Filing Your Personal Income Tax as Early As 1 March Until 18 April 2019

All taxpayers should file their personal income tax returns beginning as early as 1 March until 18 April 2019, urges the Inland Revenue Authority of Singapore (IRAS).

This includes sole-proprietors and partner business entities for the upcoming Year of Assessment 2019. Tax resident individuals in Singapore will be eligible to receive a 50% tax rebate of the payable tax, which is capped at $200.

Tax Filing Made Easier Through Digitalisation

IRAS has introduced several features with the aim to enhance the tax filing experience this year for all taxpaying individuals in Singapore. Among the latest features include:

Auto-Apportionment and Pre-Filing of Child Relief for parents of children born in 2018. These sections will be automatically pre-filled in their electronic tax returns for their convenience. The relief amount of $4,000 will be pre-filled on a 50:50 ratio between the parents. If you have a preference for the sharing proportion, you must inform IRAS. Alternatively, parents can amend the pre-filled allocation when filing their tax returns electronically.

Taxi and Private Hire Car Drivers Auto Deduction of 60% by IRAS will be automatically computed to ease the tax filing process. This deduction will be taken from the gross driving income deemed as a business expense for the YA 2019 once the drivers have indicated the nature of their business in the electronic returns. Drivers may claim tax deductions which are based on the actual amount of car expenses incurred as an alternative. This can easily be done by amending the pre-filled information. All records must be retained for 5-years. Relevant supporting documents must be provided to IRAS upon request. If a driver were to go with the pre-filled information provided on the electronic form, they will be able to view the tax deductions via the myTax Portal. Pre-filled information can be amended where needed.

Why File Your Income Tax Early for YA 2019?

To avoid the risk of inflicting penalties, as well as the last-minute rush to get everything submitted before the deadline, filing your taxes early is the best approach to take. Should you need more information about filing your taxes, you may refer IRAS’s homepage and information regarding Tax Season 2019.

Alternative methods of acquiring assistance include logging onto myTax Portal to send an email, or opt to make an appointment with IRAS at least 2-working days in advance.

IRAS also has an available online chat from Mondays to Fridays, 8 a.m. to 5 p.m., or a hotline number to call (1800 356 8300). The IRAS website has a virtual assistant, AskJamie, to advice on tax filing related matters.

Make Your Payments Easier by Going Digital

With cashless payments quickly gaining traction in Singapore, IRAS is encouraging taxpayers to take full advantage of it. Simplify your tax payment methods by opting for electronic modes of payment. In fact, taxpayers who pay through GIRO may enjoy interest-free instalments by up to 12-months.

Taxpayers should note that cheque collections and stamp duty payments are no longer accepted at SingPost branches. This change is in effect from 1 Mar 2019. Payments done via GIRO must go through the following options:

AXS stations like DBS/POSB
Internet banking (available for OCBC, UOB and DBS/POSB customers)
myTax portal (available for DBS/POSB and OCBC customers)
GIRO applications forms (available from the IRAS websites for customers of all other banks in Singapore)