IRIN120/2016/C/E e-File now at mytax.iras.gov.sg with your SingPass/IRAS PIN Please send in your completed form by 15 April 2016. Filing is compulsory if you have received a notification to file. Individual Income Tax Filing Guide for Self-Employed (Form B)
52
Embed
Individual Income Tax Filing Guide for Self-Employed (Form B) · Filing Guide for Self-Employed (Form B) ... E20 Commission Agents ... • Individual Income Tax Filing Guide for Self-Employed
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
IRIN120/2016/C/E
e-File now at mytax.iras.gov.sgwith your SingPass/IRAS PIN
Please send in your completed form by15 April 2016.
Filing is compulsory if you have received a notification to file.
Appendix 2– Details of Fixed Assets Purchased/Disposed of (For Claim of Capital Allowances)
Complete Appendix 2 if your business revenue is $500,000 or more and you are claiming capital allowance against trade, business or professional income.
Appendix 3 – Change in Marital Status/New Claim/Change in Claim for Personal Relief(s)
There are penalties for failing to furnish a tax return by the due date or furnishing an incorrect tax return.Forfailuretofileataxreturnbytheduedate,apersonmaybepunishableunderSection94oftheIncomeTaxAct,toafinenotexceeding$1,000.Inaddition,ataxpayerwhofailstofilehistaxreturnforanyYearofAssessment(YA)for2yearsormoreafterthefilingduedatemayhavetopayapenaltyequaltodoubletheamountoftaxassessedforthatYAandafineofupto$1,000.
Theaboveinformationisintendedforbettergeneralunderstandingoftaxpayers’taxobligationsandis not intended to comprehensively address all possible issues that may arise.
Thisinformationiscorrectasat1January2016.Whileeveryefforthasbeenmadetoensurethattheinformation is consistent with existing law and practice, should there be any changes, IRAS reserves the right to vary our position accordingly.
Forfurtherenquiries,pleasecontactourofficeron1800-3568300*orvisitourwebsiteatwww.iras.gov.sg.Helpline operating hours:Mondays to Fridays : 8am to 5pm*In line with our efforts to continuously improve our helpline services, conversations over thehelpline will be recorded for our quality monitoring and coaching purposes.
• Removal of Transfers of Qualifying Deductions and Deficits between Spouses To simplify the individual income tax system, married couples can no longer transfer qualifying
deductionsanddeficitstoeachother(includingunderthelosscarry-backscheme)witheffectfrom YA 2016.
As a transitional measure, inter-spousal transfers of qualifying deductions incurred by a married couple in and before YA 2015 will still be allowed up till YA 2017, subject to existing rules.
Any unabsorbed trade losses or capital allowances can still be carried forward to future years to be offset against the future income of the taxpayer until the amount is fully utilised, subject to existing rules. Any unutilised donations can also be carried forward to future years to be offset againstthefutureincomeofthetaxpayer,uptoamaximumoffiveyears.
For more details, please refer to www.iras.gov.sg.• Simplification of an individual’s claim for expenses against his passive rental income from
letting of a residential property in Singapore FortheYA2016orasubsequentYA,ifanindividualhasincurredanydeductibleexpense(apart
frominterestexpense)inderivingrentalincomefromaresidentialpropertyinSingaporeinthebasis period for the YA, he may elect to deduct an amount of deemed rental expenses, in lieu of the actual amount of deductible expenses incurred, against his rental income from that residential property. The amount of deemed rental expenses allowable in respect of the residential property is 15% of the gross rent. He can, in addition, deduct the actual amount of allowable interest expense he has incurred on the residential property, if any.
For more details, please refer to www.iras.gov.sg. • Extension of Productivity and Innovation Credit (PIC) Scheme To give businesses more time and certainty to put in place productivity improvements, the PIC
scheme will be extended for three years till YA 2018.• Lapse of PIC Bonus ThePICBonuswasintroducedinBudget2013aspartoftheTransitionSupportPackage(TSP)
to assist businesses to defray rising operating costs such as wages and rentals and to encourage businesses to undertake improvement in productivity and innovation. As it has been successful in spreading the culture of productivity amongst SMEs and there is now a good take-up of the PIC Scheme, the PIC Bonus has expired after YA2015.
• Extension of Wage Credit Scheme (WCS) To give businesses more time to restructure and adjust to rising business costs, especially on the
manpowerfront,theWCSwillbeextendedfor2years(i.e.2016&2017).Thewageincreasesgivenin2015willbeco-fundedbytheGovernmentat40%in2015.Whilewageincreasesgivenin 2016 and 2017, and that given in 2015 that is sustained till 2017 will be co-funded by the Government at 20% in 2016 and 2017.
For more details, please refer to www.iras.gov.sg.• Extension and Enhancement of Angel Investors Tax Deduction Scheme (AITD) The scheme will be extended to qualifying investments made by qualifying angel investors
from 1 April 2015 to 31 March 2020. The restriction of not allowing SPRING Start-up Enterprise DevelopmentScheme (SEEDS) orBusinessAngel Scheme (BAS) supported investments toqualify for AITD will be removed. This applies to investments made from 24 February 2015.
