Wat's the best way to pay income tax? (No referral)

[revhappy]

Don't need PM, since have nothing to hide. If your tax and spending don't have 2k per month (or u have doubt to perform it 3 times for 3 months), BOC family card is easier. Just need to hit $700 to enjoy 5% rebate on the $600 for online.

Don't understand why people want to consider uobone.

1. lousy interest rates
2. 2pid credit card condition to get 5%
3. Tons of T&c on their lousy cards

For me I have uobone (I have to be honest) since my monthly spending is high..
But that's the last acct I open since I have already maxed out Maybank and boc.

What do you mean by 2pid condition?

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[Smallchange]

I know now is kind of late to schedule the income tax payment, but if I were to procrastinate some more, I would have to wait till Oct, correct?

Don't need PM, since have nothing to hide. If your tax and spending don't have 2k per month (or u have doubt to perform it 3 times for 3 months), BOC family card is easier. Just need to hit $700 to enjoy 5% rebate on the $600 for online.

Don't understand why people want to consider uobone.

1. lousy interest rates
2. 2pid credit card condition to get 5%
3. Tons of T&c on their lousy cards

For me I have uobone (I have to be honest) since my monthly spending is high..
But that's the last acct I open since I have already maxed out Maybank and boc.

 

[The_Davis]

Have to agree
And now they want to charge on Visa card membership

got details on this visa card membership?

 

[pcmdan]

What do you mean by 2pid condition?

Sent from Xiaomi REDMI NOTE 4 using GAGT

Hit $500 or $1k or $2k for 3 consecutive months instead of just give pro-ratedly

 

[pcmdan]

I know now is kind of late to schedule the income tax payment, but if I were to procrastinate some more, I would have to wait till Oct, correct?

Guess so....just reflect how 2pid is uobone card is haha

I might be wrong those got exp can share.

 

[Smallchange]

Ranting at the wrong thread Anyway, getting very tired of tracking the spending and rebate. Just realize that they did not credit the last quarter rebate. Think my transaction on apr 30 went to May statement. So maybe that screwed up. I will have to call them. Guys, don’t assume that the credit will be given, please check your credit card statement.

Guess so....just reflect how 2pid is uobone card is haha

I might be wrong those got exp can share.

 

[pcmdan]

Ranting at the wrong thread Anyway, getting very tired of tracking the spending and rebate. Just realize that they did not credit the last quarter rebate. Think my transaction on apr 30 went to May statement. So maybe that screwed up. I will have to call them. Guys, don’t assume that the credit will be given, please check your credit card statement.

Yeah honestly is better to not use UOBone card unless u have

1. Max out BOC smart saver
2. Max out Maybank saveup
3. Max out citimaxigain

People might ask me why Citi > uob when UOB has a better rate..

For 0.43% p.a. more have to do so much...just not worth in my opinion.

Tip: try to do all your spending at least 4 business days before month end or card cycle date.

 

[revhappy]

Hit $500 or $1k or $2k for 3 consecutive months instead of just give pro-ratedly

Haha ok

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[timothybo]

Yeah honestly is better to not use UOBone card unless u have

1. Max out BOC smart saver
2. Max out Maybank saveup
3. Max out citimaxigain

People might ask me why Citi > uob when UOB has a better rate..

For 0.43% p.a. more have to do so much...just not worth in my opinion.

Tip: try to do all your spending at least 4 business days before month end or card cycle date.

Is citimaxgain 2.43-0.43 = 2% interest per annum?

 

[Purplestars]

Citibank maxigain is about 2.3+ % for now, but it takes a year to step up.

If you are holding for 10+ years, why not consider Singapore Savings bonds? Will beat anything other than BOC and Maybank in the long run, and far less fuss.

 

[pcmdan]

Is citimaxgain 2.43-0.43 = 2% interest per annum?

Yup agree....

Singapore saving bonds - 0.x% for a illiquidity premium of 10 years is just not worth it.

Of course if one has no other option..yeah it is still good

 

[Purplestars]

Yup agree....

Singapore saving bonds - 0.x% for a illiquidity premium of 10 years is just not worth it.

Of course if one has no other option..yeah it is still good

It's about as liquid as Maxigain for me, just slightly less so. Besides if you already maxed out on BOC and Maybank, you should have enough money to cover for any emergency scenario requiring liquidity.

SSB with it's higher interest rate and fuss free provides a great safe money haven. If liquidity is that important to you, consider some of the 2 year SGS available, they are probably even more liquid than Maxigain with higher interest.

 

[pcmdan]

It's about as liquid as Maxigain for me, just slightly less so. Besides if you already maxed out on BOC and Maybank, you should have enough money to cover for any emergency scenario requiring liquidity.

SSB with it's higher interest rate and fuss free provides a great safe money haven. If liquidity is that important to you, consider some of the 2 year SGS available, they are probably even more liquid than Maxigain with higher interest.

