Stert saving for your income tax bill

[PNGMK]

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.

[Wd40]

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

[PNGMK]

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/

[Wd40]

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

[PNGMK]

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.

[Wd40]

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

[sundaymorningstaple]

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).

[Wd40]

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

[PNGMK]

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 %.