Asked by Anonymous
Asked 2w ago
Is there a maximum you are allowed to earn before you need to contribute tax?
Mostly just selling unwanted household items / pre-loved items.
Selling pre-loved items and unwanted i believed is fine. In a way there was no profit from it. It is still better to check iras website.
Top Contributor (Oct)
IRAS guidance below - if you are " carrying on a trade, business, profession " then considered self employed and gains would be taxable https://www.iras.gov.sg/irashome/Businesses/Self-Employed/Learning-the-basics/Basic-Guide-for-Self-Employed-Persons/
There is no specific number but if it came to it; would look into whether factors existing showing a structured business (seperate accounting records, vendor contract/relationships, etc) to make the judgement.
if you are just selling unwanted stuff on adhoc basis; wouldn't be taxable.
If you are just a casual seller of 2nd hand stuff, then is really up to you. Optional. If carouselling is your only source of income and you need to buy HDB or buy car with loan, then they will require your income statement. This case, you would have to decalre an income to take up loans.
If you are an online shop, yes, must declare.