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The Job Credit Conundrum

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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.

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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

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