Income tax gao gao?

[Youngpang7]

What’s the best way to reduce income tax ah.. mine sibei chor leh

 

[grevq80o]

Who here gao gao for last year?

What is gao gao? how $ are you talking about?

 

[carey]

I mean income tax relief like example deduct certain amount. Eg parents rebate..

I think parents got if they don't earn more than a certain amount a year etc

I am currently claiming parent relief for my mom

 

[carey]

I am paying by installment.

pain, but actually it is a good thing,

Same, paying monthly and also using cardup to earn some points on my credit card spend

 

[Dividends]

What’s the best way to reduce income tax ah.. mine sibei chor leh

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.

 

[carey]

What’s the best way to reduce income tax ah.. mine sibei chor leh

SRS, CPF top-up, donations

 

[Lchlch]

I think parents got if they don't earn more than a certain amount a year etc

I am currently claiming parent relief for my mom

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..

 

[grevq80o]

Who here gao gao for last year?

My Total Income tax payable Divided by Total Taxable income x100 % = 5%. How about you and your colleague?

 

[havcove]

dun complain ok.. govt give you 60% rebate on your income tax bill for YA2025 because of SG 60

capped at $200..

 

[grevq80o]

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..

if you don't know who to ask, you can check with your MP (make appointment MPS and someone - not MP - but someone with the knowledge will help you) ... they maybe can help you claim it from your tax bill this year.

 

[grevq80o]

dun complain ok.. govt give you 60% rebate on your income tax bill for YA2025 because of SG 60

capped at $200..

yar.. And what is the CAP again?

TBH I think this CAP thing it ridiculous.. If you want to have a CAP, you don't say simi 60% rebate... just take $XXX from everyone's income tax.. i.e. 100% tax rebate up to the CAP amount. I don't think it makes a difference to the rich ppeepur, but it makes a difference to poor peepur...

 

[carey]

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..

Unfortunately, single parents all fell through the cracks under the current G - there is hardly any support

Middle class is the worst - kena squeezed by both ends - not poor enough to get subsidies, not rich enough to be comfortable

 

[Emperor_Hippo]

What’s the best way to reduce income tax ah.. mine sibei chor leh

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.

 

[windwaver]

Middle class is the worst - kena squeezed by both ends - not poor enough to get subsidies, not rich enough to be comfortable

Most of us are middle class leh and my tax doubled but salary same

 

[cyke69sg]

Wah, you paying by installment?

yes. $8400 a month. $3400 a month is for personal taxes. $5000 a month is for corporate taxes.

My taxes going to go up for next financial year.

 

[windwaver]

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.

5) Renounce SG citizenship

 

[carey]

My Total Income tax payable Divided by Total Taxable income x100 % = 5%. How about you and your colleague?

Wah, even lower than GST

 

[grevq80o]

Wah, even lower than GST

err. what does that mean eh?

 

[carey]

err. what does that mean eh?

Nothing, just an observation

 

[harbinger255]

5) Renounce SG citizenship

Sg income tax actually considered quite low riao....