14 February 2012

Remisiers, real estate agents and lawyers who want to avoid costly and time consuming filing mistakes in their tax return forms will be heartened to note that IRAS has compiled a list of common filing mistakes for their industry.  The correct way of filing has also been outlined.

Common errors are as follows:

For remisiers:

• Remisier income declared as employment income
• No record or receipts to substantiate claims, especially for expenses on entertainment and gift
• Personal and private expenses claimed as entertainment and gift expense (e.g. entertaining self and family)
• Claims on private car expenses claimed

For real estate agents:

• Real estate agent income declared as employment income
• No record or receipts to substantiate claims, especially for expenses on entertainment and advertisement
• Private car expenses claimed
• Personal insurance claimed e.g. personal accident, medical and life insurance for the sole-proprietor/partner

For lawyers:

• No or incomplete record keeping to substantiate claim for entertainment expenses
• Private car expenses claimed
• Inadequate or incomplete record keeping to substantiate claim for expenses on travelling and transport
• Personal and private expenses claimed as business expenses.

More details can be found here.

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit www.iras.gov.sg for more information.