Creative Accounting

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Recently, I have been facing many people, be it clients or ex-clients having problems with their accounts or tax return as their losses are hugely overstated or their income are over declared as they want to

  1. Impress their wives to show that they are very capable. This is especially true if their wives are foreigners
  2. They wish to apply for credit card.
  3. They wish to employ a maid.

During my 4.5 years in taxation line, I have seen a few cases where you wonder where a person can pump in an outrageous sum of capital into his sole-prop business when he lives in a 4 room HDB flat. My ex boss always say, "This case is a prime candiate for investigation, should IRAS wish to investigate."

I just hope that my blog readers do not indulge in creative accounting for your tax returns. If you are not sure about how to go about to file your returns, get your friends who are well versed in accounting and taxation to assist you.

Talking about filing of tax returns, IRAS seems to have problems churning out the tax forms, as they are now providing the taxpayers an outdated version of the tax form. I would suggest that you guys to e-file your return instead.

If you guys are not sure about e-filing, please feel free to pop by the 21 Citizen Connect Centres this weekend or next weekend between 2pm to 6pm for the volunteers to help you.

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