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

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cherrypop
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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 :)

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Carpe Diem
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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

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Carpe Diem
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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
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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.

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