View Full Version : IRAS is after you
phantom_opera
16-12-12, 08:52
Today Sunday times, IRAS is sending out warning to all the tax evaders: we will get you
Example given:
one trader made 9xxk in 2y, reported as 4xxk .... evaded 65k tax, ordered to pay 200k (3x the evaded tax), no money, jailed 6 months
another biz man evaded GST tax ... jailed for many years
and the reward for tipping off is up to $100k
so to all the brothers/sisters out there, be honest, don't cheat, it is good karma, God willing
now you think I work for IRAS :p
ikan bilis
16-12-12, 09:03
....and the reward for tipping off is up to $100k....
and another free tips given.... you evade tax up to 99K, iras will not go after you.... :hell-hath-no-fury: :D
Got to complete the declaration of properties income properly, otherwise get a special letter. Already in their radar once. But iras officer is quite polite and got off then. Must confirm and double confirm before submitting online.
phantom_opera
16-12-12, 09:06
and another free tips given.... you evade tax up to 99K, iras will not go after you.... :hell-hath-no-fury: :D
I would not want to bet on it ... it is bad karma after all :o
I always a report the income all income one a. is my relative who used my name conveniently 'forgot' to inform me unit rented out and remind me to report the rental income.... good lor well done
I wonder if they got WiFi in jail...
I always a report the income all income one a. is my relative who used my name conveniently 'forgot' to inform me unit rented out and remind me to report the rental income.... good lor well done
I wonder if they got WiFi in jail...
Bro, u sure win this "case".... I think u know wat I talking about. If u don't know , let me know... I show u....
Hahahaha
ikan bilis
16-12-12, 09:36
some "clear and precise" way of reporting to IRAS is important....
- if i use some commercial space myself, i will charge my biz some rental and report to IRAS
- if says, whole year i got no rental income for a property, i will still enter that property onto IRAS and mark income $0 (Or S$1 as sometimes you cannot enter S$0 onto their online filing)...
:rolleyes:
phantom_opera
16-12-12, 09:38
beware of ex-spouse or colleague... the article quoted one tip off coming from angry ex-wife and another is colleague (or subordinate) :doh:
ikan bilis
16-12-12, 10:15
I always a report the income all income one a. is my relative who used my name conveniently 'forgot' to inform me unit rented out and remind me to report the rental income.... good lor well done
I wonder if they got WiFi in jail...
=> rental income need to report, else they can fine/jail you,... & worst case, 3x of rental income tax die die should be able to come out or ask your relative to come out... Say, 7% (tax rate) * 40K (rental) * 3 (fine)...
=> flipping tax,... this 1 they cannot fine/jail you lah,... there is no law saying you must declare flipping yourself (there isn't any clear line of defining a property transaction as trading)... they cannot fine/jail you bcoz you never evade tax... however, they can charge you for flipping tax and that's big amount...
haha looks like not gonna get any rear end action in jail anytime soon...
thx bros
btw additional.benefit of owning multi prop
second and onwards even.for first tenant agent comms, tax etc can offset from income
btw additional.benefit of owning multi prop
second and onwards even.for first tenant agent comms, tax etc can offset from income
din know this... will take note. thanks!
Nope.... 1st tenant rental for first prop not tax deductible....
Don't suka come out with your own rule.... Unless u like to lim kopi....
Nespresso... Hahahahahaha double shot.
Hahahaha
haha looks like not gonna get any rear end action in jail anytime soon...
thx bros
btw additional.benefit of owning multi prop
second and onwards even.for first tenant agent comms, tax etc can offset from income
Brudder, u need help or not??? But u need to push to your relative if u want help and that is if they don't want to pay.... U going to do that or not???? Or u want t take the rap on their behalf....:confused: :confused:
There is money trail..... U think Iras cannot figure out... If I can, they can. If they can, they will, if they will, they will know.... Hahahahahaha
I can think like the good and the bad and sometimes the ugly....
Clint Eastwood.
Hahahaha:cheers3:
Bro carb, let me know if u need help and I paint scenario to u.... U nice guy lah, soi help....
haha looks like not gonna get any rear end action in jail anytime soon...
thx bros
btw additional.benefit of owning multi prop
second and onwards even.for first tenant agent comms, tax etc can offset from income
Brudder, u need help or not??? But u need to push to your relative if u want help and that is if they don't want to pay.... U going to do that or not???? Or u want t take the rap on their behalf....:confused: :confused:
There is money trail..... U think Iras cannot figure out... If I can, they can. If they can, they will, if they will, they will know.... Hahahahahaha
I can think like the good and the bad and sometimes the ugly....
