Singapore Expats Forum

The Job Credit Conundrum

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
startofthejourney
Newbie
Newbie
Posts: 17
Joined: Wed, 14 May 2008
Location: Singapore

The Job Credit Conundrum

Postby startofthejourney » Sat, 24 Jan 2009 6:02 pm

Hi Folks

I am a Singapore PR from Jan 2008 who was earlier working for a company and therefore paying CPF. I resigned from my job as of end September and started my own company in Oct 2008 with me and my wife as the directors and one PR employee in Singapore.

I pay CPF for the Singapore PR employee. For myself, to avoid blocking funds in CPF I am not an employee of the company and do not draw a salary. Instead of a salary I charge the company Director's Fees of S$6500 ( paid out as company lease for my apartment being S$3800 and balance S$2700 credited to my account ).

Now we have this Job Credit Scheme which is a game changer. So from Jan 2009 I want to move to being an employee myself, pay CPF and get the Job Credit. Even for 9 months its a not so insignificant savings of S$2700. Yes, I would need to pay CPF but that's still my money.

Need help on how to design my package from a tax perspective. I believe there would be two advantages. Tax savings on account of company lease for my apartment and Job credit scheme because I would be paying CPF.

If somebody has an inkling of how to go about it, I would really appreciate your help. Or if somebody could advise a reasonably priced tax consultant who can do this work for me in a sitting that would also be fine. I am sure its not too complicated but I do not know how to go about it myself.

Many thanks in advance !
Understand the opportunity. Understand your competencies. Take the leap. Do not lose self belief.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 34266
Joined: Thu, 11 Nov 2004
Location: Still Fishing!
Contact:

Postby sundaymorningstaple » Mon, 26 Jan 2009 3:04 pm

While I can't help you with your problem as such, maybe SE can if he sees it.

However, in the meantime, please edit your signature to conform with forum policy of only being one line of text at 800x600 resolution.

Thanks, moderator


  • Similar Topics
    Replies
    Views
    Last post
  • Mobile phone battery life - conundrum
    by JR8 » Fri, 18 Jan 2013 9:37 pm » in Computer, Internet, Phone & Electronics
    39
    13634
    by RonnieT View the latest post
    Mon, 04 Mar 2013 2:47 pm
  • conundrum
    by JR8 » Fri, 18 Oct 2013 6:38 pm » in Leisure Chat, Jokes, Rubbish
    1
    970
    by nakatago View the latest post
    Fri, 18 Oct 2013 7:10 pm
  • Conundrum
    by JR8 » Wed, 09 Jul 2014 11:33 am » in Leisure Chat, Jokes, Rubbish
    11
    1239
    by nakatago View the latest post
    Wed, 09 Jul 2014 6:43 pm
  • Credit profiles and credit cards
    by Pinshot » Thu, 25 Feb 2016 11:14 pm » in Relocating, Moving to Singapore
    6
    3411
    by BBCWatcher View the latest post
    Fri, 26 Feb 2016 11:05 pm
  • Back to back Letter of Credit for startups?
    by tjdwls85 » Fri, 19 Oct 2012 8:57 pm » in Business in Singapore
    2
    3427
    by Strong Eagle View the latest post
    Sat, 20 Oct 2012 9:50 pm

Return to “Business in Singapore”

Who is online

Users browsing this forum: No registered users and 2 guests