How To Find Out If Taxes Will Be Garnished – “Notice of Assessment” refers to your tax bill. It shows the types and amount of taxable income, the deductions you have claimed and the amount of tax you owe; or be refunded to you.
This is the tax bill calculated based on the tax forms you have submitted and/or information submitted by organizations participating in the Auto-Opt-in Scheme.
How To Find Out If Taxes Will Be Garnished
If we change your tax assessment, you will receive a change of assessment notice. “Previous assessment” shows the tax you owe from your previous tax bill.
Frequently Asked Questions
If there is a credit on your tax bill, we will refund the amount of the credit.
If we revise your tax assessment, you must pay the additional taxes. You will receive the additional assessment notice and the additional tax you have to pay is displayed as “Additional Tax Payable”.
If there is any credit amount due, you will receive a repayment notice instead of an assessment notice.
If you haven’t filed your income tax return by the due date, we may calculate your tax based on the information available and send you an estimated assessment notice. Estimated tax is displayed as “Estimated Tax Due”.
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This applies to the tax year in which your income tax is calculated and charged. The assessment is for the income you earned in the previous calendar year.
“Tax due by May 27, 2023 $8,586.00” means that you must pay $8,586.00 by May 27, 2023 unless you pay your taxes via GIRO.
This applies to the income period corresponding to the year of assessment (YA). The base period for a YA is the year preceding that YA.
If you receive business income, the base period may be different if your accounts are made up to a date other than 31 December.
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Mr Tan has employment income from 1 January 2022 to 31 December 2022. This income was earned in the base period from 1 January 2022 to 31 December 2022 and will therefore be assessed in the year of assessment 2023.
Mr. Lee is the sole proprietor. His business financial year ends on 31st March 2022. His business income was earned during the base period from 1st April 2021 to 31st March 2022 and will therefore be assessed in the year of assessment 2023. People often assume that when the Govt. impose a tax on purchases of a product, producers simply raise the price of the product so that consumers end up paying the tax. Makes sense, right? Except like many economic myths, this is not true. The analysis or the manner in which the tax burden is distributed between consumers and producers is called the tax burden. The tax burden depends on the price elasticity of supply and demand.
The example of previously introduced cigarette taxes showed that because demand is inelastic, taxes are not effective in reducing the equilibrium quantity of smoking and are mainly passed on to consumers in the form of higher prices. For other products, however, the tax burden can be very different. Let’s dig deeper into these ideas.
This video introduces the idea of the tax burden and demonstrates how taxes affect both consumers and producers. Look closely at the graphs towards the end of the video to see graphically how different elasticities cause the tax burden to change. When demand is inelastic, consumers pay more of the tax, but when demand is elastic, the burden falls on producers.
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Normally, the tax burden or burden falls on both consumers and producers of the taxed good. However, if you want to predict which group will bear most of the burden, all you have to do is examine the elasticity of supply and demand. In the example of tobacco, the tax burden falls on the most inelastic side of the market.
Note also that when sales taxes affect the equilibrium quantity, there are effects on economic welfare. You can see this as a decrease in consumer surplus, a decrease in producer surplus, and a deadweight loss. The size of these changes depends on the price elasticity of supply and demand.
Let’s look at another example. Imagine a $1 tax on every barrel of apples an apple grower produces. If the product (apples) is price inelastic to the consumer, then the farmer can pass the entire tax on to apple consumers by raising the price by $1. In this situation, the consumers bear the entire burden of the tax or the tax burden falls on the consumers. On the other hand, if the apple producer is unable to raise prices, as the product is price elastic, the farmer has to bear the burden of the tax through reduced revenue, hence the tax burden falls on the farmer. If the apple producer can raise prices by an amount less than $1, then consumers and the farmer share the tax burden. If demand is more inelastic than supply, consumers bear most of the tax burden, and if supply is more inelastic than demand, sellers bear most of the tax burden.
The intuition for this is simple. When demand is inelastic, consumers are not very responsive to price changes and the quantity demanded falls only modestly when the tax is introduced. In the case of smoking, demand is inelastic because consumers are addicted to the product. The government can then pass the tax burden on to consumers in the form of higher prices, without much decline in the equilibrium quantity.
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Similarly, when the government imposes a tax on a market with inelastic supply, such as beach hotels, and sellers have no alternative but to accept lower prices for their business, the tax does not significantly affect the equilibrium quantity. The tax burden now shifts to the sellers. If supply were elastic and sellers had the opportunity to reorganize their business to avoid supplying the taxed good, the tax burden on sellers would be much less. The tax would result in much less quantity sold instead of lower prices received. Figure 1 illustrates this relationship between the tax burden and the elasticity of supply and demand.
Figure 1. An excise tax drives a wedge between the price paid by consumers (Pc) and the price received by producers (Pp). The vertical distance between Pc and Pp is the tax amount per unit. Pe is the equilibrium price before the tax is introduced. (a) When demand is more elastic than supply, the tax burden on consumers Pc – Pe is less than the tax burden on producers Pe – Pp. (b) When supply is more elastic than demand, the tax burden on consumers Pc – Pe is greater than the tax burden on producers Pe – Pp. The more elastic the supply and demand curves, the lower the tax revenue.
In Figure 1(a), supply is inelastic and demand is elastic, as in the beach hotel example. While consumers may have other vacation choices, sellers cannot easily relocate their business. By imposing a tax, the government essentially creates a difference between the price paid by consumers Pc and the price received by producers Pp. In other words, of the total price paid by consumers, a portion is retained by the sellers and a portion is paid to the government in the form of tax. The distance between Pc and Pp is the tax rate. The new market price is Pc, but sellers only get Pp per unit sold because they pay Pc-Pp to the government. Since we can think of the tax as raising the cost of production, this can also be represented by a leftward shift of the supply curve, where the new supply curve will intersect demand at the new quantity Qt. For simplicity, Figure 1 omits the shift in the supply curve.
The tax revenue is given by the shaded area, which we obtain by multiplying the tax per unit by the total quantity sold Qt. The tax burden on consumers is determined by the difference between the price paid Pc and the initial equilibrium price Pe. The tax burden on sellers is determined by the difference between the initial equilibrium price Pe and the price they receive after the introduction of the tax Pp. In Figure 1(a), the tax burden falls disproportionately on sellers, and more of the tax revenue (shaded area) is due to the resulting lower price received by sellers than to the resulting higher price paid by buyers. Figure 1(b) describes the example of the excise tax on tobacco, where supply is more elastic than demand. The tax burden now falls disproportionately on consumers, as shown by the large difference between the price they pay, Pc, and the initial equilibrium price, Pe. Sellers receive a lower price than before the tax, but this difference is much smaller than the change in the price to consumers. From this analysis, one can also predict whether a tax is likely to generate large revenues or not. The more elastic the demand curve, the more likely the consumers
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