BOC SmartSaver

[OngHuatHuat]

Self employed only needs to pay medisave what.

It's not so simple. Besides all the paper work...are you going to pay your own CPF as well? You better have all these ready for audit if you want to test the system.

 

[wts2013]

Self employed only needs to pay medisave what.

I am getting total 2.5 % for my savings.

Just wonder should I setup a corporate account and pay myself salary monthly via giro, any advice?

It's not so simple. Besides all the paper work...are you going to pay your own CPF as well? You better have all these ready for audit if you want to test the system.

hahaha.... better dun post sensitive info here, u are leaving all the traces for people to catch u, hahaha

there is another guy who also post here, self employed but got commission as salary done.... leaving all the traces for people to catch them, hahaha

 

[OngHuatHuat]

Huh?

Catch what?

It is not like I am self employed I never pay tax. I still declare my income and pay income tax accordingly. Just that I don't have a corporate account and cannot do salary crediting.

hahaha.... better dun post sensitive info here, u are leaving all the traces for people to catch u, hahaha

there is another guy who also post here, self employed but got commission as salary done.... leaving all the traces for people to catch them, hahaha

 

[wts2013]

Huh?

Catch what?

It is not like I am self employed I never pay tax. I still declare my income and pay income tax accordingly. Just that I don't have a corporate account and cannot do salary crediting.

hahaha up to u lor, hahaha

 

[purpletoysmum]

Huh?

Catch what?

It is not like I am self employed I never pay tax. I still declare my income and pay income tax accordingly. Just that I don't have a corporate account and cannot do salary crediting.

Need to incorporate company, hold company AGM, file accounts.

 

[OngHuatHuat]

Self employed also can setup corporate account, I tried it before.

I shall look for more information later.

Need to incorporate company, hold company AGM, file accounts.

 

[Soul77]

Self employed also can setup corporate account, I tried it before.

I shall look for more information later.

I think can register sole propietorship then open corp account..

 

[Kcusts]

Self employed only needs to pay medisave what.

Your "company" is paying someone a salary. When you pay salary, you need to deduct from salary and pay employer's portion for CPF. There are laws for this. Everything needs to be accounted for and on record.

Of course you can ignore all these as long as no one is checking. It's up to you whether or not you want to take this risk.

 

[edens_guards]

Anybody got their HR to setup and successfully credited the salary? Can check how does the banking code for salary in BOC transaction look like?

 

[hyperbole]

Anybody got their HR to setup and successfully credited the salary? Can check how does the banking code for salary in BOC transaction look like?

This was posted a few pages back.

if the BOC account number is 650091234567890 and HR does not use SWIFT code, then the format to be given to HR is:
Bank code: 7083
Branch code: 011
Account number: 91234567890

I can confirm this works. I also set up my giro deduction for my credit card and it's been approved based on this

 

[OngHuatHuat]

I don't think you know the rules for self employed well.

Your "company" is paying someone a salary. When you pay salary, you need to deduct from salary and pay employer's portion for CPF. There are laws for this. Everything needs to be accounted for and on record.

Of course you can ignore all these as long as no one is checking. It's up to you whether or not you want to take this risk.

 

[Kcusts]

I don't think you know the rules for self employed well.

If you say so. Good luck. Maybe you can provide a salary crediting service to the people here.

 

[hyperbole]

If you say so. Good luck. Maybe you can provide a salary crediting service to the people here.

Sounds like a plan

 

[OngHuatHuat]

Ern...... I pay myself salary as earning from business is different from I employ someone and pay them salary.

Iras treat self employed income the same as employment income. The only difference is the cpf contribution part. That's all.

If you say so. Good luck. Maybe you can provide a salary crediting service to the people here.

 

[OngHuatHuat]

By the way, you missed out a very important point, my sole proprietorship has been operating and declaring income for more than 6 to 7 years. That day when I opened my account, that boc lady actually checked whether my company exists, just wonder why did they do so?

If you say so. Good luck. Maybe you can provide a salary crediting service to the people here.

 

[wts2013]

By the way, you missed out a very important point, my sole proprietorship has been operating and declaring income for more than 6 to 7 years. That day when I opened my account, that boc lady actually checked whether my company exists, just wonder why did they do so?

as sole proprietor, where do u reflect your salary in your financial statements and income tax returns?

 

[OngHuatHuat]

No need to prepare financial statement. Just a 4 line statements which include revenue and expenses, then they tax you based on your net profit. Simple.

If you are talking about private limited which is an entity on its own, then different. Requirement is more stringent.

as sole proprietor, where do u reflect your salary in your financial statements and income tax returns?

 

[wts2013]

No need to prepare financial statement. Just a 4 line statements which include revenue and expenses, then they tax you based on your net profit. Simple.

If you are talking about private limited which is an entity on its own, then different. Requirement is more stringent.

hahaha, so no financial statements or accounts, mind share what business are u in?

 

[Soul77]

Is there going to be monthly statement sent or any letter from BOC upon opening of the account sent?

My HR need proof of account with my name and account number.

 

[wts2013]

Is there going to be monthly statement sent or any letter from BOC upon opening of the account sent?

My HR need proof of account with my name and account number.

hahaha, just login, do a screenshot and print lor, hahaha