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How do you save on your taxes?

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Old 20-11-2013, 11:40 AM   #1
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How do you save on your taxes?

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.
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Old 20-11-2013, 11:53 AM   #2
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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.
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Old 20-11-2013, 11:58 AM   #3
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Who's paying for the lunch? And will IRAS be joining the lunch too?
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Old 20-11-2013, 12:01 PM   #4
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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.
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Old 20-11-2013, 12:07 PM   #5
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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.
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Old 20-11-2013, 12:20 PM   #6
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IRAS: Filing tax: Deductions to save tax (expenses, donations, reliefs...)

The above link would indicate all the available relief that anyone can apply for..
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Old 20-11-2013, 04:49 PM   #7
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OCBC will buy lunch. Not sure if any friends from IRAS are free... but who knows?

^Julian
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Old 21-11-2013, 12:47 PM   #8
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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...
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Old 23-11-2013, 12:32 AM   #9
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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

"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
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Old 23-11-2013, 09:31 AM   #10
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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
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Old 02-12-2013, 04:25 PM   #11
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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.
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Old 03-12-2013, 08:45 AM   #12
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best method: work oversea
can kill many birds in one hand
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Old 03-12-2013, 12:14 PM   #13
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best method: work oversea
can kill many birds in one hand
Can avoid meh?
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Old 06-12-2013, 05:06 PM   #14
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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
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Old 11-12-2013, 04:30 PM   #15
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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?
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