax + $4K GST yearly (on goods material purchased) alone ...


the govt is sucking me dry.... ... i wanna protest at hong lim park liow...

u have so many propert, the rental income u also need to declare isnt it

[phantom_opera]

Ya, no big deal. Many more richer than me. Income did not include property rental yet, all rental income charge to my wife hahahaha.

All rental income Charged to wife?! ... your wife fully own the rental properties?? Don't pray pray with IRAS

[amk]

Lets have a gauge of damage on forummers here

did u miss a "0" in the list ??

[supermax]

u have so many propert, the rental income u also need to declare isnt it

Does non-resident need to pay rental income tax on top of the property tax? And what is the percentage?

[carbuncle]

did u miss a "0" in the list ??

I think I just might have....!!!!!

[carbuncle]

Does non-resident need to pay rental income tax on top of the property tax? And what is the percentage?

Hmmm good one. I really dunno. Non resident probably depends on the tax arrangements between here and your home country? So as not to double tax... So depending on whose taxation legislation you following. If its sg I believe you need to declare... Maybe other bros who more familiar may wanna comment.

[House]

Agreed.

If you're not getting a 5k income tax bill - you can't afford to be buying property.

Not really lah. Lots of hawkers that I know personally, every year pay no more than $1500. Most of them drives S300. Guess how many houses they own.

[ikan bilis]

u have so many propert, the rental income u also need to declare isnt it

1. "different AV": commercial/industrial AV at 100% of market value, IRAS squeeze very $. Where as for residential IRAS only assess it as about 30-60% of market rate. e.g. my condo market rental is like ~42K but IRAS only bill me AV=26K, my hdb market rental 2.75K*12=33K but IRAS bill me as AV=11K.

2. high interest & tax: i got industrial properties very high rental yield, high commerial interest rate, but low capital value... net income after deducting interest, tax, MCST becomes chicken feed, so little income tax...

=> so, little property values, 2x-3x higher property tax, little net income...

[carbuncle]

1. "different AV": commercial/industrial AV at 100% of market value, IRAS squeeze very $. Where as for residential IRAS only assess it as about 30-60% of market rate. e.g. my condo market rental is like ~42K but IRAS only bill me AV=26K, my hdb market rental 2.75K*12=33K but IRAS bill me as AV=11K.

2. high interest & tax: i got industrial properties very high rental yield, high commerial interest rate, but low capital value... net income after deducting interest, tax, MCST becomes chicken feed, so little income tax...

=> so, little property values, 2x-3x higher property tax, little net income...

U r right....Plus most apportioned out part of rental as this and that expenses...

[richwang]

If a forefinger stays in Singapore for less than 183 days in a year, he is considered "non-residential" for tax purpose. The rental income in Singapore is still subject to Singapore Income Tax, and the tax rate is a flat 20%.

http://www.iras.gov.sg/irasHome/page04.aspx?id=2786

"The director's fees, consultation fees and all other income that you received will be taxed at 20% from YA 2005 onwards."

Thanks,
Richard

[carbuncle]

forefinger? lol

bro rich. overworked today ah? have a gd rest tomrrw May Day

[richwang]

Foreigners pay flat 20% tax.

Thanks,
Richard

[lifeline]

So heart pain to pay this kind of amount.

you can create natural tax shelter la - have more kids ; tax comes all the way down!

[buttercarp]

So heart pain to pay this kind of amount.

you can create natural tax shelter la - have more kids ; tax comes all the way down!

However working mother child relief is only applicable to the wife and not the husband.

[price]

All rental income Charged to wife?! ... your wife fully own the rental properties?? Don't pray pray with IRAS

agreed, there are professionals here working for the IRAS.

[carbuncle]

Just received sms from taxman. The NOA must be here: Get your latest income tax bill online. Log into https ://mytax.iras.gov.sg with your SingPass & click on "View Corres/Notices". Pay by GIRO and stand to win cash! Details at http://bit.ly/cv8QJJ