Clint Eastwood.
Hahahaha:cheers3:
Bro carb, let me know if u need help and I paint scenario to u.... U nice guy lah, soi help....
thanks brother. he engaged tax consultant la. the joker even advised him faster better sell off the hdb before they confiscate it if he is deemed to had tried to go around the no private ppty ownership during mop rule!!!
btw I was referring for the second property onwards, the first agent fees are deductible. don anyhow read la... that's why I said benefit of owning multiple ppty right.
my good friend is scholar in iras .... so he said not so bad la. even kena can try ask for instalment scheme lol
relative prepared to pay.... no issue la.... is a high income pr
The only problem is your name on their list. How is he going to compensate you?
relative prepared to pay.... no issue la.... is a high income pr
I referring to second property, 1st time rental if upon top or resale... Agent fee is not tax deductible....
So for e "evasion" of tax, your relative will kana lah... Not you... So why u worry??? You should have consulted me... I jack of all trade, master of some... What is that some??? It is the some when I want to help....
Hahahahahaha
:cheers3: :cheers3:
thanks brother. he engaged tax consultant la. the joker even advised him faster better sell off the hdb before they confiscate it if he is deemed to had tried to go around the no private ppty ownership during mop rule!!!
btw I was referring for the second property onwards, the first agent fees are deductible. don anyhow read la... that's why I said benefit of owning multiple ppty right.
my good friend is scholar in iras .... so he said not so bad la. even kena can try ask for instalment scheme lol
The only problem is your name on their list. How is he going to compensate you?
Bro, his relative fear is he whistle blow... Hahahahahaha... If u relative and use his name, u scared or Mcm scared.... Empathy.... Will give u your answer...
Hahahaha... Mcm just playing with us... Bloody hell:tsk-tsk: :tsk-tsk: :tsk-tsk:
I am confused with all your statement.
I thought rental income will be taxable even if it is your first property?
It is a great lost of opportunity. Not sure if children job opportunity will be affected if they work in garment classified project. The check is really thorough as I have gone through one classified project. They checked my parents,siblings, children, my parents in law, my spouse siblings, etc. :scared-4:
Bro, his relative fear is he whistle blow... Hahahahahaha... If u relative and use his name, u scared or Mcm scared.... Empathy.... Will give u your answer...
Hahahaha... Mcm just playing with us... Bloody hell:tsk-tsk: :tsk-tsk: :tsk-tsk:
Nope.... 1st tenant rental for first prop not tax deductible....
Don't suka come out with your own rule.... Unless u like to lim kopi....
Nespresso... Hahahahahaha double shot.
Hahahaha
Hi chestnut,
I just went to the IRAS website - it indicates all properties that rent out will need to be tax.
I am confuse with your above statement.
I referring to second property, 1st time rental if upon top or resale... Agent fee is not tax deductible....
So for e "evasion" of tax, your relative will kana lah... Not you... So why u worry??? You should have consulted me... I jack of all trade, master of some... What is that some??? It is the some when I want to help....
Hahahahahaha
:cheers3: :cheers3:
Bro dun liddat. Make me work so hard on Sunday afternoon. Read this
http://www.iras.gov.sg/irashome/page04.aspx?id=160
Claimable:
1. Agent's commission, advertising, legal expenses and stamp duties for getting subsequent tenants
2. Cost of renewing a lease or changing a tenant
3. Agent's commission, advertising, legal expenses and stamp duties for getting the *first tenant of a subsequent property* is deductible against the rental income of that property.
-----
Unless u tell me, 'subsequent property' here means replacement and not additional!
Bro, his relative fear is he whistle blow... Hahahahahaha... If u relative and use his name, u scared or Mcm scared.... Empathy.... Will give u your answer...
Hahahaha... Mcm just playing with us... Bloody hell:tsk-tsk: :tsk-tsk: :tsk-tsk:
Ya la.... But on paper is still my name. If relative lan lan dont wanna gimme the money to pay, then how sia? Made him lose his hdb right lol.... Now he happily getting rental frm it while enjoying life in D15 condo bought with the profits.
