Is S$6000 a month enough for 2 people to live on?

Discuss about where to live, renting a property, tenancy issues, property trend and property investment in Singapore.
Post Reply
User avatar
cherrypop
Newbie
Newbie
Posts: 7
Joined: Tue, 07 Mar 2006 12:40 am
Location: UK

Is S$6000 a month enough for 2 people to live on?

Post by cherrypop » Sat, 11 Mar 2006 8:48 pm

Can someone answer this for us please?

This is without our accommodation, which will presumably be about S$2000. So, will S$4000 be enough for living expenses (food, leisure, bills, etc.). I am not sure of the tax situation either - can anyone clarify this for me?

Thanks :)

Singapore Property Search

 

User avatar
Carpe Diem
Manager
Manager
Posts: 1587
Joined: Tue, 12 Jul 2005 11:29 pm
Location: Singapore

Post by Carpe Diem » Sat, 11 Mar 2006 8:55 pm

It depends of course a lot on how you are spending... But that sounds OK.

Just visit here http://www.iras.gov.sg/ESVPortal/iit/ii ... iduals.asp
and you can calculate your income tax.

And if I may give you an advice: try to get a salary of (for example) $4,000 + $2,000 of housing allowance.

This is because benefits in kind are much less taxed than basic salary.

You can check at:
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

User avatar
Carpe Diem
Manager
Manager
Posts: 1587
Joined: Tue, 12 Jul 2005 11:29 pm
Location: Singapore

Post by Carpe Diem » Sat, 11 Mar 2006 8:59 pm

Oh I forgot! Try to get health insurance paid by your company, it can be quite a burden here...
La vie est trop courte, profitons de chaque instant

fx8fx
Chatter
Chatter
Posts: 162
Joined: Thu, 06 Oct 2005 6:58 pm

Post by fx8fx » Sat, 13 May 2006 7:03 am

Carpe Diem wrote:It depends of course a lot on how you are spending... But that sounds OK.

Just visit here http://www.iras.gov.sg/ESVPortal/iit/ii ... iduals.asp
and you can calculate your income tax.

And if I may give you an advice: try to get a salary of (for example) $4,000 + $2,000 of housing allowance.

This is because benefits in kind are much less taxed than basic salary.

You can check at:
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...

CD,

I just read following clause on
http://www.iras.gov.sg/ESVPortal/employ ... sp#housing

looks like Housing allowance is not helpful for tax issue .
Housing allowance



Q1. What is the taxable value if a housing allowance is provided?



Where an employment contract provides that a housing allowance is payable to the employees, the full amount of the allowance will be taxed.





Q2. Where an employee takes up a lease arrangement and arranges for the rent to be paid directly to the landlord via the employer, what is the taxable value?

The arrangement between the employer and employee is a private one and the amount paid by the employer will be treated as a housing allowance and will be taxed in full.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Property Talk, Housing & Rental”

Who is online

Users browsing this forum: No registered users and 1 guest