Singapore Expats Forum

Stert saving for your income tax bill

Discuss about life in Singapore. Ask about cost of living, housing, travel, etiquette & lifestyle. Share experience & advice with Singaporeans & expat staying in Singapore.

Sponsored by:
Image
AE Logistics - Singapore Movers

User avatar
PNGMK
Governor
Governor
Posts: 5807
Joined: Thu, 21 Mar 2013
Location: Sinkapore

Stert saving for your income tax bill

Postby PNGMK » Thu, 18 Jan 2018 1:37 pm

The budget for YA 2017 increased the top rate and move some brackets down. I expect about a 25% increase in my bill. Be prepared. IRAS has a calculator in their website.
IANAL. IANACPA. IANA Teacher.
Arrested? Lawyer Up
International School job? School website or http://www.ISS.edu
School advice? Avoid for profit schools
Tax advice? CPA
Pay me $5k for 100% success filling in PR form!

User avatar
Wd40
Director
Director
Posts: 3944
Joined: Tue, 04 Dec 2012
Location: SIndiapore

Re: Brag alert. My son just aced the O levels

Postby Wd40 » Thu, 18 Jan 2018 2:47 pm

False alarm. YA2017 means assessment year 2017, means Income earned in 2016 and assessed in 2017. There is no calculator for FY2018 yet on IRAS website.

Also the increase is at the high end. A highly paid expat needs to start saving for this?

Sent from my Redmi Note 4 using Tapatalk

User avatar
PNGMK
Governor
Governor
Posts: 5807
Joined: Thu, 21 Mar 2013
Location: Sinkapore

Re: Stert saving for your income tax bill

Postby PNGMK » Thu, 18 Jan 2018 3:27 pm

Yes they do . You'd be surprised how cash poor some expats are.

There is a YA2018 calculator here: https://www.iras.gov.sg/irashome/Quick- ... lculators/
IANAL. IANACPA. IANA Teacher.
Arrested? Lawyer Up
International School job? School website or http://www.ISS.edu
School advice? Avoid for profit schools
Tax advice? CPA
Pay me $5k for 100% success filling in PR form!

User avatar
Wd40
Director
Director
Posts: 3944
Joined: Tue, 04 Dec 2012
Location: SIndiapore

Re: Stert saving for your income tax bill

Postby Wd40 » Thu, 18 Jan 2018 3:34 pm

PNGMK wrote:Yes they do . You'd be surprised how cash poor some expats are.

There is a YA2018 calculator here: https://www.iras.gov.sg/irashome/Quick- ... lculators/
This calculator still has the old rates.

Sent from my Redmi Note 4 using Tapatalk

User avatar
PNGMK
Governor
Governor
Posts: 5807
Joined: Thu, 21 Mar 2013
Location: Sinkapore

Re: Stert saving for your income tax bill

Postby PNGMK » Thu, 18 Jan 2018 4:19 pm

Wd40 wrote:
PNGMK wrote:Yes they do . You'd be surprised how cash poor some expats are.

There is a YA2018 calculator here: https://www.iras.gov.sg/irashome/Quick- ... lculators/
This calculator still has the old rates.

Sent from my Redmi Note 4 using Tapatalk


The rates don't change I think but the rebate disappears.
IANAL. IANACPA. IANA Teacher.
Arrested? Lawyer Up
International School job? School website or http://www.ISS.edu
School advice? Avoid for profit schools
Tax advice? CPA
Pay me $5k for 100% success filling in PR form!

User avatar
Wd40
Director
Director
Posts: 3944
Joined: Tue, 04 Dec 2012
Location: SIndiapore

Re: Stert saving for your income tax bill

Postby Wd40 » Thu, 18 Jan 2018 7:23 pm

PNGMK wrote:
Wd40 wrote:
PNGMK wrote:Yes they do . You'd be surprised how cash poor some expats are.

There is a YA2018 calculator here: https://www.iras.gov.sg/irashome/Quick- ... lculators/
This calculator still has the old rates.

Sent from my Redmi Note 4 using Tapatalk


The rates don't change I think but the rebate disappears.
Sorry, I didn't understand the intent of your post. If the rates don't change from YA2017 to YA2018, then how does your tax increase by 25%?

Sent from my Redmi Note 4 using Tapatalk

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 35219
Joined: Thu, 11 Nov 2004
Location: Still Fishing!
Contact:

Re: Stert saving for your income tax bill

Postby sundaymorningstaple » Thu, 18 Jan 2018 11:36 pm

IRAS has been giving rebates for a couple of years now. This year there are no rebates unless they announce one during the budget. So you will have a higher tax bill (if you HAD a tax bill in the first place).

User avatar
Wd40
Director
Director
Posts: 3944
Joined: Tue, 04 Dec 2012
Location: SIndiapore

Re: Stert saving for your income tax bill

Postby Wd40 » Fri, 19 Jan 2018 6:28 am

sundaymorningstaple wrote:IRAS has been giving rebates for a couple of years now. This year there are no rebates unless they announce one during the budget. So you will have a higher tax bill (if you HAD a tax bill in the first place).
Yes. The rebate last year was $500 max.

Sent from my Redmi Note 4 using Tapatalk

User avatar
PNGMK
Governor
Governor
Posts: 5807
Joined: Thu, 21 Mar 2013
Location: Sinkapore

Re: Stert saving for your income tax bill

Postby PNGMK » Fri, 19 Jan 2018 8:23 am

Wd40 wrote:
PNGMK wrote:
Wd40 wrote:This calculator still has the old rates.

Sent from my Redmi Note 4 using Tapatalk


The rates don't change I think but the rebate disappears.
Sorry, I didn't understand the intent of your post. If the rates don't change from YA2017 to YA2018, then how does your tax increase by 25%?

Sent from my Redmi Note 4 using Tapatalk

Increases in my income, reduced deductions and no rebate plus the increased tax table have pushed my bill up 25 %.
IANAL. IANACPA. IANA Teacher.
Arrested? Lawyer Up
International School job? School website or http://www.ISS.edu
School advice? Avoid for profit schools
Tax advice? CPA
Pay me $5k for 100% success filling in PR form!


  • Similar Topics
    Replies
    Views
    Last post

Return to “Staying, Living in Singapore”

Who is online

Users browsing this forum: No registered users and 3 guests