Singapore Expats

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.
Post Reply
User avatar
PNGMK
Moderator
Moderator
Posts: 9076
Joined: Thu, 21 Mar 2013 9:06 pm
Answers: 10
Location: Sinkapore

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.
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!

User avatar
Wd40
Director
Director
Posts: 4591
Joined: Tue, 04 Dec 2012 10:53 am
Answers: 1
Location: SIndiapore

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

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?

Sent from my Redmi Note 4 using Tapatalk

User avatar
PNGMK
Moderator
Moderator
Posts: 9076
Joined: Thu, 21 Mar 2013 9:06 pm
Answers: 10
Location: Sinkapore

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!

User avatar
Wd40
Director
Director
Posts: 4591
Joined: Tue, 04 Dec 2012 10:53 am
Answers: 1
Location: SIndiapore

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.

Sent from my Redmi Note 4 using Tapatalk

User avatar
PNGMK
Moderator
Moderator
Posts: 9076
Joined: Thu, 21 Mar 2013 9:06 pm
Answers: 10
Location: Sinkapore

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!

User avatar
Wd40
Director
Director
Posts: 4591
Joined: Tue, 04 Dec 2012 10:53 am
Answers: 1
Location: SIndiapore

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%?

Sent from my Redmi Note 4 using Tapatalk

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 40376
Joined: Thu, 11 Nov 2004 1:26 pm
Answers: 21
Location: Retired on the Little Red Dot

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).
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

User avatar
Wd40
Director
Director
Posts: 4591
Joined: Tue, 04 Dec 2012 10:53 am
Answers: 1
Location: SIndiapore

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.

Sent from my Redmi Note 4 using Tapatalk

User avatar
PNGMK
Moderator
Moderator
Posts: 9076
Joined: Thu, 21 Mar 2013 9:06 pm
Answers: 10
Location: Sinkapore

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!

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Staying, Living in Singapore”

Who is online

Users browsing this forum: No registered users and 16 guests