We are getting $500 off in our taxes this year! :D

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Wd40
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We are getting $500 off in our taxes this year! :D

Post by Wd40 » Wed, 22 Feb 2017 8:26 pm

Not sure, if people already know this; we will be getting $500 off our taxes that we pay this year, compared to last year. :) I had a look at the tax calculator and saw the new rebate. Then google'd for it and found this is in the media too:

http://www.businesstimes.com.sg/governm ... -20-of-tax

I am always amazed at how inspite of taxes being low in Singapore, IRAS surprises us with rebates every year!

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Re: We are getting $500 off in our taxes this year! :D

Post by sundaymorningstaple » Wed, 22 Feb 2017 10:37 pm

It was in the budget speech on Tuesday afternoon.
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Re: We are getting $500 off in our taxes this year! :D

Post by PNGMK » Wed, 22 Feb 2017 10:49 pm

From one hand they taketh from the other they giveth.

Your water bills are going up, your power will go up with the carbon tax and if you're planning on a decent new motorbike (not a small one) add $2000 to your budget. $500 is nothing esp when they have no done anything to the pitifully low rebates for spouses/kids etc - you notice they only have to pay it roughly 4/5 of a million tax payers (800,000). I seem to recall a $2000 rebate a few years back.
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Re: We are getting $500 off in our taxes this year! :D

Post by Barnsley » Thu, 23 Feb 2017 10:56 pm

Wd40 wrote:Not sure, if people already know this; we will be getting $500 off our taxes that we pay this year, compared to last year. :) I had a look at the tax calculator and saw the new rebate. Then google'd for it and found this is in the media too:

http://www.businesstimes.com.sg/governm ... -20-of-tax

I am always amazed at how inspite of taxes being low in Singapore, IRAS surprises us with rebates every year!
You mean direct taxation right?
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Re: We are getting $500 off in our taxes this year! :D

Post by PNGMK » Fri, 24 Feb 2017 8:00 am

WD40 is ....
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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Re: We are getting $500 off in our taxes this year! :D

Post by Wd40 » Fri, 24 Feb 2017 5:28 pm

Yes I meant personal income tax which is direct taxation.

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Re: We are getting $500 off in our taxes this year! :D

Post by Wd40 » Wed, 01 Mar 2017 10:20 pm

PNGMK wrote:From one hand they taketh from the other they giveth.

Your water bills are going up, your power will go up with the carbon tax and if you're planning on a decent new motorbike (not a small one) add $2000 to your budget. $500 is nothing esp when they have no done anything to the pitifully low rebates for spouses/kids etc - you notice they only have to pay it roughly 4/5 of a million tax payers (800,000). I seem to recall a $2000 rebate a few years back.
I still prefer direct taxes to be as low as possible so that I can then choose what I pay for. I just logged into IRAS, it is really nicely revamped. My employer has done auto filing and now I need to efile the B1. Its not only awesome that now I can see my estimated taxes right away, the tax amount itself, for my salary of just over 100k, is ~$4800! Now how awesome is that? This is like peanuts. In any other country I would have had to earmark like couple or more months of salary to pay taxes. In Singapore it is about one months savings. I dont mind paying extra $10 per month for water. I stopped riding motor bike. Overall thoroughly pleased with Singapore's taxation.

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Re: We are getting $500 off in our taxes this year! :D

Post by PNGMK » Thu, 02 Mar 2017 5:22 am

Wd40 wrote:
PNGMK wrote:From one hand they taketh from the other they giveth.

Your water bills are going up, your power will go up with the carbon tax and if you're planning on a decent new motorbike (not a small one) add $2000 to your budget. $500 is nothing esp when they have no done anything to the pitifully low rebates for spouses/kids etc - you notice they only have to pay it roughly 4/5 of a million tax payers (800,000). I seem to recall a $2000 rebate a few years back.
I still prefer direct taxes to be as low as possible so that I can then choose what I pay for. I just logged into IRAS, it is really nicely revamped. My employer has done auto filing and now I need to efile the B1. Its not only awesome that now I can see my estimated taxes right away, the tax amount itself, for my salary of just over 100k, is ~$4800! Now how awesome is that? This is like peanuts. In any other country I would have had to earmark like couple or more months of salary to pay taxes. In Singapore it is about one months savings. I dont mind paying extra $10 per month for water. I stopped riding motor bike. Overall thoroughly pleased with Singapore's taxation.
I have no issue with Singapore's taxation system. I am concerned that the general trend is to increase their tax base due to demographic issues and that will be another reason to leave (ignoring this $500 bonus).
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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Re: We are getting $500 off in our taxes this year! :D

Post by ScoobyDoes » Thu, 02 Mar 2017 1:10 pm

PNGMK wrote: I have no issue with Singapore's taxation system. I am concerned that the general trend is to increase their tax base due to demographic issues and that will be another reason to leave (ignoring this $500 bonus).

On that, the biggest question will be the continuous and on-going chorus around the possible GST increase.
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