Nah!!! Go n read la. dun say dun have. Maybe i oughta claim the Tax X from lifeline liao. Wakakakaka
In human language:
http://www.asiaone.com/Business/My+Money/Building+Your+Nest+Egg/Investments+And+Savings/Story/A1Story20111219-317033/4.html
Bro, trust me... If u don't, call iras... But normally, they close 1 eye lah... Because they know many not aware of this rule... All replacement whites are deductible... There is a list... U need to know... Hahahaha... Don't worry lah, if they find out, they just share share w u lah... Won't penalize u. ;)
Bro dun liddat. Make me work so hard on Sunday afternoon. Read this
http://www.iras.gov.sg/irashome/page04.aspx?id=160
Claimable:
1. Agent's commission, advertising, legal expenses and stamp duties for getting subsequent tenants
2. Cost of renewing a lease or changing a tenant
3. Agent's commission, advertising, legal expenses and stamp duties for getting the *first tenant of a subsequent property* is deductible against the rental income of that property.
-----
Unless u tell me, 'subsequent property' here means replacement and not additional!
Ya la.... But on paper is still my name. If relative lan lan dont wanna gimme the money to pay, then how sia? Made him lose his hdb right lol.... Now he happily getting rental frm it while enjoying life in D15 condo bought with the profits.
Bro, there is a money trace.... Understand... Tell him u no money, if iras dig further, they will be able to get money trace from profit u received and the money transferred to him via cheque or transfer.... Then he need to answer hor... U see he scared or not... I believe there is a paper trace on legal ownership... He should have made u sign a letter to say rightful owner is him.
agent comm can be claimed in tax? wah didn't know that
Bro, trust me... If u don't, call iras... But normally, they close 1 eye lah... Because they know many not aware of this rule... All replacement whites are deductible... There is a list... U need to know... Hahahaha... Don't worry lah, if they find out, they just share share w u lah... Won't penalize u. ;)
wow replacements whites also can claim? power.... tq for the tip brudder!
agent comm can be claimed in tax? wah didn't know that
Oh oh. It seems u all don't know what can and cannot be claimed...
wow replacements whites also can claim? power.... tq for the tip brudder!
Wah lau... I blur u all don't know... Hello.... It's money .... Fire insurance, works to make good- not Reno to beautify ah...
tq for the info..otherwise blur blur
Bro dun liddat. Make me work so hard on Sunday afternoon. Read this
http://www.iras.gov.sg/irashome/page04.aspx?id=160
Claimable:
1. Agent's commission, advertising, legal expenses and stamp duties for getting subsequent tenants
2. Cost of renewing a lease or changing a tenant
3. Agent's commission, advertising, legal expenses and stamp duties for getting the *first tenant of a subsequent property* is deductible against the rental income of that property.
-----
Unless u tell me, 'subsequent property' here means replacement and not additional!
Interesting.... didn't know that... bro Chestnut thinks is not true... I have not been claiming... Wait... not too late haven't file tax for last property yet....:D
Let me send email to IRAS to verify... can save some $$$.
Actually I like buying resale prop with existing tenancy... don't have to worry about this issue. All expenses claimable for subsequent tenants...:cheers1:
Interesting.... didn't know that... bro Chestnut thinks is not true... I have not been claiming... Wait... not too late haven't file tax for last property yet....:D
Let me send email to IRAS to verify... can save some $$$.
Actually I like buying resale prop with existing tenancy... don't have to worry about this issue. All expenses claimable for subsequent tenants...:cheers1:
Ok... 1st time getting tenant on rental property - not deductible...
Subsequent - is deductible....
Please call iras to clarify... For me, they called me to clarify... Hahaha....
:cheers3: :cheers3:
Bro ghost... Next time can be more subtle or not... Something like - IRAS may invite u for coffee.... Your title sends shiver down many people's spine leh...
Hahahahah
Chestnut is right. Confirmed and double confirmed. They called me too.
Ok... 1st time getting tenant on rental property - not deductible...
Subsequent - is deductible....
Please call iras to clarify... For me, they called me to clarify... Hahaha....
:cheers3: :cheers3:
Ok... 1st time getting tenant on rental property - not deductible...
Subsequent - is deductible....
Please call iras to clarify... For me, they called me to clarify... Hahaha....
