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Jun 20, 2016

Tax Example: Rent


Non-resident couple´s rental income1
Monthly Rental Income2 1,500 6,000 12,000
Annual Rental Income 18,000 72,000 144,000
Less Expenses3 (4,383) (17,531) (35,061)
= Taxable Income 13,617 54,470 108,938
Income Tax 4
Flat rate 20% 2,723 10,894 21,788
Annual Income Tax Due US$2,723 US$10,894 $21,788
Tax Due as % of Gross Income 15.13% 15.13% 15.13%
Source:
GPG

Notes


1 The property is jointly owned by husband and wife.

2 Exchange rate used: 1.00 US$ = 1.35 SGD

3 Estimated values. Property tax, insurance, maintenance and repairs are all deductible.

4 The tax rate for nonresidents is 20%.

 





Comments

#1 SINGAPORE REAL ESTATE | April 10, 2010

you can find an excel spreadsheet for tabulating your rental income and expenses for purpose of filing taxes with IRAS - http://www.singaporerealestate.info/blog/property-tools/income-statement-spreadsheet-rental-property/

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