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2013 budget and Income tax

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Wd40
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2013 budget and Income tax

Postby Wd40 » Mon, 25 Feb 2013 8:54 pm

I just read that personal income taxes will be reduced by way of rebate of 30% rebate capped at $1500.

Even the income tax calculators have been updated in the IRAS site so fast.

With the spouse relief and child relief my income tax for last year will be just 4%.

I love you Singapore. I love you Tharman! :kiss: :kiss:
Last edited by Wd40 on Mon, 25 Feb 2013 9:35 pm, edited 1 time in total.

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Postby Wd40 » Mon, 25 Feb 2013 9:32 pm

The interesting thing about the Singapore income tax rates and the rebate is that as long as you taxable income after deducting all reliefs, is 90k or below, your income tax rate will be 3% or lesser.

But any incremental earnings above 90k gets taxed at 11.5%! I know majority of the working class locals or foreigners dont make 90k, so they are really paying peanuts for taxes in comparison to other countries!
Last edited by Wd40 on Mon, 25 Feb 2013 9:40 pm, edited 1 time in total.

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Postby movingtospore » Mon, 25 Feb 2013 9:38 pm

For foreigners too or have they introduced two tiers? :wink:

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Postby Wd40 » Mon, 25 Feb 2013 9:40 pm

movingtospore wrote:For foreigners too or have they introduced two tiers? :wink:


Foreigners too! Thank God and Tharman for that :)

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Postby zzm9980 » Tue, 26 Feb 2013 10:02 am

And with my newfound lower tax liability, I can go buy the BMW I want! Oh wait, vehicle fees up, cannot la...

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Postby zzm9980 » Tue, 26 Feb 2013 10:03 am

Where did you find the calculator? First google hit is an IRAS spreadsheet for 2011, not 2012.

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Postby therat » Tue, 26 Feb 2013 10:31 am

I think that is the one.

I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?

Last year don't have such statement or requirement.

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Postby zzm9980 » Tue, 26 Feb 2013 10:35 am

therat wrote:I think that is the one.

I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?

Last year don't have such statement or requirement.


The only XLS I find says:

YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)

And one more section below for YA2011.

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Postby Barnsley » Tue, 26 Feb 2013 10:47 am

zzm9980 wrote:
therat wrote:I think that is the one.

I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?

Last year don't have such statement or requirement.


The only XLS I find says:

YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)

And one more section below for YA2011.


Is it the top of the list here you are looking for.

http://www.iras.gov.sg/irasHome/taxcalculators.aspx
Life is short, paddle harder!!

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Postby Sergei82 » Tue, 26 Feb 2013 10:53 am

You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new property tax and recent cooling measures. Overall, we're still screwed.

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Postby Barnsley » Tue, 26 Feb 2013 12:00 pm

Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new property tax and recent cooling measures. Overall, we're still screwed.


The rents can only go up if there is demand.

If there is a restriction in the supply of foreign talents will not the demand go down thus rents will come down as landlords seek tenants?
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Postby Wd40 » Tue, 26 Feb 2013 12:40 pm

Barnsley wrote:
zzm9980 wrote:
therat wrote:I think that is the one.

I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?

Last year don't have such statement or requirement.


The only XLS I find says:

YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)

And one more section below for YA2011.


Is it the top of the list here you are looking for.

http://www.iras.gov.sg/irasHome/taxcalculators.aspx


Yeah thats the one. Hats off to Singapore's efficiency. The day the new tax structure is announced and the calculators are already updated =D>

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Postby Wd40 » Tue, 26 Feb 2013 12:55 pm

Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new property tax and recent cooling measures. Overall, we're still screwed.


Yeah! The landlords and real estate agents screwing us is a given. Atleast from the tax front there is some relief.

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Postby x9200 » Tue, 26 Feb 2013 1:05 pm

Barnsley wrote:
Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new property tax and recent cooling measures. Overall, we're still screwed.


The rents can only go up if there is demand.

If there is a restriction in the supply of foreign talents will not the demand go down thus rents will come down as landlords seek tenants?

With the plan of increasing the population using FT (what else) it does not look like the demand will go down. Making condition less favourable for property investment will on the other hand limit the No of properties available for the rental. Conclusion?

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Postby zzm9980 » Tue, 26 Feb 2013 1:24 pm

Am I missing something? That's the one I found too. It's for FY2012.

http://www.iras.gov.sg/irasHome/uploade ... 1_IRAS.xls

Is this file:
Image


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