Notice of Assessment Singapore: Your Comprehensive Guide!

Getting your Notice of Assessment (NOA) from the Inland Revenue Authority of Singapore (IRAS) is an important event. It is your chance to review your tax information for the previous year and make sure that everything is correct. You have 30 days to check your NOA and inform IRAS of any changes or errors you may find.

What is a Notice of Assessment?

A NOA is a document that IRAS sends to taxpayers every year after the tax filing deadline. It summarizes your taxable income, deductions, and tax liability for the previous year. Your NOA also shows the amount of tax you have paid and the amount you owe or refund you are entitled to.

Importance of Notice of Assessment Singapore

Checking your NOA is important for several reasons:

• It allows you to verify that your tax information is correct.
• It helps you identify any potential errors or omissions that can affect your tax liability.
• It provides you with information on tax deductions and credits that you may be eligible for.
• It can help you plan your taxes for the current year.

Understanding Your Notice of Assessment

Your NOA will typically include the following information:

• Full name
• NRIC/FIN
• Year of assessment
• Taxable income
• Tax deductions
• Tax liability
• Tax payable
• Refund or balance due

Step-by-Step Guide to Reviewing Your NOA

• Review your personal details: Make sure that your name, NRIC/FIN, and year of assessment are correct.
• Check your income and deductions: Verify that the income and deductions reported on your NOA match your tax return.
• Calculate your tax liability: Compare your tax liability on your NOA to your own calculations.
• Determine your payment or refund: Check if you owe any additional tax or are entitled to a refund.
• File an objection if necessary: If you find any errors or omissions on your NOA, you can file an objection within 30 days.

Common Errors Found in Notices of Assessment

Some common errors that taxpayers may find in their NOAs include:

• Incorrect income reported
• Missing deductions
• Incorrect tax calculation
• Errors in personal details

Tips and Tricks for a Smooth NOA Review

• Keep a copy of your tax return for reference.
• Use a tax calculator to verify your tax liability.
• Review your NOA carefully and contact IRAS if you have any questions.
• File an objection within 30 days if necessary.

Wrapping Up!

Your Notice of Assessment is an important document that you should review carefully. It allows you to check that your tax information is correct and identify any errors that may affect your tax liability. By following the tips and tricks outlined in this guide, you can ensure a smooth and efficient NOA review process.

Frequently Asked Questions

Q: What is the deadline for filing an objection to my NOA?
A: You have 30 days from the date of issue of your NOA to file an objection.

Q: Can I amend my tax return after I receive my NOA?
A: Yes, you can amend your tax return within one year from the date of filing.

Q: What should I do if I find an error on my NOA but it is after the objection deadline?
A: You can contact IRAS and request a review of your case.

Q: How can I get a copy of my NOA?
A: You can access your NOA through the IRAS myTax Portal or by contacting IRAS directly.