Asked by Anonymous
Asked on 17 Dec 2018
You can reference the table to see where you stand
You will be required to file your income tax (or done automatically by your company Form IR8A.)
Depending on your income, you may or may not need to pay income tax. If your assessable income for the year exceeds $21,000 (which exclude CPF contribution), then you will have to start to pay income tax. Best to do your tax planning if you are earning more than $4,300 (excluding bonus) or $4,000 (including bonus) this year.
But the tax to pay is very little for now. The impact will be felt after next year.
Current year earnings will be assessed next year. Filing will start 1st March.
So for 2018 earnings, will be assessed in 2019. 2019 earnings will be in 2020..