Hello, my fellow taxpayer! While we must endure the messy process of filing our IRAS personal tax returns, I don’t need to tell you how glamorous this is- that’s not a word on your to-do list! But do not worry; this guide will take the problem out of the exercise. Kick back with a hot cup of coffee and dive into the basics of IRAS personal tax filing.
Table of Contents
IRAS Personal Tax: Steps For A Smoother Filing
Step 1: Gather The Required Documents
Before anything else, we need to get organized. You will need:
- Your NRIC or FIN number
- A SingPass to log in to the IRAS portal
- Income documents (IR8A, IR8S, etc.)
- Receipts for tax deductions and reliefs
- Details of your bank account for tax refunds
Smart tip: Prepare a folder (can be digital or physical) to neatly keep that information apparate at one spot. It will pay dividends for your future self!
Also Read:- IRAS Tax Filing Tips For Singapore 2025
Step 2: Log In to myTax Portal
Make your way to the myTax portal from the IRAS website and log in with your SingPass. It is about time if you haven’t gotten SingPass done yet. It is like having a master key to the great apparatuses of all government services in Singapore.
Step 3: Review the Information Automatically Included
There are many wonderful things to say about that IRAS has been auto-including so much information. It includes your employment income, CPF contributions, and certain deductions. You should have a careful manual process for this so that you can ensure the correctness of what is contained therein. Flag any discrepancies if you find any here.
Step 4: Declare Additional Income
Did you have any side hustles or rental income this year? Maybe you struck it rich at the casino (lucky you!)? Don’t forget to declare these under “Other Income”. Remember, honesty is the best policy when it comes to taxes!
Step 5: Claim Your Deductions and Reliefs
This is where you can theoretically reduce your tax bill. Some common deductions and reliefs include:
- Course fees relief
- CPF cash top-up relief
- Donation deductions
- NSman relief
- Parent/handicapped parent relief
Step 6: Confirm Everything
Before you hit that fateful submit button, take a moment to double-check the details. It’s easier to put things right now than to make amendments afterwards.
Step 7: Submit Your Return
Take a deep breath-you are almost done! As soon as the tax returns come back and everything checks out, go ahead and submit it. Give yourself a pat on the back. You have just conquered the IRAS personal tax filing!
So, What Happens Next?
After submission, IRAS will process your return and send you a tax bill (also known as a Notice of Assessment) by September. If you’ve opted for electronic notifications, keep an eye on your email. Otherwise, it’ll come through to your mailbox the old-fashioned way.
IRAS Personal Tax: Crucial Updates for 2024-25?
Let’s unpack some crucial changes to the existing regime which shall liven up matters in 2025. These changes are made, of course, by the IRAS:
- Increased Cap on Personal Income Tax Relief: The personal income tax relief caps have increased from $80,000 to $90,000 per YA. More relief sought through this run-up means any possible reduction in tax payable.
- Enhanced WMCR: Working mothers may listen in. The WMCR will get some tweaking in relation to working mothers. Accordingly, one can now claim 25% for the first child, 20% for the second child, and 15% for the third and subsequent children.
- New Tax on Digital Services: If you are in the domain of digital services, then keep your guard up as there is a new tax in town. Make sure to know how it affects one’s respective tax returns.
- Expanded Grandparent Caregiver Relief: If you’re supporting your parents or grandparents, you may get more generous relief under this scheme.
Also Read:- How to Spot and Avoid the Latest IRAS Phishing Scam
Filing your IRAS personal tax return doesn’t have to be a chore. With a little preparation and this guide by your side, you’ll be manoeuvring through tax season like a pro. Just remember to stay organized throughout the year since that will make doing taxes so much easier; save those receipts and start thinking about next year!
And hey, now that you have submitted your return, it’s time for you to treat yourself. After all, you did a national service, and that should certainly give you a reason to celebrate!
Happy Taxing, Singapore!
5
