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How do you save on your taxes?

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Old 21-02-2014, 03:43 PM   #31
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do we need to pay any fee to open srs at ocbc and if we have say 20k deposits gradually, can use funds for ocbc fixed deposit as investment gains?

Thanks
Hi there. Below are the products eligible financial products for SRS account:
• Fixed Deposit
• Unit Trust
• Bonds
• Stock
• Structured Deposit
• REITS
• ETFs
• Single premium life insurance plans


^Eric
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Old 21-02-2014, 06:03 PM   #32
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Hi there. Beloware the products eligible financial products for SRS account:
• Fixed Deposit
• Unit Trust
• Bonds
• Stock
• Structured Deposit
• REITS
• ETFs
• Single premium life insurance plans


^Eric
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tks ... alot if no invest the money, what is the base interest rate for money in the srs acct? thks
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Old 24-02-2014, 06:01 PM   #33
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tks ... alot if no invest the money, what is the base interest rate for money in the srs acct? thks
Hi there. The interest rate is linked to our Passbook Savings account and it's currently at 0.05% p.a. Thank you!


^Eric
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Last edited by OCBC Bank; 26-02-2014 at 06:03 PM.. Reason: Grammar
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Old 16-08-2014, 01:57 PM   #34
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Open a SRS with Ocbc. Contribute $8,000 to your SRS. Get free Robinson vouchers and reduce my income tax.

Use your SRS to invest on OCBC share.

Kill 4 bird (Robinson vouchers, reduce tax and capital gain /dividend from OCBC + free lunch from OCBC)

Btw is the free lunch over? Lol
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Old 16-08-2014, 04:21 PM   #35
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Open a SRS with Ocbc. Contribute $8,000 to your SRS. Get free Robinson vouchers and reduce my income tax.

Use your SRS to invest on OCBC share.

Kill 4 bird (Robinson vouchers, reduce tax and capital gain /dividend from OCBC + free lunch from OCBC)

Btw is the free lunch over? Lol
Hmm how much is the robinson voucher? I am also considering the use of SRS as one of the means of reducing income tax and has been searching around for information.

Having said that the interest rate offered by SRS is really low.
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Old 16-08-2014, 04:32 PM   #36
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Btw, since we are at this topic, just wanna share some useful websites which I found on how to reduce income tax.

Reduce Income Tax in Singapore - Little Red Tips
This guy provided a good summary of the various tax reliefs and showed that if you can maximise the reliefs, you will not be paying any taxes unless your income exceeds $100k.

Three Ways to Reduce Personal Income Tax in Singapore
This guy suggested 3 ways, 1) SRS, 2) Voluntary top-up to Medisave, and 3) Min sum top-up.

A Singaporean Stockmarket Investor (ASSI): Ways to reduce income tax.
This guy is inspirational. He paid a tax of less than $2k even though his income exceeds $200k which normally means he will have to pay more than $10k. Even factoring the $100k tax relief savings from the first link (which already includes SRS), I cannot understand how he can pay such low taxes, unless a high chunk of his income comes from non-taxable sources, e.g. investment.

Please share your views and advices. Thanks!
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Old 16-08-2014, 05:09 PM   #37
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poor ppl like me no need to save on taxes because my tax so low
good thread bookmark
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Old 16-08-2014, 05:19 PM   #38
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poor ppl like me no need to save on taxes because my tax so low
good thread bookmark
Nah, tax savings is important as long as you are paying taxes. My own experience shows that while the first link says that it may not be necessary to pay tax if your income is below $100k, it depends greatly on whether you qualify for the various reliefs and whether you are keen in the CPF top-ups and SRS.
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Old 05-12-2014, 11:57 PM   #39
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Just curious.

was there ever a free lunch ever?
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Old 06-12-2014, 11:34 AM   #40
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Just curious.

was there ever a free lunch ever?
There was..
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Old 09-12-2014, 01:52 PM   #41
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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.
Foreigner on EP. I don't have any SRS account with any operator right now.

I want to open SRS account with OCBC. I don't have time so I want to make just ONE visit to the branch.

I already have 360 Deposit account, Plus Deposit account and BCIP accounts with OCBC.

Please list down the documents I need to bring (so that I don't need to make a second visit).

Regards,
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Old 10-12-2014, 06:44 PM   #42
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Foreigner on EP. I don't have any SRS account with any operator right now.

I want to open SRS account with OCBC. I don't have time so I want to make just ONE visit to the branch.

I already have 360 Deposit account, Plus Deposit account and BCIP accounts with OCBC.

Please list down the documents I need to bring (so that I don't need to make a second visit).

Regards,
Hi neolaw

Simply bring along your Passport & Employment Pass when you visit our branch, to open the SRS account.

^Shereen
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Old 01-03-2015, 10:24 PM   #43
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Time to file those taxes.

Make sure you know your tax saving tips, include all the relevant rebates and reliefs to save some money, as seen here.
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Old 12-03-2015, 06:49 PM   #44
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IRAS: Tax Season 2015: More Tax Savings and Convenience for Taxpayers
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Old 30-12-2015, 07:49 AM   #45
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If im preparing to get married within 2-3 years, should i top up cpf or contribute to srs to save tax or save the cash first? Considering i've got bto and wedding expense coming up.
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