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Stert saving for your income tax bill

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PNGMK
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Stert saving for your income tax bill

Post by 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.
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Post by 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?

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Re: Stert saving for your income tax bill

Post by 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/
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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Wd40
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Re: Stert saving for your income tax bill

Post by 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.

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PNGMK
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Re: Stert saving for your income tax bill

Post by 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.
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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Wd40
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Re: Stert saving for your income tax bill

Post by 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%?

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sundaymorningstaple
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Re: Stert saving for your income tax bill

Post by 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).

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Wd40
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Re: Stert saving for your income tax bill

Post by 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.

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PNGMK
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Re: Stert saving for your income tax bill

Post by 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 %.
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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