For more details, please refer to www.iras.gov.sg.• Tax Deduction for Donations The tax deduction for donations will be increased to 3 times the amount of qualifying donations
How to complete Form B1. Dropthecents,enterthedollarsonly.Forexample,for$850.80,fillin$850.
2. Do not leave any box blank. Enter a “0” in the last box of each item if that item is not applicable to you.
3. IfyourbusinessisregisteredwithACRA(AccountingandCorporateRegulatoryAuthority),pleasefillinthebusinessregistrationnumberintheboxesprovidedatitem1a(4)UniqueEntityNumberonpage2ofFormB.Donotenter“–” forbusinessregistrationnumber, forexample, ifyourbusinessregistrationnumber is 521234-00X,fillin52123400X.
4. If you are a partner of a partnership business, enter your salary/bonus/CPF/benefits derived from thepartnershipinsection1b[PARTNERSHIP1]onpage2.Donotenterthisincomeinsection2[EMPLOYMENT]on page 2.
Keeping of Books of Accounts and Issuing of ReceiptsIf you are carrying on a trade, business, profession or vocation, you are required to maintain, for at least 5 years, a proper set of books of accounts and other records of your business to enable us to ascertain your income and allowable business expenses readily. Receipts and other documents to substantiate claims for reliefs and expensesshouldbekeptbutneednotbeforwardedunlesstheyarespecificallyrequiredforverification.
Payment through GIRO SignupforGIROtoenjoyfuss-freepaymentofyourtaxesinone(yearly)GIROdeductionorupto12interest-freemonthly instalments.
Please refer to our website at www.iras.gov.sg for more information on GIRO.
How GIRO works?If you are paying by monthly GIRO, the GIRO instalment cycle starts in May and ends in April of the following year. If you join GIRO after May, the instalment deduction will commence once your GIRO application is approved, and end in April of the following year.
Once you are on our GIRO scheme, future instalment payments for your taxes will continue in May each year to April of the following year based on a provisional amount. The amount deducted will be based on the instalment amountasperyourpreviousyear’stax.Whenyourtaxassessmentfortheyearisfinalised,therevisedinstalmentplan will be sent to you together with your Notice of Assessment.
Should you wish to revise your monthly deduction amount or cancel the GIRO plan anytime before your tax assessmentisfinalised,pleasecalluson1800-3568300orvisitwww.iras.gov.sg.Loginatmytax.iras.gov.sgusing your SingPass/IRAS PIN and click on <myTax Mail>.
When is the monthly GIRO deduction made?The GIRO deduction from your bank account will be on the 6th of each month. If the deduction is unsuccessful, we will attempt to deduct the amount again on the 20th of the same month. If the second attempt is also not successful, thisamountwillbededucted togetherwith the followingmonth’s instalment.Noreminderswillbesent for unsuccessful deductions. Your GIRO arrangement will be cancelled if the deduction is unsuccessful for 2 consecutive months, and you will need to pay the total outstanding tax amount immediately.
(d) Thesellingpriceofgoods/materialsexpendedfornon-businessusee.g.goodstakenforyourownuse,orforyour family or friends.
• Forrevenue of $500,000 or more, you need to submit aprofitandlossaccountandabalancesheetcertifiedbyyouastrueandcorrect.
• Forrevenue of less than $500,000, you are not required tosubmitthecertifiedstatementofaccount.
• Forrevenue of $100,000 or less, you only need to report a 2-line statement i.e. Revenue and Adjusted Profit/Loss.Youarenot requiredtosubmitthecertifiedstatementofaccount.
IfyourfinancialaccountsaremaintainedinacurrencyotherthantheSingaporedollar,youshouldensurethatthecertifiedStatementofAccountstobefurnishedtotheComptrollerispreparedinthatcurrency.However,the4-line statement in your tax return should be declared in Singapore currency.
PIC Bonus and Wage Credit Scheme (WCS)PICBonusandWCSpayoutsaretaxableintheYearofAssessment(YA)relatingtotheyearIRASdisbursesthepayouts to you. Do not include the payouts in the total revenue as it will be included automatically by IRAS in your tax assessment for the relevant YA.
Gross Profit/LossThis is the amount of revenue after deducting cost of goods sold. If your business does not involve the sale of goods,thenthegrossprofitisequaltotheamountofyourrevenue.E.g.
Allowable Business ExpensesExpenses based on estimates are not acceptable. Only expenses incurred wholly and exclusively in the production of your income are allowable. Examples of such expenses include:
(f) Cashcontributionsbyanemployeronhisemployees’behalf,tohisemployees’SupplementaryRetirementScheme (SRS) accounts, subject to each employee’s SRS contribution cap for the year in which thecontributionwasmade;
(h) Qualifying expenditure incurred on renovation or refurbishment works on business premises, subject tocertain conditions. From YA2013, the expenditure cap is $300,000 for every relevant three-year period. Pleaseprepareanitemisedlistoftherenovationworksbycompletingtheform“ItemisedListofRenovation&RefurbishmentCosts”whichisdownloadablefromwww.iras.gov.sg.RetainthelistincaseitisrequiredbyIRASforverification.FormoreinformationpleaserefertotheIRASe-TaxGuide“IncomeTax:TaxDeductionforExpensesIncurredonRenovationorRefurbishmentWorksDonetoYourBusinessPremises”.
