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Thread: IRAS is after you

  1. #1
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    Default IRAS is after you

    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
    Ride at your own risk !!!

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    wa!

    trader earn 900k..
    I took the road less traveled by, and that has made all the difference. - Robert Frost quotes (American poet, 1874-1963)

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    Quote Originally Posted by phantom_opera
    ....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....

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    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.

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    Quote Originally Posted by ikan bilis
    and another free tips given.... you evade tax up to 99K, iras will not go after you....
    I would not want to bet on it ... it is bad karma after all
    Ride at your own risk !!!

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    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...

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    Quote Originally Posted by mcmlxxvi
    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

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    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)...


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    beware of ex-spouse or colleague... the article quoted one tip off coming from angry ex-wife and another is colleague (or subordinate)
    Ride at your own risk !!!

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    Quote Originally Posted by mcmlxxvi
    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...

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    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
    click: 🏢shoeboxmickeymousehouse 🏢

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    Quote Originally Posted by mcmlxxvi
    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!

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    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

    Quote Originally Posted by mcmlxxvi
    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

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    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....

    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

    Bro carb, let me know if u need help and I paint scenario to u.... U nice guy lah, soi help....




    Quote Originally Posted by mcmlxxvi
    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

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    Quote Originally Posted by chestnut
    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....

    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

    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

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    relative prepared to pay.... no issue la.... is a high income pr

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    The only problem is your name on their list. How is he going to compensate you?
    Quote Originally Posted by mcmlxxvi
    relative prepared to pay.... no issue la.... is a high income pr

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    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



    Quote Originally Posted by mcmlxxvi
    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

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    Quote Originally Posted by DC33_2008
    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

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    I am confused with all your statement.

    I thought rental income will be taxable even if it is your first property?

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    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.
    Quote Originally Posted by chestnut
    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

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    Quote Originally Posted by chestnut
    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.

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    Quote Originally Posted by chestnut
    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

    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!

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    Quote Originally Posted by chestnut
    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
    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.

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    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+M...-317033/4.html

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    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.


    Quote Originally Posted by mcmlxxvi
    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!

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    Quote Originally Posted by mcmlxxvi
    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.

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    agent comm can be claimed in tax? wah didn't know that

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    Quote Originally Posted by chestnut
    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!

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    Quote Originally Posted by Lovelle
    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...

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