How do I declare my annual net trade income as a self-employed person?

Q: How do I declare my annual net trade income as a self-employed person?

From Work Year 2023 onwards All net trade income (NTI) declarations from Work Year 2023 (Year of Assessment 2024) onwards can be made with the Inland Revenue Authority of Singapore (IRAS) by filing a tax return. There is no need to file separate income declarations with CPF Board. When IRAS has completed the income assessment for the year, you will receive a notice of CPF contributions for self-employed persons from CPF Board informing you of your MediSave payable. You will be able to view this notice on the self-employment dashboard after logging in with your Singpass. For Work Year 2022 or earlier If you were not issued with a Notice of Assessment by IRAS and wish to declare your NTI for work year 2022 and earlier, you can write to us using your Singpass. If you have declared your NTI with IRAS, you do not need to declare your income again to CPF Board.

Question

Accepted Answer

From Work Year 2023 onwards
All net trade income (NTI) declarations from Work Year 2023 (Year of Assessment 2024) onwards can be made with the Inland Revenue Authority of Singapore (IRAS) by filing a tax return. There is no need to file separate income declarations with CPF Board.

When IRAS has completed the income assessment for the year, you will receive a notice of CPF contributions for self-employed persons from CPF Board informing you of your MediSave payable. You will be able to view this notice on the self-employment dashboard after logging in with your Singpass.

For Work Year 2022 or earlier
If you were not issued with a Notice of Assessment by IRAS and wish to declare your NTI for work year 2022 and earlier, you can write to us using your Singpass.

If you have declared your NTI with IRAS, you do not need to declare your income again to CPF Board.

How do I declare my annual net trade income as a self-employed person?

Related questions

What if I had declared a wrong net trade income to IRAS or CPF Board?

I used to declare my income to CPF Board to determine my Workfare Income Supplement or for reconciliation of my Contribute As You Earn contributions. Why is CPF Board no longer accepting income declarations?

I used to declare my income to CPF Board to determine my Workfare Income Supplement or for reconciliation of my Contribute As You Earn contributions. Why is CPF Board no longer accepting income declarations?

What is the period for income declaration to IRAS?