3. New diesel-driven goods vehicle or bus registered from 15 Feburary 2007 to 14 Feburary 2012 as a replacement for an existing diesel-driven vehicle or bus which was registered on or after 1 January 1991 but before 1 October 2006.
100% of the capital expenditure to be written off in one year can be claimed.
One-year write-off can also be claimed for assets costing no more than $5,000 each. The claim for one-year write-off of all such assets is capped at $30,000 per year of assessment.
For a new diesel-driven goods vehicle or bus, one-year write-off is subject to certain conditions. For more information on the conditions, please refer to the IRAS e-Tax Guide“OneYearWrite-OffforNewDiesel-DrivenGoodsVehicles and Buses” at www.iras.gov.sg
Accelerated capital allowance whereby capital expenditure is written off over 3 years can be claimed
Whereplantormachineryhasbeensold,scrappedordestroyed,abalancingallowanceisgivenifthetaxwrittendown value exceeds the sale/disposal proceeds. If the sale/disposal proceeds exceed the tax written down value, the balancing charge is taxable. The balancing charge is restricted to the total amount of capital allowance allowed previously in respect of the asset disposed.
For more information on how to compute your capital allowances, you can refer to our Capital Allowance Calculatoratwww.iras.gov.sg>Quicklinks(attheright-handmenubar)>Taxcalculators.
(j) Enhancedallowancesordeductiononexpenditure incurredonanyof thesixproductivityand innovationenhancingactivitiesundertheProductivityandInnovationCredit(PIC)scheme.Formoreinformation,pleaserefer to the IRAS e-Tax Guide, “Productivity and Innovation Credit” available on the IRAS website. Please complete the “PIC Enhanced Allowances / Deduction Declaration Form” and submit the form together with yourIncomeTaxReturn(FormB)toIRAS.Theformcanbedownloadedfromwww.iras.gov.sg.
(k) Land IntensificationAllowance (LIA), for more information, please refer to the EDB’s circular on “LandIntensificationAllowanceIncentive”ontheEDBwebsite.
(i) provided theiremployeeswith inpatientmedical insurancebenefits in the formofaPortableMedicalBenefitsScheme,aTransferableMedicalInsuranceSchemeoraportableShieldPlan;or
(ii) made ad-hoc contributions to their employees’ MedisaveAccounts (subject to a cap of $1,500 peremployeeperyearregardlessofthenumberofemployerstheemployeehas)duringtherelevantbasisperiod;and
(m) Under theProductivity and InnovationCredit (PIC) scheme, any qualifying expenditurewhich has beenconverted into a cash payout.
PleasenotethatifaPICautomationequipmentorIntellectualPropertyRights(“IPRs”)isdisposedofwithinoneyear from thedateofpurchase/registration,and ifenhancedallowances/deduction (i.e.300%of thequalifyingcost)havebeenallowedontheequipmentorIPRinthepreviousYearofAssessment,theamountof “Allowable Business Expenses” should be reduced by that amount of enhanced allowances/deduction allowed in the previous Year of Assessment. Nevertheless, for disposal of PIC automation equipment, you can apply for a waiver from this claw-back provision on a case-by-case basis. Please submit the Productivity andInnovationCredit(PIC)DisposalofQualifyingAssetsFormdownloadablefromwww.iras.gov.sgifyouwish to apply for this waiver.
For more information, please refer to the IRAS e-Tax Guide “Productivity and Innovation Credit” at www.iras.gov.sg.
Adjusted Profit/LossThis is the amount derived from gross profit/loss after deducting allowable business expenses and capitalallowances.
Tocomputeadjustedprofit/loss,youcanusethecentrepageofthisguide.Forrevenueof$500,000ormore,please submit the completed centre page.
Current year unutilized trade losses and capital allowances up to $100,000 can be carried back to the Year of Assessment immediately preceding the Year of Assessment in which the trade losses and capital allowance arose, subject to certain conditions.
For more information on this tax treatment, please refer to the IRAS e-Tax Guide “Carry-Back Relief System” at www.iras.gov.sg.
b. PartnershipEnteryourshareofdivisibleprofit/loss,salary,CPF,interest,rent,otherSingaporeincome,foreignincomederivedthrough partnership. Please check with your precedent partner on your share of income from the partnership.
Partner’s Allowable ExpensesYou can claim expenses such as subscriptions paid to professional bodies which are not charged to the partnership’sprofitand lossaccountprovided thatsuchexpenseshavenotbeenclaimedagainstyourotherincome.
If you are the precedent partner of a partnership, you must also submit a separate partnership income tax return (FormP).YoucanrequestfortheFormPbycalling1800-3568300ifyouhavenotreceivedit.
Ifyouareapartnerofmorethanonepartnership,pleasecompleteAppendix1(Part2)andtransferthetotaltradeincome from item 3 therein to Section 1 item c on page 2 of Form B.
