Personal Tax Filing Singapore | Individual Income Tax Return Service

IRAS prosecuted over 900 employers in 2023 for failing to submit employee income information on time - penalties exceeded $1 million according to IRAS press releases. But it's not just employers getting caught. Individual taxpayers who make errors in personal tax filing in Singapore face serious consequences too. One taxpayer discovered he'd omitted $30,000 in rental income after the April filing deadline. The tax undercharged was $6,600. He made a voluntary disclosure, but because it was late, IRAS imposed a 10% penalty instead of the grace period waiver he would have received if caught earlier. Between 2020 and 2023, IRAS recovered $79 million in taxes and penalties from erroneous returns using advanced data analytics - their systems are getting smarter at catching mistakes.

Personal tax filing looks simple when you just have employment income. IRAS auto-includes your salary, you click submit, done. But add rental property, freelance work, foreign income, or stock trading - suddenly it gets complicated. Miss one relief or report income wrongly, and you overpay tax. Or worse, under-declare and face IRAS penalties later.

In Budget 2024, the government announced changes to personal income tax rates for high earners and extended the Parenthood Tax Rebate. These changes affect how you file and what you can claim. If you're not following IRAS updates, you might miss savings.

This page explains who needs to file personal tax in Singapore, what forms to use, how to maximize tax reliefs, and when professional help saves you money.

Who Must File Personal Income Tax

Not everyone in Singapore needs to file a tax return. IRAS only requires filing if your annual income exceeds certain thresholds.

You must file if:

• Your annual income exceeds $22,000
• You're self-employed (regardless of income)
• You receive rental income
• You have foreign income
• IRAS sends you a filing notice

Most salaried employees with one employer don't file returns. IRAS gets your income data from your employer automatically through the Auto-Inclusion Scheme (AIS). But if you have any additional income - rental, freelance work, director fees, overseas income - you must file.

The filing deadline is April 18 each year for paper filing, or April 18 for e-filing. In 2024, IRAS extended the e-filing deadline to April 18 due to system maintenance issues reported by The Straits Times in March 2024.

A software engineer I know earns $80,000 from his job. He also rents out his second property for $30,000 per year. He thought he didn't need to file because IRAS already knows his employment income. Wrong. The rental income requires filing. We filed for him, claimed mortgage interest and property tax, and his rental income tax was much lower than he feared.

Form B vs Form B1 vs Form M

Singapore has three main personal tax forms. Which one you use depends on your income sources.

Form B: For residents with no income or simple income (employment only). Most people use Form B. You can file online in 10-15 minutes if your situation is straightforward.

Form B1: For non-residents or those who became tax resident mid-year. Different tax rates apply. Non-residents don't get personal reliefs. Tax is higher.

Form M: For individuals in a partnership business. If you're a partner in a law firm, accounting firm, or any partnership, you file Form M. This includes your share of partnership profits plus any other personal income.

Most individuals file Form B. If you're unsure which form applies, IRAS myTax Portal usually guides you to the right form based on your profile.

Tax Preparation Service for Individuals

Professional tax preparation for individuals means reviewing all your income sources, identifying claimable reliefs, and filing accurately.

What we do for personal tax filing:

Step 1: Gather Income Information

Employment income (IRAS usually auto-includes this), rental income from properties, freelance or consultant income, director fees, foreign employment or business income, investment income (dividends, interest).

Step 2: Calculate Rental Income Properly

If you rent out property, you report net rental income (rent received minus expenses). Deductible expenses include property tax, mortgage interest, maintenance, agent fees, insurance. Many people wrongly report gross rent and overpay tax.

Step 3: Identify All Tax Reliefs

CPF relief (automatic), earned income relief, parent relief, grandparent caregiver relief, spouse relief, child relief, working mother's child relief, course fees relief, NSman relief, life insurance relief. Most people miss 2-3 reliefs they're entitled to.

Step 4: Complete and File Form

Enter all information accurately in myTax Portal. Review for errors. Submit before deadline.