Depending on how u see it.. I would prefer not to touch my BOC and Maybank for needs. Why would one touch BOC and Maybank for emergency needs when they are paying higher interest?

I would close Citi immediately if I need the cash urgently. Besides...SSB u need to hold >4years to be average about 2?

Oh ya, interests for SSB are not compounded and A $2 transaction fee will apply for each redemption request.

Definitely not for emergency needs:
Redemption proceeds will be paid by the end of the 2nd business day of the following month

 

[Purplestars]

Depending on how u see it.. I would prefer not to touch my BOC and Maybank for needs. Why would one touch BOC and Maybank for emergency needs when they are paying higher interest?

I would close Citi immediately if I need the cash urgently. Besides...SSB u need to hold >4years to be average about 2?

The moment you close Citi immediately it becomes a worthless investment vehicle again since you need to step it up another year. You can withdraw what you need from SSB too, it's better as you just lose some interest on what you withdraw but the rest of your money in there are still viable.

SGS and other corp bonds are available for the shorter term giving the same rate as Maxigain.

Why wouldn't you draw from BOC and Maybank for emergency needs? They are your most liquid options available, seems foolish to tap into your less liquid options when they are available.

Sure they might pay out the highest interest at the moment, but I presume that any emergency scenario is temporary and you will fill the gap back pretty quickly. Unless you are old and retired, when you can't work anymore to put back the money you took out from your emergency funds.

 

[haha76]

Noob here. I have giro arrangement to pay tax for all previous year. This year intent to pay full amount once. Do I need to terminate giro or inform bank and iras?

Many thanks in advance

 

[Trazora]

Noob here. I have giro arrangement to pay tax for all previous year. This year intent to pay full amount once. Do I need to terminate giro or inform bank and iras?

Many thanks in advance

You can pay full and there will not be further GIRO deductions.

Dun understand why you want to pay full though.

 

[haha76]

You can pay full and there will not be further GIRO deductions.

Dun understand why you want to pay full though.

One thing less to worry

 

[Trazora]

One thing less to worry

Ok. If want to pay full should do it asap ie today, to give time for the payment to reach iras and registered in the system to stop the GIRO deduction on 6th Aig.

 

[pcmdan]

The moment you close Citi immediately it becomes a worthless investment vehicle again since you need to step it up another year. You can withdraw what you need from SSB too, it's better as you just lose some interest on what you withdraw but the rest of your money in there are still viable.

SGS and other corp bonds are available for the shorter term giving the same rate as Maxigain.

Why wouldn't you draw from BOC and Maybank for emergency needs? They are your most liquid options available, seems foolish to tap into your less liquid options when they are available.

Sure they might pay out the highest interest at the moment, but I presume that any emergency scenario is temporary and you will fill the gap back pretty quickly. Unless you are old and retired, when you can't work anymore to put back the money you took out from your emergency funds.

There is no right and wrong method just diff.

1. Citi as long as u do not withdraw the interest won't drop to 0

2. Likewise to compare for like for like, if u close SSB it become worthless

3. If emergency it definitely won't be small amount. Let's say u need 100k..u will close BOC to earn 2.5% from SSB?

I rather wipe out the 100k from Citi and maintain the 60k in BOC den 60k from Maybank and 40k in BOC

Again u are not comparing like for like..

Corp bond and banks savings are diff. One with risk one is almost risk free

I don't think a normal salaried worker can cover 100k in a few months time.

Honestly it seems foolish to tap onto a vehicle that gives u the most liquidity yet higher interest. Both SSB and Citi are underpaying the illiquity

 

[magnesium1]

Wrong thread.

There is no right and wrong method just diff.

1. Citi as long as u do not withdraw the interest won't drop to 0

2. Likewise to compare for like for like, if u close SSB it become worthless

3. If emergency it definitely won't be small amount. Let's say u need 100k..u will close BOC to earn 2.5% from SSB?

I rather wipe out the 100k from Citi and maintain the 60k in BOC den 60k from Maybank and 40k in BOC

Again u are not comparing like for like..

Corp bond and banks savings are diff. One with risk one is almost risk free

I don't think a normal salaried worker can cover 100k in a few months time.

Honestly it seems foolish to tap onto a vehicle that gives u the most liquidity yet higher interest. Both SSB and Citi are underpaying the illiquity

The moment you close Citi immediately it becomes a worthless investment vehicle again since you need to step it up another year. You can withdraw what you need from SSB too, it's better as you just lose some interest on what you withdraw but the rest of your money in there are still viable.

SGS and other corp bonds are available for the shorter term giving the same rate as Maxigain.

Why wouldn't you draw from BOC and Maybank for emergency needs? They are your most liquid options available, seems foolish to tap into your less liquid options when they are available.

Sure they might pay out the highest interest at the moment, but I presume that any emergency scenario is temporary and you will fill the gap back pretty quickly. Unless you are old and retired, when you can't work anymore to put back the money you took out from your emergency funds.