2 EmploymentEmployment income Auto-Included in the assessmentDo not give details of your employment income as we get this information directly from your employer. Enter a “0” instead.
Do not give details of your NSman pay as we get this information directly from MINDEF/Singapore Police Force/ Singapore Civil Defence Force.
Employment income NOT Auto-Included in the assessmentPleasesendinFormIR8A/Sand/orAppendix8A/8Bifthefollowingconditionsaresatisfied:
1. Entertheamountofsalary,bonus,director’sfeesandothertypesofemploymentincomeasperyourFormIR8A in items 2 a, b, c and d respectively on Page 2 of Form B.
2. If you have not received your Form IR8A from your employer by 31 March 2016, you can provide an estimate of your earnings for 2015. However, send us your Form IR8A when you receive it.
3. Other employment income includes part-time income, allowances, benefit-in-kind, gratuities, pension(excludingSingaporeGovernmentpension)andothertaxablebenefitsincashorinkindsuchasstockoptiongain, etc.
Please attach with your tax return a schedule of the actual expenses incurred stating the nature of expense, date andamountincurred.Pleaseretainallreceiptsforverificationpurposes.Estimatesarenotacceptable.
Do not enter claim for Zakat Harta payments if you are a NRIC/FIN holder who has provided the information to theMajlisUgamaIslamSingapura(MUIS)astheamountwillautomaticallybedeductedagainstyourrespectiveincomesourcebasedoninformationfromMUIS.
3 Other Income (complete page 4 of Form B)
1 Interest Donotdeclare interestreceivedfromanydepositwithapprovedbanksor licensedfinancecompanies in
are taxable in full and have to be declared. Please refer to the MAS website at https://masnetsvc.mas.gov.sg/FID.htmlforthelistofapprovedbanksandlicensedfinancecompaniesinSingapore.
Residential properties are premises principally used for private dwelling purposes. It excludes any property usedforcommercialactivitiessuchasthatofachildcarecentreandworkers’dormitory.
(b) Youcanalsoclaimmortgageinterestincurredontheloantakentopurchasethepropertyrentedout,ifany. However, you are required to keep the supporting documents relating to the mortgage interest for at least5yearsforverificationpurposes;
Please retain supporting documents such as tenancy agreements, bank mortgage statements, invoices and receiptsforatleast5yearsforverificationpurposes.
For tenanted non-residential property
You can only claim the actual rental expenses incurred. You are required to keep the supporting documents foratleast5yearsforverificationpurposes.
Reporting Rental Income
If you derived rent from:
(a) apropertywhichissolelyorjointlyownedin2015,pleasefurnishthedetailsincludingthefullamountof gross rent/expenses incurred and enter your share of the net rent in the boxes provided at item 2 on page 4 of Form B.
(b) morethan3solelyorjointlyownedpropertiesin2015,pleasefurnishtherelevantdetailsinaseparate statement and enter your share of the total net rent in the boxes provided at item 2 on page 4 of Form B.
(c) rentingoutapartofyourproperty(e.g.1room),youarerequiredtoapportiontheclaimableexpensesincurred based on the number of rooms rented out.
Do not claim non-deductible expenses such as penalty imposed for late payment of property tax, payment of backyear’spropertytax,expenses(e.g.commission,advertisingandlegalcosts)incurredtosecurethefirsttenant,costofinitialpurchaseanddepreciationoffurnitureandfittings,costofinitialrepairsandrenovations,loan repayment, cost of additions and alterations to property.
For royalties received for any literary, dramatic, musical or artistic work or approved intellectual property or approved innovation, the taxable amount is the amount of the royalties remaining after allowable deductions or 10% of the gross amount, whichever is the less.
4 Charge Charge includes the income received under a deed or an order of court. Alimony and maintenance payment
received by a female individual from her ex-husband, whether paid voluntarily or under a Court Order or Deed of Separation is exempt from tax.
5 Estate/Trust Income Estate/trust income includes any income distribution (estate income) received from an estate under
For estate income, please declare the income in the year you received it. For trust income, please declare your share of the income in the year you are entitled to it.
You are not required to declare capital distribution and exempt income. More details are available at www.iras.gov.sg.
6 Gains or Profits of an Income Nature Not Included in the Above Categories These includeany incomewhichdoesnot fallwithinanyof theotherclassificationsof incomeasstated
IfyouareanNRIC/FINholder,donotenter thedividend income fromNTUCFairPriceCo-operativeand NTUC Income Insurance Co-operative Ltd as the income will automatically be included in theassessment.
The information will be sent electronically to the Comptroller of Income Tax by the SRS operators and will automatically be included in the assessment. If you are a foreigner or a Singapore Permanent Resident who is leaving Singapore, please send us a statement from your SRS operator for the purpose of tax clearance.
8 Income Not Previously Reported If you have received income for any period from 1 January 2011 to 31 December 2014 that has not been
previously reported, please state the type of income, the date on wihich the income was received, the period during which the income relates to and the amount of the income.
