Masterclass: IRAS Year End Reporting

SBI240460

Overview

This 6-hour masterclass aims to strengthen understanding of IRAS' regulations and how best to comply with tax obligations when filing employee earnings. In this masterclass, we will review critical compliances that companies tend to overlook and the documentation necessary to avoid errors in year-end reporting.

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Event Detail

Year-end Basics

Responsibilities of Employer
Timetable for submission of year-end returns
Penalties for inaccurate or late submission
Importance of reconciliation of year-to-date payroll reports

Year-end Returns and Other Income Tax Reporting (Overview)

Step by step review of each year-end form including IR8A, A8A, IR8B, IR8S, IR21
How to complete each form with tips on year-end procedures
Avoiding common mistakes made in filing
Tax Treatment of benefits in kind
Other monetary and non-monetary benefits provided/paid by employers

Computation of Benefits in Kind with Case Studies

Accommodation
Air Passage
Per Diem
Car-related items
Stock Options (ESOP/ ESOW)

Learning Objectives

In this masterclass, participants will:

Gain a practical understanding of employer obligations and responsibilities
Necessary documentation and considerations when submitting employee income
Know how to complete the IRAS forms, IR8A, Appendix 8A, Appendix 8B, IR8S and IR21

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Programme/Agenda

Course Outline

Time	Topic
9:00 am – 9:30 am	Registration
9:30 am – 9:40 am	Overview Overview of the Topics Schedule of events
9:40 am – 10:00 am	Responsibilities of Employers Recent updates
10:00 am – 10:30 am	Singapore Basis of Taxation Source of income Tax Residency Employee Definition Progressive Tax Rates Tax Filing Procedure Deadlines Penalties for inaccurate and/or late submission Modes of Submission (AIS/Manual)
10:30 am – 10:45 am	Break
10:45 am – 11:30 am	IR8A (In-depth Review) Gross Salary Contractual VS Non-Contractual Bonus Other Allowances Lump Sum payment Excess Contributions CPF Exempt Income Declaration Employer Borne Tax Deductions Considerations for IR8A
11:30 am – 12:00 pm	Basis of Taxation & IR8A Q/A
12:00 am – 1:00 pm	Networking lunch
1:00 pm – 1:30 pm	Appendix 8A (In-depth Review) Accommodation Annual Value VS Rental Home Leave passage Discount given to employees Car Benefits Other non-monetary Considerations for Appendix 8A
1:30 pm – 2:00 pm	Appendix 8B (In-depth Review) ESOP vs ESOW (Stocks) Phantom Shares Gains computation Foreign Stock exchange-listed treatment IRAS Schemes (ERIS, Start-ups) Considerations for Appendix 8B
2:00 pm – 2:30 pm	IR8S (In-depth Review) Applicability of IR8S Excess VS Over Contribution treatment Considerations for IR8S
2:30 pm – 3:00 pm	IR21 (In-depth Review) Clearance Required? Tax Withholding Obligations Deem Exercise Rule
3:00 pm – 3:30 pm	Pigeonhole Q/A Appendix 8A/8B/IR8S/IR21 conversation on evaluating current pay items and their taxability

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WHO SHOULD ATTEND

Employers, HR personnel, Compensation Managers, and professionals responsible for the management of staff remuneration and income reporting.

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Contact Detail

danial.amiirul@sbf.org.sg

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