Income tax gao gao?

[8zaoyu]

Tgks bro.
I too claim parent.
As I am a widower, I dnt know hv other relieved rebates as I am supporting my children alone..

Reducing taxable income by adding support parents too even they not staying with you?
Of course parents are shared taxable siblings too - can take turns one.

 

[Dividends]

5) Renounce SG citizenship

Chances are, you'll end up paying more tax overseas. Few countries can beat our income tax rates.

 

[8zaoyu]

Too late to reduce already. The usual ways available for a salaried employee would be to top up CPF SA and SRS account, $8k + $15.3k total deduction off your taxable income, but these have to be done during the year the income was earned.

As above plus the usual reads/actions in "Reliefs", but after relieving of taxes, people still bid COEs, add ABSD, eat fining dining with GST and service charges

 

[Ironside]

Who here gao gao for last year?

To help pay for CDC vouchers?

 

[8zaoyu]

Chances are, you'll end up paying more tax overseas. Few countries can beat our income tax rates.

Ya, heard of 50 - 55% taxes, scary

 

[windwaver]

As above plus the usual reads/actions in "Reliefs", but after relieving of taxes, people still bid COEs, add ABSD, eat fining dining with GST and service charges

Nice cars more these days.

 

[Youngpang7]

Too late to reduce already. The usual ways available for a salaried employee would be to top up CPF SA and SRS account, $8k + $15.3k total deduction off your taxable income, but these have to be done during the year the income was earned.

Correct. Can do next year mah. But is it worth it? Should only do if you have excess cash yes?

 

[Youngpang7]

1) donate more money
2) put money into SRS. maximum per year is only $13500.
3) all the simi sai rebate, please claim.
4) Pop more babies.

can't think of anymore.

Rebate need receipt? Like courses?
What’s your view on SRS? Only for those with excess cash right?

 

[Dividends]

Correct. Can do next year mah. But is it worth it? Should only do if you have excess cash yes?

Whether it's worth it or not will depend on your tax bracket, and how much you value the savings in tax, since the funds will be locked up till 62 for SRS (can withdraw before that at a penalty) and 55 or 65 for SA.

 

[Emperor_Hippo]

Rebate need receipt? Like courses?
What’s your view on SRS? Only for those with excess cash right?

Forced savings. Never hurts to save more.

yes, keep receipts of everything.

 

[8zaoyu]

Rebate need receipt? Like courses?
What’s your view on SRS? Only for those with excess cash right?

Likely you have to learn about different tax rates to different income tiers yet.
Usually those who earn high more, caught in higher tax to pay , will start asking where to get "reliefs" - most "reliefs" are upon having 3rd child or more elderly to support in yr own house address, minus the mistresses, COEs and ABSDs

 

[Youngpang7]

Whether it's worth it or not will depend on your tax bracket, and how much you value the savings in tax, since the funds will be locked up till 62 for SRS (can withdraw before that at a penalty) and 55 or 65 for SA.

Very helpful advice bro. What have u done?

 

[Youngpang7]

Forced savings. Never hurts to save more.

yes, keep receipts of everything.

Good to know. Thanks for advice!

 

[SBC]

Those families with 3 kids, they paid zero income tax for quite some time because PTR is easily $35,000!!!

With PTR, I had not paid income tax for the past 15 years.

 

[coyote]

With PTR, I had not paid income tax for the past 15 years.

Awesome for sharing your accomplishment!!! Many singles or dink still complained the gov is not doing enough to encourage birth rate. Actually, they never do their homework on the actual benefits!!! No need to pay income tax for 15 years is a lot.

 

[Eliwood]

Have, just checking anybody like me pay the same but tax doubled.

U need to provide more details.

Has ur relief reduced significantly and if so, which component?

 

[SBC]

Awesome for sharing your accomplishment!!! Many singles or dink still complained the gov is not doing enough to encourage birth rate. Actually, they never do their homework on the actual benefits!!! No need to pay income tax for 15 years is a lot.

I had adopted other income tax delay schemes too.
- done CPF cash top up to SA during my younger days to SA
- done CPF cash top up to MA after attaining FRS
- done SRS top up to reduce stress or deduction on PTR too. My SRS is now > 200k now. Will target close to 400k at my 62.

 

[Tatuho]

Income tax, to me always high. 2k or 3k personnal expenses Since donkey years ago, realistic or not? I think our tax is among highest in Asean. Beside that, property tax, gst, medical, utilities, coe, education, road tax, almost everythg is higher. No choice, almost 70% like that.

 

[coyote]

I had adopted other income tax delay schemes too.
- done CPF cash top up to SA during my younger days to SA
- done CPF cash top up to MA after attaining FRS
- done SRS top up to reduce stress or deduction on PTR too. My SRS is now > 200k now. Will target close to 400k at my 62.

Spendid! Another awesome one that maximize the benefits of CPF!!!

 

[haogangkopi987]

no income... 0 tax