Misc100 2 Report post Posted August 27, 2008 Does a retiree have to pay property tax (12% of property's annual value for non-owner occupied properties) and income tax for rental income? Share this post Link to post Share on other sites
applefreak 1 Report post Posted August 27, 2008 err think retired or not has got nothing to do with both right? one is tax payable on property i.e. got property must pay the other is income tax i.e. got income must pay Share this post Link to post Share on other sites
hello88 2 Report post Posted August 27, 2008 (edited) Does a retiree have to pay property tax (12% of property's annual value for non-owner occupied properties) and income tax for rental income? yes, retiree still have to pay property taxes (w/o subsidy when they sublet entire flat), TV licence, high conservancy charges to Town Council (no rebates given for those who sublet entire flat). Also have to pay taxes and file income tax as long as annual earning is more than $22k. Retiree may still have forms of income coming from his/her pension, investments or rental fees and all these might add up to more than 22k Edited August 27, 2008 by hello88 Share this post Link to post Share on other sites
tweetie76 0 Report post Posted August 27, 2008 Does a retiree have to pay property tax (12% of property's annual value for non-owner occupied properties) and income tax for rental income? i don't think anybody check..so i doubt they pay income tax..as for property tax, i thot IRAS will mail to the addressee? Share this post Link to post Share on other sites
yoongf 11 Report post Posted August 27, 2008 When renting out, need to fill out a computer form to state vacancy period, and the eventual contracted rent. When filling out the income tax form, need to fill out a computer form which states the address of the rental property owned. When IRAS computer do their consolidation .. and flag those addresses that have rental revenue, but no rental income declared.. imagine the next course of action. Starbucks? Share this post Link to post Share on other sites
applefreak 1 Report post Posted August 27, 2008 i don't think anybody check..so i doubt they pay income tax..as for property tax, i thot IRAS will mail to the addressee? for dividend income, the returns is submitted to IRAS automatically by CDP Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted August 27, 2008 When renting out, need to fill out a computer form to state vacancy period, and the eventual contracted rent. When filling out the income tax form, need to fill out a computer form which states the address of the rental property owned. When IRAS computer do their consolidation .. and flag those addresses that have rental revenue, but no rental income declared.. imagine the next course of action. Starbucks? Starbucks leh! I think at most is Nescafe hor... Does a retiree have to pay property tax (12% of property's annual value for non-owner occupied properties) and income tax for rental income? You had posted quite a few threads peppered with singular questions, which I believed are linked? Why don't you just post your whole story and let the 'experts' try and tackle your situation? Getting answers in bits and pieces is going to make you more confused... Share this post Link to post Share on other sites
Misc100 2 Report post Posted August 28, 2008 (edited) You had posted quite a few threads peppered with singular questions, which I believed are linked? Why don't you just post your whole story and let the 'experts' try and tackle your situation? Getting answers in bits and pieces is going to make you more confused... Hey, thanks! But they are not really linked. Just trying to understand more of the processes, and generate some discussion and opinion/knowledge sharing. Edited August 28, 2008 by Misc100 Share this post Link to post Share on other sites
therat 18 Report post Posted September 4, 2008 Hey, thanks! But they are not really linked. Just trying to understand more of the processes, and generate some discussion and opinion/knowledge sharing. retiree not VIP why they no need to pay property tax and income tax? Share this post Link to post Share on other sites