Fordirector’sfees,pleasestatethedateonwhichthefeeswereapprovedatthecompany’sAnnualGeneralMeeting or Extraordinary General Meeting.
donationsmadetoapprovedInstitutionsofaPublicCharacter(IPCs)andotherapprovedrecipients,andforcashdonationsmadethroughapprovedgrantmakingphilanthropicorganisations(‘grantmakers’)toIPCs. Please refer to the Charity Portal website at www.charities.gov.sg/Pages/Home.aspxtoconfirmifan organisation is a registered IPC.
(b) Inorder tobegiven taxdeductionson thedonations,all individualsandbusinessesare required toprovide their identification number (e.g. NRIC/FIN/UEN) directly to the IPCs when theymake cashdonations. IRAS will no longer accept claims for tax deduction on donations based on donation receipts. Taxdeductionsforsuchdonationswillautomaticallybereflectedinthetaxassessmentsofthedonorsbased on information from the IPCs.
(c) If your employer is not in theAuto-Inclusion Scheme for Employment Income, enter the amount of 3 times thevalueof thedonation (roundedup to thenearestdollar) [seepoint (a)above]deductedthrough your salary, to an approved IPC. The donation amount will be shown in the Form IR8A.
(d) Anyunutiliseddonationscanbecarriedforwardtobeoffsetagainsttheincomeforanysubsequentyear,up to a maximum of 5 years.
6 ReliefsReliefs Auto-Included in the assessment:DO NOT claim the reliefs which are Auto-Included based on your eligibility and records from the relevant parties.
• Earned Income Relief (EIR)This relief is deducted automatically against your income from employment, pension, trade, business, profession and vocation up to the maximum amounts as shown below. The amount of EIR depends on your age.
Your age as at 31 December 2015 EIR Handicapped EIR
Below 55 $1,000 $ 4,000
55 to 59 $6,000 $10,000
60 and above $8,000 $12,000
For partnership income, only an acting partner is entitled to earned income relief on his share of partnership income while a sleeping partner is not.
IfyouareclaiminghandicappedEIRforthefirsttime,pleasecompletethe“ApplicationforClaimofHandicapped-Related Tax Reliefs” form downloadable from www.iras.gov.sg.
• CPF Cash Top-UpIf you are a Singapore NRIC holder and in 2015 you have topped up or your employer has topped up on your behalf in cash,your retirementaccount (for recipientsaged55andabove)orspecialaccount (for recipientsbelowage55)undertheRetirementSumTopping-UpScheme,youwillgetanautomaticdeductionfortheamounttopped up, capped at $7,000 per year. The deduction is given based on information from CPF Board.
Another separate tax relief capped at $7,000 per year will automatically be given for cash top-ups made in 2015 toyourparents’,grandparents’,spouse’s,siblings’,parents-in-law’sorgrandparents-in-law’sretirementaccountsorspecialaccountsundertheRetirementSumTopping-UpScheme.
Forcashtop-upsmadein2015toyourspouse’sorsiblings’retirementaccountsorspecialaccounts,eachofyourspouse or siblings must not have income of more than $4,000 in the year preceding the year of top-up if he/she is not physically or mentally handicapped when the cash top-up is made. For this purpose, income includes taxable income(e.g.trade,employmentandrental),tax-exemptincome(e.g.bankinterest,dividendsandpensions)andforeign-sourcedincome(regardlessofwhetherithasbeenremittedtoSingapore).
You will not get a tax relief if you transferred money from your CPF account to your own, your parents’,grandparents’,spouse’s,siblings’,parents-in-law’sorgrandparents-in-law’sCPFretirementaccountsorspecialaccounts.
• Supplementary Retirement Scheme (SRS)Relief for contributions to the SRS in 2015 made by you or your employer on your behalf will be allowed automatically based on information provided by the SRS operators.
The SRS contributions made by you or your employer on your behalf cannot exceed his SRS contribution cap. The current SRS contribution cap is $12,750 for Singapore citizens and Singapore Permanent Residents and $29,750 for foreigners.
However, if you are a foreigner or Singapore Permanent Resident seeking tax clearance, and wish to claim relief on your contributions made in the year of cessation/departure, you will need to send us a statement from the SRS operator for the purpose of tax clearance
You must be a Singapore citizen to get an automatic deduction of $750 against income taxed in your name.
For parents of operationally ready NSman
If you have children who are operationally ready NSman, you must be a Singapore citizen to get an automatic deduction of $750 on one NSman. Only 2 parents will be allowed the relief on the same NSman with the maximum relief for each parent capped at $750.
Each parent or wife of the NSman is entitled to only one type of relief, i.e.:
(b) IfanindividualisthewifeofanNSmanaswellasthemotherofanotherNSman,shewillbeallowedreliefas a wife of an NSman OR the mother of another NSman.
Reliefs Not Auto-Included in the assessment:You need to make a claim for the following reliefs which are not automatically granted. You are still required to make a claim in your tax form even if the amount of relief claimed remains unchanged as compared to the previous year. Please ensure that you meet all the criteria of claim. Penalties may be imposed for any wrongful claimofreliefs.Wewilldisallowyourclaimandwithdrawthereliefuponreviewofyourassessment.