Step 5: Respond to IRAS Queries

Sometimes IRAS asks for supporting documents or clarification. We handle this professionally with proper documentation.

A client came to us after filing his own taxes for three years. He'd been claiming basic reliefs only. We reviewed his situation and found he qualified for parent relief ($9,000), supplementary retirement scheme (SRS) contribution relief ($15,300), and course fees relief ($5,500). We amended his past two years' returns. IRAS refunded him $6,800 in overpaid tax.

Accounting Firm Knowledge of Tax Rules

Accounting firms that handle both corporate and personal tax understand how individual tax rules interact with employment and business income.

Complex situations we handle regularly:

Director-Shareholders: If you own a company and take director fees or dividends, how do you report this? Director fees are taxable income. Dividends are tax-exempt. Getting the mix right affects your personal tax.

Freelance Income: If you do consulting or freelance work on top of employment, this is trade income. You can deduct business expenses. Many people report it as miscellaneous income and can't claim expenses.

Foreign Employment: Work overseas for part of the year? Singapore taxes based on employment exercised in Singapore. Days worked overseas may not be taxable here. But the calculation is complex.

Stock Options and RSUs: If your employer grants restricted stock units or stock options, these are taxable when they vest. Many people forget to report these or report them incorrectly.

One client worked for a US tech company. He received RSUs that vested quarterly. He didn't know these were taxable in Singapore. For three years, he under-declared income. IRAS caught this during an audit. He had to pay back-taxes plus 5% penalties. If he'd filed correctly from the start, no penalties.

Bookkeeping Service for Rental Income

If you have rental properties, keeping proper records throughout the year makes tax filing much easier.

What you should track monthly:

• Rent received from tenants
• Property tax paid
• Mortgage interest paid
• Maintenance and repairs
• Agent fees and commissions
• Insurance premiums
• Any other property-related expenses

Come tax time, you just sum up the year and calculate net rental income. Without records, you're guessing or scrambling to find documents.

We set up simple bookkeeping for clients with rental properties. Just a spreadsheet updated monthly. Takes 10 minutes per month. At year-end, tax filing is quick because numbers are ready.

A landlord in Bishan had four rental properties. Never tracked expenses properly. At tax time, she couldn't find half her receipts for repairs and maintenance. She ended up not claiming $12,000 in legitimate expenses. Overpaid tax by $2,880. Next year, we set up monthly tracking. She claimed everything she was entitled to.

Chartered Accountant Expertise in Tax Optimization

Chartered accountants don't just file your return. We look for legal ways to minimize your tax.

Tax optimization strategies for individuals:

SRS Contributions: Supplementary Retirement Scheme contributions are tax-deductible up to $15,300 per year for Singapore citizens and PRs. This directly reduces your taxable income. For someone in the 11.5% bracket, that's $1,760 tax savings.

Cash Top-ups to Parent's CPF: Top up your parent's CPF Retirement Account up to $8,000 per year. You get tax relief. Your parent gets more retirement savings. Win-win.

Timing of Bonus: If you're near the end of the year and expecting a large bonus, sometimes it makes sense to defer to next year if you'll be in a lower tax bracket. We advise on timing.

Rental vs Investment Property: Should you rent out your property or sell it? Each has different tax implications. We run scenarios to show what works better for your situation.

In March 2023, IRAS clarified rules on working from home expenses (as reported in their e-Tax Guide). Many employees thought they could claim home office expenses. But IRAS said no - employees can't claim unless it's explicitly part of employment contract. We make sure clients don't claim things that will get rejected.

Tax Advisor Guidance on Life Changes

Major life events affect your tax situation. Tax advisors help you handle these changes correctly.

Life events that impact personal tax:

Marriage: You can claim spouse relief if your spouse has low or no income. The relief is $2,000. If you're the spouse with no income, your working spouse can claim you.

Having Children: Qualified Child Relief ($4,000 per child), Working Mother's Child Relief (15%-50% of mother's earned income depending on child number), Parenthood Tax Rebate ($5,000-$10,000 per child for children born 2024 onwards as announced in Budget 2024).

