Punishments aside, there are a few reliefs and rebates for law abiding citizens who are diligently filing their tax on time. I just found out that there is such thing called “Life Insurance Relief”. All these while since 2004, I didn’t know hence I didn’t report it. URGH! Knowledge has its power only when you are able to apply it. Now I know and I am so going to remember this! Imagine the savings I would have got to buy more books I don’t read! That’s so heavenly :p
I am just a small fish with simple income and expense structure. And yet I missed out on the relief that I was legally entitled to due to my not knowing. Now I know why companies or high net worth individuals need a professional or even a team of professional to handle their tax. For the lazy few, there’s always tax software to assist in filing your tax or even filing tax extension (if you are so busy). Alas, they are only applicable for US tax. May be one day Singapore will have one too.
Update: I am not eligible for the life insurance relief as my CPF contribution has exceeded. Aaaa...aaaa... So I don't really lose out much then ... *sob sob still*