Income Tax

[riovista44 0]

We just got ourselves a second condo unit, intend to rent one unit out. We understand that we need to declare our rental income in our income tax but we are not sure who should be the one to declare or both must declare?

[bepgof 20]

If income tax done on seperate, then wise to "give" this income to the one who earn less.

Presently I need to pay personal income of $238/per month. June 2011 till apri 2012 will be reduced to $144.88. Gov "listen" & acts very fast leh. If this were were before the GE2011, believed ruling party would have secured more votes. Sorry, getting old, like to complain.

We just got ourselves a second condo unit, intend to rent one unit out. We understand that we need to declare our rental income in our income tax but we are not sure who should be the one to declare or both must declare?

Edited May 13, 2011 by bepgof

[yoongf 11]

If the property is jointly owned, then the income has to be declared 50-50.

This is not a arbitrary method.

http://www.iras.gov.sg/irasHome/page04.aspx?id=160

For jointly owned property

The rental income is taxed on all the joint owners based on their share in the property. It does not matter which party receives the rent or whether the owners paid for the property.

This also applies to rental loss. The rental loss is apportioned to joint owners based on their share in the property.

[riovista44 0]

My wife earn less than me, no need to pay income tax every year. I think let her declare the rental income will do! Wah! must pay conservancy fees every 3 months, property tax and income tax every year! rental returns become not so attractive liao leh!

[random_username 0]

My wife earn less than me, no need to pay income tax every year. I think let her declare the rental income will do! Wah! must pay conservancy fees every 3 months, property tax and income tax every year! rental returns become not so attractive liao leh!

rent income is taxed on all the joint owners of the property based on their share in the property. Go look at the iras website - very clearly laid out there. look out for the deductions allowable to you when calculating - also clearly laid out on the website.

ETA: see yoongf's post above, who has kindly provided you a link too!

Edited May 14, 2011 by random_username

[bepgof 20]

Got money going into pocket still yee yee ahh ahh?. Watch out for the 10% property tax. Unless send the TA for stamping, otherwise IRAS won't know the property is tenanted. If stamped, yoongf is correct.

My wife earn less than me, no need to pay income tax every year. I think let her declare the rental income will do! Wah! must pay conservancy fees every 3 months, property tax and income tax every year! rental returns become not so attractive liao leh!