:cheers3: :cheers3:
sent email to ask. safer to keep the record on paper whichever way they reply...:)
Chestnut is right. Confirmed and double confirmed. They called me too.
hmmm... small fry like me don't get calls from IRAS.... Don't know to be happy or not.....:beats-me-man:
Allthepies
16-12-12, 16:08
and another free tips given.... you evade tax up to 99K, iras will not go after you.... :hell-hath-no-fury: :D
My friend declare his tax relief wrongly and he too kena. Small amount also can kena.
My friend declare his tax relief wrongly and he too kena. Small amount also can kena.
Your friend should make IRAS work. When in doubt make them work, they are there to work for you. HDB, URA, IRAS.......
Dear Sir/Madam
We refer to your email below.
Legal co-owners of a property will be taxed on equal shares of the rental income arising from that property. It does not matter that a third party receive the rental income in reality.
You may contact us at 1800-252 5011 or email us should you require assistance on tax filing. We shall be glad to assist you.
Regards
Ms Victoria Gayathri
Individual Income Tax Division
Your friend should make IRAS work. When in doubt make them work, they are there to work for you. HDB, URA, IRAS.......
Dear Sir/Madam
We refer to your email below.
Legal co-owners of a property will be taxed on equal shares of the rental income arising from that property. It does not matter that a third party receive the rental income in reality.
You may contact us at 1800-252 5011 or email us should you require assistance on tax filing. We shall be glad to assist you.
Regards
Ms Victoria Gayathri
Individual Income Tax Division
this is interesting. means even if the holding is 30-70 the rental proceeds they may split accordingly but tax still have to pay in 50-50 terms.
this is interesting. means even if the holding is 30-70 the rental proceeds they may split accordingly but tax still have to pay in 50-50 terms.
http://www.ramdwong.com.sg/news/jan01/ownership.htm
Income subject to % share...
Iras will even as for strata title or land title to show the share% of each co-owners of new TOP property development while reporting rental income to them.
this is interesting. means even if the holding is 30-70 the rental proceeds they may split accordingly but tax still have to pay in 50-50 terms.
Nah!!! Go n read la. dun say dun have. Maybe i oughta claim the Tax X from lifeline liao. Wakakakaka
In human language:
http://www.asiaone.com/Business/My+Money/Building+Your+Nest+Egg/Investments+And+Savings/Story/A1Story20111219-317033/4.html
thanks mcm! but i never enjoy this rebate yet! if have, will blanjar u. :D
btw i assume the above refers to the same year of taxation, not as in 1st property sell off, 2nd also applies.
in addition, another item to claim which i always never act on...
after official top and collection of keys, you can claim the property tax difference from the developer for the lapse in duration of handing over keys. i always procrastinate cos cannot find receipt for property tax etc, until lapse long long, then forget it. if want to, can claim through your lawyers.
always leaky and miss claims... like many years ago, delay moving in by almost 1 year and pay full tax on both sides. :doh: lucky that time think tax was not very high.
buttercarp
16-12-12, 18:12
thanks mcm! but i never enjoy this rebate yet! if have, will blanjar u. :D
btw i assume the above refers to the same year of taxation, not as in 1st property sell off, 2nd also applies.
in addition, another item to claim which i always never act on...
after official top and collection of keys, you can claim the property tax difference from the developer for the lapse in duration of handing over keys. i always procrastinate cos cannot find receipt for property tax etc, until lapse long long, then forget it. if want to, can claim through your lawyers.
always leaky and miss claims... like many years ago, delay moving in by almost 1 year and pay full tax on both sides. :doh: lucky that time think tax was not very high.
Wow, thanks for the tip!
Truly a real tax X :) !
Wow, thanks for the tip!
Truly a real tax X :) !
me newbie-adviser X la... and sharing X...
all tips learnt from my gurus! though already got the back of my ears very wet already. :D
Just ask your lawyer to claim property tax for the period of delay between the date of collection of key from developer and official TOP date of project. It can be quite substantial if it is a large project. Does not need the property tax receipt. This is part of the lawyer's service which not many clients request them to do.
thanks mcm! but i never enjoy this rebate yet! if have, will blanjar u. :D
btw i assume the above refers to the same year of taxation, not as in 1st property sell off, 2nd also applies.
in addition, another item to claim which i always never act on...
after official top and collection of keys, you can claim the property tax difference from the developer for the lapse in duration of handing over keys. i always procrastinate cos cannot find receipt for property tax etc, until lapse long long, then forget it. if want to, can claim through your lawyers.
always leaky and miss claims... like many years ago, delay moving in by almost 1 year and pay full tax on both sides. :doh: lucky that time think tax was not very high.
