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tax on allowances

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Ives
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tax on allowances

Postby Ives » Mon, 13 Feb 2006 3:55 pm

i had a look through this forum and i think i have a pretty good idea of salaries etc and my package looks pretty good, close to S$200k.

its made up of $145K base, cost of living allowance $12.5K, travel allowance $25K, and accomodation allowance $17K.

i'm just wondering whether there is any way to minimise tax by increasing or decreasing any of these allowances to end at the same total package (my employer is flexible) or whether all are considered income equally and taxed equally.

Thanks in advance!

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Carpe Diem
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Postby Carpe Diem » Mon, 13 Feb 2006 5:09 pm

Yes there is a way to save on your taxes... but, sorry, given the amount of your package I don't think anybody will want to waste their time to explain, so that you can earn even more.
:roll:
La vie est trop courte, profitons de chaque instant

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Mary Hatch Bailey
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Location: Bedford Falls

Postby Mary Hatch Bailey » Mon, 13 Feb 2006 8:17 pm

Wow.

CD.

Quite harsh.

How do you swill that second rate french wine with that giant chip on your shoulder??

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Carpe Diem
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Postby Carpe Diem » Mon, 13 Feb 2006 8:35 pm

Hello MHB

Have you at least observed that it was my first post since long long time? And I still don't understand your posts; well, obviously nothing has changed...

Sorry but I mean what I said. Tax advisors were created for something.
La vie est trop courte, profitons de chaque instant

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Mary Hatch Bailey
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Postby Mary Hatch Bailey » Tue, 14 Feb 2006 5:16 am

Didn't realize I was so cryptic. No, couldn't have known this was your first post in a while since I'm basically shut out of the Forum most of the time. Hope it works better for you...

Ives
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Postby Ives » Tue, 14 Feb 2006 7:10 am

thanks carpe diem, much appreciated! :D

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Carpe Diem
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Postby Carpe Diem » Tue, 14 Feb 2006 8:05 am

Ives wrote:thanks carpe diem, much appreciated! :D


OK, since you seem to have a good sense of humour...
Just visit here http://www.iras.gov.sg/ESVPortal/iit/ii ... iduals.asp
and you can calculate your income tax.

For your benefits in kind, you need
http://www.iras.gov.sg/ESVPortal/resources/formir8a.pdf
AND
http://www.iras.gov.sg/ESVPortal/resour ... ynotes.pdf

With these documents you should be able to compute the best solution for your case. But since only a % of benefits in kind are included in your income, you can easily understand which way to go...
La vie est trop courte, profitons de chaque instant

Ives
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Posts: 19
Joined: Sat, 11 Feb 2006

thanks! (really this time)

Postby Ives » Tue, 14 Feb 2006 9:23 am

thanks Carpe. I downloaded your forms and checked out the rest of the site....great site and full of useful data.


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