We at Entrust Public Accounting Corporation understand that submitting personal income tax can be intimidating, particularly for beginners or working professionals with limited time to spare. So we offer reliable, effective, and professional tax services that help individuals and business owners navigate their tax payments with ease. With years of experience and close deep understanding with the taxation services of Singapore, we make the entire process of filing convenient, ensure utmost compliance, and help you to realize your highest entitlement free from penalties. Going on below, we guide you through the step-by-step process of tax filing of your income in Singapore and how our experienced personnel can assist you at every step.
Step 1: Determine If You Need to File
In Singapore, income tax is paid on income earned in the previous calendar year. You are required to file taxes if:
- You earned S$22,000 or more in the previous year.
- You have received a Notice of Assessment or filing invitation from IRAS.
- You are self-employed or own rental properties.
Although your employer might have participated in the Auto-Inclusion Scheme (AIS), you are still accountable for ensuring that your tax return is accurate. In our tax services, we advise clients on whether to submit or not, based on the nature and origin of their income.
Step 2: Get Required Information
You will have to prepare such essential documents before filing:
- Employment income details (including allowances and bonuses)
- CPF contributions
- Rental income, if any
- Business profit when self-employed
- Bank interest, dividend, and other sources of income
- Tax reliefs, allowable expenses, and gift aid
Our specialists at Entrust walk clients through document preparation, establishing qualifying reliefs, and double-checking nothing is overlooked. Your return is accurate and complete with our custom personal income tax service.
Step 3: File Your Return via MyTax Portal
Filing is typically done online through the IRAS MyTax Portal between March 1 and April 18 each year. You’ll need to:
- Log in with your Singpass.
- Review auto-included information.
- Input additional income (e.g., rental or freelance earnings).
- Apply relevant tax reliefs and deductions.
- Submit your tax return.
Although the portal is user-friendly, there are users who may be confused when dealing with more than one income or with changes in employment. That’s where we come in. Not only do we assist you through the filing process but we even file for you if you use us as your tax agent.
Step 4: Check the Notice of Assessment (NOA)
Once you have submitted, IRAS will send you a Notice of Assessment inMay or June. It outlines the amount of tax to pay and is drawn from the information you have provided.
You should:
- Check everything is correct.
- Complaint within 30 days in case something is wrong.
- Pay the tax in time to avoid penalties.
We review your NOA carefully at Entrust and negotiate on your behalf if there are objections or clarifications. Our expert team ensures that all discrepancies are resolved immediately, thereby saving your time and potential stress.
Step 5: Planning for Tax Payment and Reliefs
There are a number of tax reliefs and deductions that one can enjoy in Singapore, such as:
- CPF relief
- Parent/Spouse/Child relief
- Course fees relief
- NSman relief
- SRS contributions
There are significant tax savings through strategic planning. Our team of individual income tax professionals assist you on a continuous basis throughout the year to implement effective tax planning that is compliant and beneficial. From clarifying SRS contributions to maximizing your allowances, we simplify and make tax planning accessible.
Why Choose a Public Accounting Corporation?
We are not just tax preparers—we are your long-term financial compliance and efficiency partners. Here are some of the reasons why our clients in Singapore trust us:
- Proven Expertise: With years of experience, we are well-versed withIRAS guidelines and Singapore’s evolving tax law.
- Tailored Solutions: Every individual’s tax case is unique. Our approach is custom-made and precise to cater to your personal requirements.
- Detailed Support: From individual income tax filing to dealing with appeals, we’ve got all the process details in place.
- Hassle-Free and Prompt: We enable timely filing, error-free returns, and quick follow-ups with IRAS on your behalf.
- Single-Solution Corporate Solution: Besides personal tax, we also provide corporate tax, accounting, audit, and corporate secretarial services—hence the one-stop-shop for all compliance needs.
Trust Makes Tax Filing Easy and Worry-Free
At Entrust, we make tax filing easy. We aim to educate every salaried, self-employed, or high-net-worth customer about their tax liability and help them comply with it without unnecessary inconvenience.
We can simplify compliance, reduce your tax payment, and avoid costly mistakes. Our taxation services are designed to serve individuals and companies at all levels, from planning to payment.
Partnering for a Smooth Tax Season
Filing your personal income tax need not be a harrowing experience. You can file right, avoid trouble, and save money if you have the right information and professional advice. Rely on Entrust Public Accounting Corporation to guide you through every step of the process. We are experts in rendering timely, compliant, and strategic tax services tailored to your requirements.
Whether you are a working professional, self-employed, or property investor, call us now & enjoy the convenience and confidence of filing with Entrust.
