How do you save on your taxes?

OCBC Bank

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Hi folks,

What are some of the ways that you save on your taxes? Share your ideas here.
We’ll invite some of the best contributors to this thread out for lunch. ;)

^Andi P.
 

FP_IFA

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1. Opening a SRS account and contributing to it. Then use the account to invest to get better return.

2. Topping up own CPF SA account. Interest return for SA account is 4% as of now. You can also top up Medisave account.

3. Topping up family members CPF accounts.
 

Agent_X

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Don't get a job, no need to pay tax.
Don't buy anything, no need to pay tax.
Figure out a way how to eat air and survive. That's until the government figure out a way to tax air.
 

justandid

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Invest in short term bond funds that invest in Singapore bonds. The gains are tax free as they are capital gains.
 

OCBC Bank

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OCBC will buy lunch. Not sure if any friends from IRAS are free... but who knows? :)

^Julian
for OCBC Bank
 

Futureskid

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account in British virgin island, expenses instead of assets, allowance instead of salary etc....

if u still have too much taxable money, u should donate to charity, or finally, consider putting into OCBC SRS account and spend your robinsons voucher...
 

Funerei86

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Employment Income minus

Donation X 2.5 times

Tax Relief
Earn income relief if below 55 years old $1000
NS mens (if attend in-camp in the preceding year) $3000
Top up to parents up to $7000
Top up to ownself's SA if below 55 years old up to $7000
CPF relief (Employee portion) 20% x 12 month salary(including bonus if any)
SRS which is a dollar for dollar 13 years scheme with the bank where you put $ in to get tax relief & use the monies to invest.

For those earning median income, just try to make it under 20,000.
No need pay income tax =)
Not that hard with all the generous tax relief:s13:

"Chargeable
Income" Rate Gross Tax Payable
$ (%) $
On the first 20,000 0 0
On the next 10,000 2.0 200
On the first 30,000 200
On the next 10,000 3.5 350
On the first 40,000 550
On the next 40,000 7.0 2,800
On the first 80,000 3,350
On the next 40,000 11.5 4,600
On the first 120,000 7,950
On the next 40,000 15 6,000
On the first 160,000 13,950
On the next 40,000 17 6,800
On the first 200,000 20,750
On the next 120,000 18 21,600
On the first 320,000 42,350
Above 320,000 20
 

lzydata

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Looks like the SRS account competition is heating up!

UOB is also offering shopping vouchers but for at least $10k in contributions or investment purchases.

DBS is having a lucky draw for anyone who contributes to their SRS accounts with them. Each $50 contributed gets one chance. 3 lucky winners will have their income taxes paid by DBS! (Up to $10k.)

UOB : UOB SRS Account
Supplementary Retirement Scheme Account
 

Alpha_Hippo

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Best way to have savings on income tax is to

1) Have a handicap spouse
2) Contribute to parents allowance
3) Most important, having children.

One kid can save alot, two kid can save even more, three kids is wow.
:s13:
 

OCBC Bank

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Looks like the SRS account competition is heating up!

UOB is also offering shopping vouchers but for at least $10k in contributions or investment purchases.

DBS is having a lucky draw for anyone who contributes to their SRS accounts with them. Each $50 contributed gets one chance. 3 lucky winners will have their income taxes paid by DBS! (Up to $10k.)

UOB : UOB SRS Account
Supplementary Retirement Scheme Account

Hi all,

Just to share our ongoing promotion as well:
Open an OCBC SRS account with $8,000 and receive a $30 Robinsons shopping vouchers. Only valid for the first 2000 customers.

Merry Christmas!


^Inez
For OCBC Bank
 

netcon96

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Looks like the SRS account competition is heating up!

UOB is also offering shopping vouchers but for at least $10k in contributions or investment purchases.

DBS is having a lucky draw for anyone who contributes to their SRS accounts with them. Each $50 contributed gets one chance. 3 lucky winners will have their income taxes paid by DBS! (Up to $10k.)

UOB : UOB SRS Account
Supplementary Retirement Scheme Account
for DBS, does the promotion includes existing account?
 

lyndonmaxewell

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The best way to enjoy tax savings is as such:-

Enjoy tax savings of up to 56% by opening an OCBC SRS account with $8,000.

In addition, you may also receive a $30 Robinsons shopping vouchers.
 

chopra

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open srs account with ocbc. this is confirm the best-est answer.

for self-employed, engage ocbc sme banking to get their domain experts to advise on all the iras benefits (PIC etc).

julian, pls let me know when's the lunch, thanks lol.
 
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chopra

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on a side note, if your srs capital gain is gao gao when you retire, you will risk paying more tax.

this is v impt point tt many neglect. ocbc, your expert view? :):)
 

lzydata

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on a side note, if your srs capital gain is gao gao when you retire, you will risk paying more tax.

this is v impt point tt many neglect. ocbc, your expert view? :):)

Worrying about being too successful and having too much capital gains? Seriously :s13:

Besides, there is no difference in the treatment of capital gains whether inside or outside SRS. This is a common misconception. In fact, with good planning of withdrawals, SRS allows you to pay no taxes on the money.
 
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