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 !
