IRAS is after you

[phantom_opera]

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

[roly8]

wa!

trader earn 900k..

[ikan bilis]

....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....

[DC33_2008]

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]

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

[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...

[chestnut]

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]

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)...

[phantom_opera]

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

[ikan bilis]

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...

[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

[lifeline]

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!

[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

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

[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....

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

[mcmlxxvi]

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

[mcmlxxvi]

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

[DC33_2008]

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

[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

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

[chestnut]

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

[yowetan]

I am confused with all your statement.

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

[DC33_2008]

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.

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

[yowetan]

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.

[mcmlxxvi]

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!

[mcmlxxvi]

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.

[mcmlxxvi]

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

[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.

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!

[chestnut]

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.

[Lovelle]

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

[mcmlxxvi]

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!

[chestnut]

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...