Can i rent my condo to parent for zero dollar for two years. They then rent out the unit using their name and collext the income.
Can i rent my condo to parent for zero dollar for two years. They then rent out the unit using their name and collext the income.
Bro, this is too obvious... U don't need a rocket scientist to figure out what u doing... This is called tax evasion.... Don't play, play.... Not worth to save a couple of thousands.....
:cheers3: :cheers3:
Bro, this is too obvious... U don't need a rocket scientist to figure out what u doing... This is called tax evasion.... Don't play, play.... Not worth to save a couple of thousands.....
:cheers3: :cheers3:
Technically why cannot? My parent is jobless, i rent out my place to them legally, but foc. Giving them every right to the unit. If they choose to sublet it out, why cannot?
Technically why cannot? My parent is jobless, i rent out my place to them legally, but foc. Giving them every right to the unit. If they choose to sublet it out, why cannot?
Bro, like that I rent all my units to my daughter... She then rent it out... I pay less tax rite???? Bro, don't play play.... The minute I see your post I already know what u doing lah....
Can't u see I say tax evasion....
Bro, like that I rent all my units to my daughter... She then rent it out... I pay less tax rite???? Bro, don't play play.... The minute I see your post I already know what u doing lah....
Can't u see I say tax evasion....
Ok, maybe charge a small token sum to parent.
Same concept as HDB rent the hdb to you, then you sublet to tenant. Sama sama right.
Ok, maybe charge a small token sum to parent.
Same concept as HDB rent the hdb to you, then you sublet to tenant. Sama sama right.
Bro, certain money are meant to be spent !!!! Dont get nitemare over small money... Go for big money !!!!
I am in no position to advise you.... But if I IRAS, I definitely know what you doing ...
auroraborealis
17-12-12, 11:52
aiyo the income tax on rental is not so much lei
don't implicate parents lah, old already later still must kena questioning by iras
not so gd :beats-me-man:
Ok, maybe charge a small token sum to parent.
Same concept as HDB rent the hdb to you, then you sublet to tenant. Sama sama right.
My wife like to look for sale item and very happy when she get discount.
One day I ask her why she don't use the effort to look how to make money than to save money.:beats-me-man:
My wife like to look for sale item and very happy when she get discount.
One day I ask her why she don't use the effort to look how to make money than to save money.:beats-me-man:
I like this.....
phantom_opera
17-12-12, 15:54
My wife like to look for sale item and very happy when she get discount.
One day I ask her why she don't use the effort to look how to make money than to save money.:beats-me-man:
because that is your job ... look at the bright side, you already lucky she not invested in Mini bonds :p
buttercarp
17-12-12, 17:25
My wife like to look for sale item and very happy when she get discount.
One day I ask her why she don't use the effort to look how to make money than to save money.:beats-me-man:
because that is your job ... look at the bright side, you already lucky she not invested in Mini bonds :p
I agree with bro ghost!
My hubby does the investing.
I keep my money as backup just in case.......
I look around for good things and inform him so that he can decide.
I am also like Arcachon's wife, looking for discounts, and ways to save using different credit cards.
Mrs Laguna always complaint that there is no sales and no discount for whatsoever she wants to buy,
phantom_opera
17-12-12, 17:37
Mrs Laguna always complaint that there is no sales and no discount for whatsoever she wants to buy,
because whatever she wants to buy, it is so atas that discount will never be given :rolleyes:
buttercarp
17-12-12, 17:39
Mrs Laguna always complaint that there is no sales and no discount for whatsoever she wants to buy,
Mrs Laguna is Posh life Super X, so the finer things in life usually are not on offer.
My first time at an LV store, after asking the price of the bag, I told the sales person that I will wait until they go on sale then I will come back. She said there is no such thing as sale for LV. I was so :ashamed1: !
So no sale, no LV for me.
Apple iphone also no discount.
But every tom dick and hairy has it.
Ok, maybe charge a small token sum to parent.
Same concept as HDB rent the hdb to you, then you sublet to tenant. Sama sama right.
bro, arms length transaction leh... IRAS will still tax you for the full rental income if they want to
Whistleblow on people who evade tax has reward gone up by 10x = $100k:simmering:
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