It’s time for Singapore Tax Season 2018 – filing of individual income tax returns for YA2018 i.e. assessment for income earned and expenses incurred from Jan 2017 to Dec 2017. I like how most of the information is pre-filled in our income tax returns and we only have to provide additional expenses/claims data. It’s a relatively smooth and painless process to complete and submit our YA2018 ITRs with IRAS.

Since we no longer have the personal tax rebate (YA2017) and received higher salary & bonus income, both of our YA2018 tax payable amounts have gone up. This is a good problem to have since that means our active income has increased. Nevertheless, it’s always going to hurt to pay more income tax. Which is why we go with the 12 interest-free monthly instalments via GIRO. It hurts less when you pay a smaller amount every month rather than a big lump sum at one time. Helps with …