Ifyouareclaimingthehandicapped-relatedtaxrelief(s) forthefirst time,pleasecompletethe“ApplicationforClaim of Handicapped-Related Tax Reliefs” form which is downloadable from www.iras.gov.sg.
(b)up to $2,000 or the amount of maintenance payments paid, whichever is lower, if you are legallyseparated from your wife and you have paid maintenance to her in the previous year under a court order/deed of separation.
A male resident individual is not allowed to claim any relief on the alimony he has paid to his ex-wife under a Court Order.The total deduction for spouse relief must not exceed $2,000. You cannot claim Spouse Relief if your spouse hadannualincomeofmorethan$4,000in2015.Forthispurpose,incomeincludestaxableincome(e.g.trade,employmentandrental), tax-exempt income(e.g.bank interest,dividendsandpensions)andforeign-sourcedincome(regardlessofwhetherithasbeenremittedtoSingapore).
If you have claimed this relief, no other person is allowed to claim any other relief (e.g. Parent/Handicapped Parent Relief), other than for Grandparent Caregiver Relief, for your spouse.
(b) upto$5,500ifyouarelegallyseparatedfromyourhandicappedwifeandyouhavepaidmaintenancetoher in the previous year under a Court Order/Deed of Separation.
A male resident individual is not allowed to claim any relief on the alimony he has paid to his ex-wife under a Court Order. The total deduction for Handicapped Spouse Relief must not exceed $5,500.
If you have claimed this relief, no other person is allowed to claim any other relief (e.g. Parent/Handicapped Parent Relief), other than Grandparent Caregiver Relief, for your handicapped spouse.
• Child ReliefYoucanclaimQualifyingChildRelief/HandicappedChildReliefifyouhaveachildborntoyouandyourspouse/ex-spouse, a step-child or a legally adopted child.
(a) QualifyingChildRelief(QCR)
You can claim $4,000 for each unmarried child that you have supported, who was:
1. under16yearsoldatanytimeduring2015;
2. studying full-time at a school, college, university or other educational establishment in 2015 if the child was 16yearsoldandabove;or
3. serving under articles or indenture with a view to qualifying in a trade or profession.
Your child must not have an annual income of more than $4,000 in 2015. For this purpose, income includes taxableincome(e.g.trade,employment,NSpay/allowancesandincomefrominternshipandattachment)andtax- exemptincome(e.g.bankinterest)butexcludesscholarshipsandbursaries.
(b) HandicappedChildRelief(HCR)
You can claim $7,500 if you have supported an unmarried child who was physically or mentally handicapped in 2015.YoucannotclaimQCRonthesamechildifyouareclaimingHCRinthesameyearofassessment.
3rd and subsequent children 25%ofmother’searnedincomeperchild
Total of QCR/HCR + WMCR = $50,000 per child*
Total WMCR is capped at 100% of the mother’s earned income
*QCR/HCR, regardless of whether it is claimed by the father or mother, will be allowed first. WMCR will be limited to the balance after the QCR/HCR claim is allowed.
If you are claiming for the 5thandsubsequentchildren,pleaseenterthetotalamountofQCR/HCRforthe5th and subsequentchildren.Leavetheboxesfororderofchild,claimtypeandidentificationtypeblank.Pleaseprovidedetails of the children at item 3 of Appendix 3
If you have claimed this relief, no other person is allowed to claim any other relief (e.g. Handicapped Brother/Sister Relief), for the same child.
YourWife
Order of
Child
Claim Type
(QorH)
Claiming for
WMCR? (YorN)
IdentificationType
(1,2,3,4 or5) IdentificationNumber
1 Q Y 1 S 9 2 0 1 2 3 4 A $ 0
2 Q Y 1 S 9 4 0 1 2 3 4 B $ 0
3 Q Y 1 S 9 6 0 1 2 3 4 C $ 0
4 Q Y 1 S 9 8 0 1 2 3 4 D $ 0
Y $ 0
If you are claiming for the 5thandsubsequentchildren,pleaseenter“0”fortheamountofWMCR.Enter“Y”forClaimforWMCR.Leaveotherboxesblank.Pleaseprovidedetailsofthechildrenatitem3ofAppendix3
• Parent/Handicapped Parent Relief You can claim this relief if you have supported your parents, grandparents or great-grandparents or those of your spousein2015.Youroryourspouse’sparents/grandparents/great-grandparentsmust:
If they did not live with you in the same household in Singapore, you can claim this relief only if you had incurred at least $2,000 to support each of them in 2015.
Amount of relief allowable for each dependant:
Parent Relief Handicapped Parent Relief
Dependant NOT staying with you $5,500 $10,000
Dependant staying with you $9,000 $14,000
You can claim either Parent Relief or Handicapped Parent Relief but not both, for the same dependant, up to a maximum of 2 dependants.
The amount of relief can be shared among all eligible claimants in the proportion they agree on so long as the combined amount of claims submitted by all claimants does not exceed the current amount of relief per parent.
