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How do you save on your taxes?

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Old 23-01-2016, 05:38 PM   #46
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piang didn't do anything much to reduce tax
this yr how to reduce? the links provided for 2014... both sites cannot be found
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Old 17-02-2016, 12:33 AM   #47
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SRS

Hi, you can open a SRS account with a reputable bank like OCBC and use it to invest. If you have contributed to the SRS, you can claim SRS Tax Relief in the Year of Assessment following the year of contribution. The maximum SRS contribution for a Singaporean/Singapore permanent resident and foreigner is $12,750 and $29,750 respectively in 2015. (IRAS)

Withdrawals are penalty-free only if they take place after the statutory retirement age that was prevailing at the time of your first SRS contribution. The statutory retirement age for all SRS members is currently at 62. (IRAS)

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piang didn't do anything much to reduce tax
this yr how to reduce? the links provided for 2014... both sites cannot be found

Last edited by Perisher; 26-02-2016 at 01:38 AM..
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Old 11-04-2016, 11:19 AM   #48
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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.
similar situation to you. i would save more cash first.
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Old 18-04-2016, 04:57 AM   #49
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Hi, you can open a SRS account with a reputable bank like OCBC and use it to invest. If you have contributed to the SRS, you can claim SRS Tax Relief in the Year of Assessment following the year of contribution. The maximum SRS contribution for a Singaporean/Singapore permanent resident and foreigner is $12,750 and $29,750 respectively in 2015. (IRAS)

Withdrawals are penalty-free only if they take place after the statutory retirement age that was prevailing at the time of your first SRS contribution. The statutory retirement age for all SRS members is currently at 62. (IRAS)

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tax relief is claimed as expenses? means eg 12000, 20% payable of tax for $12000 = taxes saved?
or i can save $12000 of taxes? dont think so good hor govt higher level
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Old 06-05-2016, 04:12 PM   #50
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open offshore company = no more taxes for tax territorial countries
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Old 26-05-2016, 01:21 AM   #51
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The main ways are always CPF top-up, SRS, reliefs and charity. But honestly CPF top-up and SRS can help to decrease a income bracket level at the most. Charity, depending, might not be worth it. Reliefs are based on individual cases. If you are a partner or business owner, then there can be more freedom in lowering even more taxes, especially for doctors, lawyers and dentist occupations.
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Old 26-05-2016, 07:28 AM   #52
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The main ways are always CPF top-up, SRS, reliefs and charity. But honestly CPF top-up and SRS can help to decrease a income bracket level at the most. Charity, depending, might not be worth it. Reliefs are based on individual cases. If you are a partner or business owner, then there can be more freedom in lowering even more taxes, especially for doctors, lawyers and dentist occupations.
Actually, does dropping a tax bracket really help that much? Given that Singapore practices progressive taxation whereby only the incremental amount gets taxed at a higher rate and the income before that gets taxed at the same rate still.

And how can lawyers, doctors and dentists further lower their tax?
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Old 25-08-2016, 09:48 PM   #53
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Actually, does dropping a tax bracket really help that much? Given that Singapore practices progressive taxation whereby only the incremental amount gets taxed at a higher rate and the income before that gets taxed at the same rate still.

And how can lawyers, doctors and dentists further lower their tax?
Take for this income bracket for example
First $40,000 - $550
Next $40,000 - 7%

Say your taxable income is $60,000. With cash top-up CPF relief and SRS relief, say you contribute $20,000. That's $20,000 x 7% = $1,400 less tax.
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Old 23-10-2016, 09:04 PM   #54
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Who can recommend a good tax advisor please?
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Old 16-11-2016, 12:45 AM   #55
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cpf contribution

1 can oso make a cpf top up to a family member cpf
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Old 20-11-2016, 09:40 PM   #56
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First $120,000 - 7,950 Gross Tax Payable ($)
Next $ 40,000 - 15% = 6,000 Gross Tax Payable ($)



First $160,000 - 13,950 Gross Tax Payable ($)
Next $ 40,000 - 17% = $6,800


so for those e.g. in the 160k and want to go down 1tier to 120k, must / can only do CPF deposit? liked this if the person is 160k, must deposit 40k to CPF to save on the (13950 - 7950) tax??? but the money deposit into CPF, when can get to see or even got chance to take out or not?

Thanks!
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Old 20-11-2016, 11:39 PM   #57
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First $120,000 - 7,950 Gross Tax Payable ($)
Next $ 40,000 - 15% = 6,000 Gross Tax Payable ($)



First $160,000 - 13,950 Gross Tax Payable ($)
Next $ 40,000 - 17% = $6,800


so for those e.g. in the 160k and want to go down 1tier to 120k, must / can only do CPF deposit? liked this if the person is 160k, must deposit 40k to CPF to save on the (13950 - 7950) tax??? but the money deposit into CPF, when can get to see or even got chance to take out or not?

Thanks!
There is limit to the amount of CPF top up that can give tax relief eg $7000 in one's SA and other $7000 to family member SA. There is also SRS.

Can withdraw amounts from OA+SA above full retirement sum (FRS) at 55 years old. Can also opt to withdraw another 20% from the FHR which goes to the retirement account.

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/cpf-withdrawals-at-55-years-old
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Last edited by Trazora; 20-11-2016 at 11:49 PM..
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Old 20-11-2016, 11:56 PM   #58
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There is limit to the amount of CPF top up that can give tax relief eg $7000 in one's SA and other $7000 to family member SA. There is also SRS.

Can withdraw amounts from OA+SA above full retirement sum (FRS) at 55 years old. Can also opt to withdraw another 20% from the FHR which goes to the retirement account.

https://www.cpf.gov.sg/Members/Schem...t-55-years-old
actually you can top up MA further to reduce tax right?
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Old 20-11-2016, 11:57 PM   #59
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First $120,000 - 7,950 Gross Tax Payable ($)
Next $ 40,000 - 15% = 6,000 Gross Tax Payable ($)



First $160,000 - 13,950 Gross Tax Payable ($)
Next $ 40,000 - 17% = $6,800


so for those e.g. in the 160k and want to go down 1tier to 120k, must / can only do CPF deposit? liked this if the person is 160k, must deposit 40k to CPF to save on the (13950 - 7950) tax??? but the money deposit into CPF, when can get to see or even got chance to take out or not?

Thanks!
Another option is to resign from your job and look for a lower paying job at 120k per annum
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Old 21-11-2016, 11:02 AM   #60
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actually you can top up MA further to reduce tax right?
Yes if dun exceed BHS.

Last edited by Trazora; 21-11-2016 at 11:06 AM..
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