We know that filing income tax could be a daunting task for any individual especially a freelancer.
For this, we have come up with a quick guide to help you navigate through this process:
✓ Have you derived any income from your business activities derived in Singapore
✓ Have you received a Tax Form or an invitation to E-file from IRAS
✓ Do you earned more than S$20,000 and above in 2018 (by 31st December 2018)
If your answer is “Yes” to the above, then you will need to file your tax.
Basic guide to filing your tax:
- Determine your tax obligation
- Decide on the accounting period
- Keep proper records and accounts
- Prepare Statement of Accounts
- Prepare a 4-liners statement (Revenue, Gross profit, Allowable Business Expenses and Adjusted Profit)
- File income tax to IRAS through e-filing or Form
- BONUS – Please remember to file your Medisave as it is a requirement for all Singaporean Self Employed Personnel / Freelancers
For more information, please refer to IRAS website at:
Remember to file your tax online by 18th April 2019.
If you want to find out more about taxes and setting up your own business, sign up for our 2-day Freelancing 101 Bootcamp.