Crowdfunding via Kickstarter?

[ahboi95]

Hi guys if i were to crowdfund a certain product on Kickstarter, is it taxable? Like if its just maybe a 3/4 times a year thing and not like starting a blogshop etc? And if im holding a full-time job currently, would it be considered as moonlighting?

 

[xSieghartx]

So you're selling a product or service? Yes it would still be considered income (despite the ad hoc basis of it) and should be added to your yearly taxable income should you decide to declare it.

Edit:
https://www.iras.gov.sg/IRASHome/Businesses/Self-Employed/Working-out-your-taxes/Calculating-and-Reporting-Business-Income/

Freelancers, commission agents, hawkers, taxi drivers, sole-proprietors and partners in a partnership are self-employed persons.

 

[ahboi95]

So you're selling a product or service? Yes it would still be considered income (despite the ad hoc basis of it) and should be added to your yearly taxable income should you decide to declare it.

Ahhh i see thanks for the link was trying to find something like that can IRAS like see your bank account balance? Like if i suddenly get some money are they able to see and like be “eh suspicious this guy”? Coz i know they are able to appoint banks as agent to take money directly if someone were to owe taxes

 

[makav31i]

Ahhh i see thanks for the link was trying to find something like that can IRAS like see your bank account balance? Like if i suddenly get some money are they able to see and like be “eh suspicious this guy”? Coz i know they are able to appoint banks as agent to take money directly if someone were to owe taxes

There is Anti-Money Laundering / Countering the Financing of Terrorism in Singapore and most countries...I don't understand why anyone would want to openly ask on how to break the law by evading taxes...

 

[ahboi95]

There is Anti-Money Laundering / Countering the Financing of Terrorism in Singapore and most countries...I don't understand why anyone would want to openly ask on how to break the law by evading taxes...

Just wondering i guess sorry hahaha

 

[xSieghartx]

Just wondering i guess sorry hahaha

Best not to risk it, especially considering the traceability of electronic payments and receipts.