Its Tax Filing Time Again

I have been receiving calls from several of my friends about filing of their income tax returns recently. Since it is the tax filing season once again, I thought it will be good for me to share some of the things to look out for when you file your tax return.

1. Please note that the Form B/ Form B1 has been issued by IRAS already. Some of you may have received the IRAS PIN mailer, telling you to try the efiling system, while some of you may have received letters stating that you do not need to file. It is advisable that you can check using your Singpass/ IRAS PIN to ensure that the information stated on the return is correct. This also applies to those people whose companies are on the Auto Inclusion Scheme, which means that their company had pre-filed their salary information with IRAS already.
2. Please note that you will need either your Form IR8A, other sources of income (eg. rental of property income) or certified accounts ready before you can file your tax return. If you had worked in 2 or more companies in the year, please add up the income, CPF, Donations as 3 subtotals before filing in your tax return.
3. Please note that dividend income from Singapore companies are not taxable with effect from this year.
4. Child relief has been increased from $2,000 to $4,000 per child this year and is available for people who have 4 or more children as well. The percentage of Working Mother Child Relief has been increased to 15% of earned income for first child, 20% for 2nd child & 25% for 3rd child. The total Child Relief that can be claimed by both parents has been increased to $50,000 for each child.
5. Parenthood Tax Rebate is available for first child as well. The rebate of $5,000 may be split between the parents at any agreed percentage.

Please note that the filing deadline for the tax return is 15 April 2009. If you need any further assistance, please feel free to contact me via e-mail, facebook or by phone.