If you have claimed this relief, no other persons is allowed to claim any other relief (e.g. Spouse Relief), other than Grandparent Caregiver Relief, for the same dependant(s).
The amount of relief that can be shared:
(a) Ifat least one of the claimants stays with the dependant, the amount of Parent/Handicapped Parent Relief to be shared is $9,000 or $14,000 respectively,
(b) If none of the claimants stays with the dependant, the amount of Parent/Handicapped Parent Relief to be shared is $5,500 or $10,000 respectively
Claimants must agree on the basis of apportionment before claiming Parent/Handicapped Parent Relief for the same dependant(s). Otherwise, the Comptroller of Income Tax will apportion the relief equally among all claimants.
• Grandparent Caregiver Relief You can claim a deduction of $3,000 against your earned income for one ofyouroryourspouse’s/ex-spouse’sparent or grandparent if you are a working motherwhoismarried,divorcedorwidowed.Youroryourspouse’s/ex-spouse’sparentorgrandparentmust:
If you have claimed Grandparent Caregiver Relief, no other person is allowed to claim this relief for the same caregiver.
• Handicapped Brother/Sister ReliefYoucanclaim$5,500 foreachdependant if youhadsupportedyouroryourspouse’sphysicallyormentallyhandicapped brothers or sisters who were living in Singapore in 2015.
Your handicapped siblings or siblings-in-law for whom you are claiming relief must have lived with you in the same household in 2015. If not, you must have incurred at least $2,000 to support each of them in 2015.
If you have claimed this relief, no other person is allowed to claim any other reliefs (e.g. Spouse Relief), other than Grandparent Caregiver Relief, for the same sibling(s) or sibling(s)-in-law.
For the 3rd and subsequent claim of Handicapped Brother/Sister Relief, please enter the total claim at the last row at item 6e on Page 3 of your Form B.
The CPF contributions of employees seconded or posted overseas are considered as voluntary contributions and are not claimable.
YouneednotfillinyourCPFcontributionsifyouremploymentincomeisauto-includedaswegetthisinformationdirectly from your employer.
(b) Voluntary contribution to one’s own Medisave Account
If you were a Singaporean or Singapore Permanent Resident in 2015, you can claim your voluntary cash contributionwithintheannualCPFcontributioncapof$31,450(i.e.17monthsx$5,000x37%)andwithintheBasicHealthcareSum,thatisspecificallydirectedbyyoutobepaidtoyourownMedisaveAccount,providedthatsuch voluntary contribution has not been claimed by you as a self-employed person.
(c) 1. Compulsory Contributions to CPF by Self-Employed Persons (Medisave Contribution)
2. Voluntary Contributions to CPF by Self-Employed Persons
Ifyouareaself-employedperson(SingaporeanorSingaporePermanentResident),youarerequiredtomakecompulsory Medisave contribution if you earned a net trade income of more than $6,000 in 2015.
Medisave contribution for the year 2015 of a self-employed person is determined based on his net trade income assessedattheratesspecifiedbelow:
Below 35 years 4.00% 4.00% to 8.00% 8.00%(Maximum$4,800)
35 years to below 45 years 4.50% 4.50% to 9.00% 9.00%(Maximum$5,400)
45 years to below 50 years 5.00% 5.00% to 10.00% 10.00%(Maximum$6,000)
50 years and above 5.25% 5.25% to 10.50% 10.50%(Maximum$6,300)
For more details on the Medisave contribution rates, please refer to the CPF Board website at mycpf.cpf.gov.sg.The total tax relief for compulsory and voluntary CPF contributions will be capped at $31,450.This relief will automatically be included based on the contribution records transmitted by CPF Board.
• Life Insurance Youcanclaimtheinsurancepremiumsthatyouhavepaidforinsurancepoliciesonyourlifeoryourwife’slife.Premiumspaidforinsurancepolicyonyourchild’slifearenotallowed.Theamountofreliefyoucanclaimmustnotbemorethan7%oftheinsuredvalueofyourlifeoryourwife’slife.
(b) If your combinedCPFcontributionsasanemployee,asaself-employedpersonandyourvoluntarycontribution to your Medisave account were more than $5,000, you cannot claim life insurance premiums.
(c) IfyourcombinedCPFcontributionsasanemployeeandasaself-employedpersonandyourvoluntarycontribution to your Medisave account were less than $5,000, you can combine your claims as an employee, as a self-employed person and your life insurance relief up to $5,000.
(b) studied any course or attended any seminar/conference relating to your current trade, business,profession,vocationoremploymentin2015;or
(c) commencedanewtrade,business,profession,vocation,oremploymentin2015whichisrelatedtoanycourse, seminar/conference that you have completed between 1 January 2013 to 31 December 2014.
This relief does not apply to polytechnic/university graduates for their polytechnic/university course fees if they have never exercised any employment or carried on any trade, profession or vocation before. Vacation jobs or internships are not considered employment for the purpose of this relief.
