Personal Income tax



https://www.iras.gov.sg/irashome/Tax-Season-2017-AboutYourTaxBill/

1) Tax payers are grouped under filing and non filing service.
Taxpayers who are unsure whether they need to file a tax return this year can go to IRAS website 

2) Personal Income Tax Rebate of 20% of tax payable will be granted to all individual tax residents for YA 2017 (i.e. for income earned in 2016). The rebate will be capped at $500 per taxpayer.

3) Tiered Income Tax
https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Income-Tax-Rates/

Personal Reliefs Eligible tool
https://www.google.com.sg/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwjOhKK7w5HUAhWLRI8KHZurAIYQFggqMAA&url=https%3A%2F%2Fwww.iras.gov.sg%2Firashome%2FuploadedFiles%2FIRASHome%2FQuick_Links%2FCopy%2520of%2520Personal%2520Reliefs%2520Eligibility%2520Tool.xls&usg=AFQjCNGX54DN9mvSJ8MjbrFdhJweuXKq8Q&sig2=w5wEUOjAce6wXmnmaX5UOA&cad=rja

Income tax spreadsheet
https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/Individuals/Tax%20Calculator%20-%20Residents_YA17.xls

4) 'Year of Assessment' (YA) refers to the year in which income tax is calculated and charged. The assessment is for the income earned in the preceding year, starting on 1 Jan and ending on 31 Dec.

5) Following up on your tax bill
https://www.iras.gov.sg/irashome/Tax-Season-2017-AboutYourTaxBill/

http://www.singwealth.com/portal/index.php/life-and-family/retirement-a-estate-planning/140-three-ways-to-legally-reduce-personal-income-tax-in-singapore

http://singaporeanstocksinvestor.blogspot.sg/2013/05/ways-to-reduce-income-tax.html

 http://singaporeanstocksinvestor.blogspot.sg/2011/01/srs-brief-analysis.html


6) Tax reduction techniques
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.

4.Don't buy anything, no need to pay goods and service tax. Avoid buying items that incurs additional expenses for no rhyme and reason (restaurants, many layers down production chain, heavily marketed goods, overseas imports that incur shipping costs, cars, cigarette, beer, erp and parking fees) 

5) Invest in short term bond funds that invest in Singapore bonds. The gains are tax free as they are capital gains.

6) account in British virgin island, 

7) Donate to eligible charity
Donation X 2.5 times tax relief 

Tax Relief
Earn income relief if below 55 years old
NS mens (if attend in-camp in the preceding year) 
Top up to parents cpf
Top up to ownself's SA if below 55 years old up 
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.

8) set up a non incorporated business where your personal tax is combined together with your sole proprietor or partnership business.

9) Also, perform an analysis with your spouse to ascertain if joint assessment will reap some savings as compared to single assessment
 
10) Capital gain outside SRS is not subjected to tax. But capital gain inside SRS might be subjected to tax upon withdrawal if you exceed the lower limit.
investment gains will accumulate tax free in SRS
Tax will be payable only when you withdraw your SRS savings(comprising both your SRS contributions and gains on investments).

If you withdraw your SRS savings upon retirement *, only 50% of the savings withdrawn will be subject to tax. You may also spread your withdrawals over a period of up to 10 years to meet your financial needs. Spreading out your withdrawals will generally result in greater tax savings.

Withdrawals are penalty-free only if they take place after the statutory retirement age that was prevailing at the time of your first SRS contribution. The statutory retirement age for all SRS members is currently at 62. (IRAS)

11) open offshore company = no more taxes for tax territorial countries

12) If you are a partner or business owner, then there can be more freedom in lowering even more taxes, especially for doctors, lawyers and dentist occupations.

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