Buying Property: If you rent it out, start tracking rental income and expenses. If you live in it, no tax implications but you can't claim mortgage interest anywhere.

Starting Business: If you start a side business or become self-employed, you're now required to file even if income is low. You can deduct business expenses. We help set up proper records from day one.

Moving Overseas: If you cease to be a Singapore tax resident, your tax treatment changes. You might not owe Singapore tax on overseas income. But rules are specific.

A client had her first baby in 2023. She didn't know about Working Mother's Child Relief. For her income of $120,000, this relief saved her $3,000 in tax. She also didn't claim Parenthood Tax Rebate for the baby. We amended her return and she got the rebate. Small children, big tax savings.

Common Personal Tax Filing Mistakes

Errors we see often:

Not Reporting All Income: Freelance income, rental income, foreign income - people forget or think it doesn't need to be reported. IRAS has ways of finding unreported income. Better to declare everything.

Claiming Wrong Reliefs: Claiming parent relief when your parent's income exceeds $4,000. Claiming child relief for children over 16 who aren't in full-time education. Claiming reliefs you don't qualify for triggers IRAS queries.

Gross vs Net Rental Income: Reporting rental income as gross rent instead of net (after expenses). This is the most common rental income mistake.

Missing Filing Deadline: Late filing penalty is $200 minimum. File repeatedly late and penalties increase. Plus IRAS might estimate your income (always high) and assess you.

In 2023, The Business Times reported that IRAS investigated over 3,000 cases of non-filing and under-declaration. Many resulted in penalties. File accurately and on time to avoid problems.

Recent Tax Changes Affecting Personal Filing

Budget 2024 announced several changes to personal income tax that took effect from Year of Assessment 2024:

Higher Top Marginal Tax Rates: For income above $500,000, tax rate increased from 22% to 23%. For income above $1 million, rate increased to 24%. This was announced by Finance Minister Lawrence Wong in February 2024 Budget.

Enhanced Parenthood Tax Rebate: Increased to $10,000 for the first child (up from $5,000) for children born from 2024 onwards. This helps families with young children.

Foreign Domestic Worker Levy Relief: Doubled from $60 per month to $120 per month for families with elderly or young children, as reported by Channel NewsAsia in March 2024.

These changes mean if you had a child in 2024 or employ a domestic worker, your tax relief claims are different from prior years. We stay updated on all IRAS changes so our clients don't miss anything.

What Personal Tax Filing Actually Costs

• Simple Filing (employment income only): $200-$400
• Complex Filing (multiple income sources, rentals, foreign income): $400-$800

Price depends on:

• Number of income sources
• Whether you have rental properties
• Foreign income reporting requirements
• Number of reliefs to claim and verify
• Quality of your records

If you have good records and straightforward income, filing is quick and cheap. If we need to reconstruct rental expenses or figure out complex foreign income sourcing, it takes longer.

Many people try to save $200-400 by filing themselves. Then they miss $2,000-5,000 in tax reliefs or make errors that cost them more. Professional filing usually pays for itself.

Getting Your Personal Tax Filed

Here's what we need from you:

• IR8A form from employer (if employed)
• Rental income and expense records (if landlord)
• Business income records (if self-employed or freelance)
• Foreign income details (if applicable)
• Details for tax relief claims (spouse, children, parents)
• SRS contribution statements (if made contributions)
• Any other income documents

We'll review everything, calculate your taxable income, claim all eligible reliefs, and file your return. Usually takes 3-5 business days once we have complete information.

Why Individuals Choose Us for Tax Filing

"You found $4,200 in missed tax reliefs from my previous three years. Amended returns got me refunds."

"I've been filing myself for years but always worried I was doing it wrong. You explained everything clearly."

"My rental income situation was complicated. You sorted it out and my tax was way lower than I expected."

"Filed two hours before deadline. You responded immediately and got it done with time to spare."

We're ACCA and SQP top graduates, ex-Big 4 audit managers, and Singapore Chartered Accountants. We handle both corporate and personal tax. We know IRAS procedures. We respond within 1 hour. We file on time, every time.