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Anonymous
Is there a maximum you are allowed to earn before you need to contribute tax?
Mostly just selling unwanted household items / pre-loved items.
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Cedric Jamie Soh
27 Dec 2019
Director at Seniorcare.com.sg
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Nope, I think selling pre-loved items shouldn't be taxable.
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Axib Xny
23 Nov 2019
Proprietor at Self employed
Capital gains not taxable in Singapore.......
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Revenue is not equal Profit.
Profit is revenue minus costs (R - C = P)
If you are selling secondhand items where the cost of the goods is actually higher, then in accounting, you are not turning a profit, you are running a loss. (hence no income tax needed)
Unless you are running a 2nd hand business where you actively buy goods from others (like 2ndhand computers, secondhand furnitures, secondhand bags etc) and then sell it to others where you are making a profit, then you should document it down.
First $20,000 individual income in each financial year is 0% tax rate, so you don't have to pay any tax if your business is generating less than $20,000 profits.