If you are unable to claim the relief because your assessable income does not exceed $22,000 and you have completed such courses, seminars and conferences on or after 1 January 2015, you would be allowed to claim the relief:
(ii) within2YAsfromtheYArelatingtotheyearinwhichsuchcourses,seminarsorconferencesarecompleted,whichever is the earlier YA.
Allowable course fees include registration fees or enrolment fees, examination fees, tuition fees and aptitude test fees(forcomputercourses).Youcannotclaimlivingexpenses,expensesfortextbooksortravellingexpenses.
For more information on Course Fee Relief, please refer to www.iras.gov.sg.
• Foreign Maid levy (FML)You can claim twice the amount of foreign maid levy paid for one maid in 2015 against your earned income (earnedincomereferstogainsorprofitsfromtrade,business,profession,vocation,employmentorpension),ifyou are:
(c) achildborntoyouandyourspouse/ex-spousebeforeyouweremarriedtoyourspouse/ex-spouseandyour marriage was registered before your child reached 6 years of age.
The order of your children is determined based on the date of birth, date of legal adoption or date of marriage ofparents,asthecasemaybe(see(a)to(c)above),forallyourchildreninthesamehouseholdregardlessofwhether the child is a qualifying child for the purpose of PTR.
Any sibling who is deceased shall be taken into account in determining the number of siblings a child has at the time of his/her birth, adoption or marriage of his/her parents, as the case may be.
The amount of rebate is as follows:
Child Order PTR Allowable
1st child $ 5,000
2nd child $10,000
3rd and subsequent children $20,000 per child
ThePTRcanbeoffsetagainsteitherorbothyourandyourspouse’sincometax.IftheincometaxpayableforthatYA is less than the rebate, any unutilised rebate will automatically be used to offset against the income tax payable for the subsequent years until the rebate has been fully utilised.
If your child is given up for adoption to another family, you and your spouse will forfeit the remaining PTR balance given for this child from the YA following the year the child is given up for adoption.
Divorcees are allowed to continue to utilise their PTR balances after their divorce. If the divorcee has remarried, he/she will not be allowed to share his/her PTR balance for a child from a previous marriage with his/her new spouse.
Rates of Tax for the Year of Assessment 2016Your chargeable income is the amount remaining after deducting from your assessable income the personal reliefs to which you are entitled. If you are a resident in Singapore, the rates of tax chargeable are as follows:
Chargeable Income
Rate Gross Tax Payable
Chargeable Income
Rate Gross Tax Payable
$ % $ $ % $Onthefirst 20,000 0 0 Onthefirst 120,000 – 7,950On the next 10,000 2 200 On the next 40,000 15 6,000Onthefirst 30,000 – 200 Onthefirst 160,000 – 13,950On the next 10,000 3.5 350 On the next 40,000 17 6,800Onthefirst 40,000 – 550 Onthefirst 200,000 – 20,750On the next 40,000 7 2,800 On the next 120,000 18 21,600Onthefirst 80,000 – 3,350 Onthefirst 320,000 – 42,350On the next 40,000 11.5 4,600 Above 320,000 20
a. 独资生意/自雇人士的入息 ..................................................................................C5 b. 合伙生意 ...............................................................................................................C8
(h) 在符合条件的情况下,您可申请装修和翻新的开销。从2013估税年起,相关的每个三年期的开支上限为300,000元。请将装修项目列在“装修和翻新的开销”表格上。该表格可从www.iras.gov.sg下载。保留该表格以供未来查证所需。欲知更多详情,请参阅电子税务指南-“Income Tax: Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Your Business Premises”。
(l) 开业之前一年内的营业开销(即业务在会计年度开始赚取第一笔收入而该会计年度的首日将视为正式开始营业)。欲知更多详情,请参阅本局网站的电子税务指南“Concession for Enterprise Development – Deduction of Certain Expenses Incurred before Business Revenue is Earned”。
(ii) 在相关的基期内,不定时地填补其雇员的保健储蓄户口(无论该雇员拥有多少位雇主,雇主们每年为其填补的顶限为$1,500);并且
(iii) 符合各项计划的适用条件。
(f) 在消费税法令下,消费税征收人缴付/应付的销项税额;
(g) 罚款/逾期缴付费;
(h) 捐款;
(i) 偿还贷款和分期付款;
(j) 超逾法定税率的雇主公积金纳款;
(k) 应缴付的所得税金额;
(l) 银行利息(做为私人用途的贷款);
(m) 根据生产力及创新优惠计划(PIC),任何符合条件且已转换为现金津贴的开支。
请注意,如果在购买或注册后一年内将该PIC自动设备或注册知识产权(IPR)售出,并且在上一估税年,该设备或知识产权已经享有增进津贴/扣除(即合格开支的 300%),必须从本年“可扣除的营业开销”中减去上一估税年享有的增进津贴/扣除数额。不过,出售PIC自动化设备可申请豁免,并按个案进行评审。要申请豁免,请到网站 www.iras.gov.sg 下载,填妥并呈上“Productivity and Innovation Credit (PIC) Disposal of Qualifying Assets Form”表格。
欲知详情,请参考新加坡国内税务局网站 www.iras.gov.sg 电子税务指南 —“Productivity and Innovation Credit”。