Individual tax filing services

In personal tax preparation, we help you to do up your individual tax returns.

More importantly, we help to identify the reliefs and deductions you are entitled to and make sure they are factored into your returns in the most tax-efficient way.

Should you or your spouse claim the child relief? How much to contribute to your SRS account? We address these questions for you.

If you receive income from other sources such as rental property, shares or other assets, we help you ascertain the expenses that can be off-set against your income or avail of tax exemptions where applicable.

Talk to our tax agent to work out a tax return that is in your best interest.

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Essential information

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↓  Tax filing basics

   Every individual who earns, derives or receives income in Singapore needs to file income tax with IRAS every year. Tax is assessed on a preceding calendar year basis. For example, this means that your income in 2015 is taxed in Year of Assessment (YA) 2016.

 ↓  Income tax return

   The income tax return for individuals is the Form B/B1. You need to submit your tax returns to IRAS by 15 April of the assessment year.

   For us to assist with your individual tax filing, we require your financial records and information to be provided to us.

 ↓  Individual tax rates

   Income tax rates for individuals are progressive, that is the tax rate increases as taxable income increases. Different tax rates also apply to tax residents and non-Singapore tax residents.

   For YA 2016, individual tax rates for tax residents are from 0% to 20%. From YA 2017 onwards, the rates range from 0% to 22%.

   Income is taxable unless it qualifies for tax exemption. Common taxable income includes (but are not limited to) employment income, business income and rental income from letting out of property.

 ↓  Tax deduction for business expenses

   If you derive business income, you may incur expenses for business purposes. These business expenses may be deductible or non-deductible for income tax purpose, depending on the income tax law.

   Generally expenses which are wholly and exclusively incurred in the production of income are deductible, provided they are revenue in nature and not specifically prohibited from deduction by the law. For example taxi fares incurred for business are deductible but expenses on s-plated cars (even if for business purpose) are specifically prohibited from deduction and not deductible.

 ↓  Tax reliefs

   Tax reliefs reduce the chargeable income and overall income tax bill. There are a number of tax reliefs available to individuals, for example course fee relief, CPF relief, parent relief, SRS relief, child relief. Individuals may claim tax relief if they meet the relevant qualifying conditions.

   From YA 2018, the total amount of personal income tax reliefs that a resident individual can claim will be capped at $80,000 per YA.