Top 9 Tips To Reduce Income Tax | DO THIS BEFORE THE YEAR ENDS
ฝัง
- เผยแพร่เมื่อ 19 มิ.ย. 2024
- Here are 9 ways to save on your income tax!
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0:00 - Intro
0:49 - How the Singapore tax system works
1:58 - CPF Topups
3:14 - SRS Account Topup
5:13 - Child Tax Savings
7:30 - Parent Relief
8:03 - Donations
8:45 - Course Fees Relief
9:12 - Employment Expenses
9:52 - Best way to pay your tax
10:30 - How much have you saved?
#moomootrading
None of this is meant to be construed as investment advice. It's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites.
I feel that it makes more sense to use the 12month payment plan (it’s totally interest free!) to pay your taxes. This allows you to use the lump sum to invest and try to achieve more than the 1.7% cashback you can get from using your Grabpay method.
Very insightful video. Thanks Kelvin
Thanks Kelvin. Very helpful.
Kelvin, very interesting video. BTW, in your last example, it appears you have omitted the CPF relief for employees. Hence, might no need to spend on course and others..yet no need to pay tax at all.
Great tips. Thank you
To qualify for tax relief for cash top-ups made to your spouse or siblings, they must not have an annual income of more than $4,000 in the year preceding the year of top-up (e.g. salary or tax-exempt income such as bank interest, dividends, and pension) or be handicapped.
this is an important caveat if want to top up spouse CPF
The final part context is only applicable to woman with kids, as WMCR meant for working mom
Hi bro it’s very useful
Is it can clim medical bill for tax
Donation is not really a form of tax relief. Mathematically you end up paying more instead of reducing your tax.
Hi Kelvin, thanks for all the videos once again! I appreciate this video, as well as the video on SGS. Can I ask if I am investing in SSB and T bills, not in SRS, do I need to pay Taxes?
No tax on investments, like stock and bonds
@@KelvinLearnsInvesting thanks for the quick reply. So investment gains and withdrawal does not incurred tax! 👍🏻
Additional perspective on topping up loved on CPF - If you are making cash top-ups for a spouse or sibling, you will only be eligible for the tax relief if the recipient's income in the previous year does not exceed $4,000 or if the recipient is handicapped.
So if your wife is earning more than $4,000 a year (which is almost impossible) then you are not eligible for the tax relief...
Lies again? Turbo Tax
Can I check the chargeable income for income tax is it income after CPF deduction? Thank you.
Yes , plus other income and after Cpf relief and all other relief.
Does the UOB card still works in FY2023?
Hi, I'm S pass holder from foreign country.
I'd like to move my saved money from my native country to Singapore as S$ in Singapore bank. May I know still do i need to give tax to Singapore government for my total money? Thanks.
Hi Kelvin, for the parents relief, I am PR and my parents stay in Malaysia, am I entitled to fill up for tax relief?
Parents need to be living in sg for at least 8 months
Does Grab still accept the UOB absolute cashback card?
Yes
Instead of topping up CPF and SRS, isn't it better if we use that amount of money to invest for better return?
For SRS you can top to save tax and invest the funds in your SRS account for better returns as well. For CPF SA top up you get tax relief as well and SA pays min 4% guaranteed.
If your investment yields a return greater then 4%,of course. Toping up cpf is guaranteed 4%.
@@SSunnyday Beside already hit FRS, any other caveat for CPF SA Top up?
U mentioned Amex Grabpay but next u use UOB cash back. Which is recommended??
Ah my bad, the AMEX card i'm referring to is UOB Absolute
That introduction at the start was indeed... Funny 🤣
1st to comment.. Singapore pr 's kids eligible for ptr?
2nd 😜
Kid needs to be singapore citizen
@@KelvinLearnsInvesting ya.. Too bad lo
You know what to do then *hint *hint
@@KelvinLearnsInvesting haha.. Cannot jump to your boat 😂
You will need to fork out $33,500 of cold hard cash to top up to save on taxes when you are only earning $6k+ a month. That's crazy. Just top up abit if you need n bring yourself down into the 3.5% bracket. $550 of tax, pay by instalment, less than $50 every month. Ok lah.....
i can claim my maid levy now. thanks kevin, you save me more than 200$ on tax
Ur example is yourself last time issit lol. 80k salary put 32k in cpf and srs walao
What is the best way to pay income tax and earn most miles?
milelion.com/2022/04/11/2022-edition-earning-miles-when-paying-iras-income-tax-with-a-credit-card/
Check out milelion article here
You must be damn rich till you need to reduce income tax...
Wait wait wait wait, sugarbabies not counted? shit
Show us a cute what??
with all the claims, that meant you would have to “spend” 57k out of your 80k income and you’re left with ~23k to survive for the year…gg
Wait... that's not how it works : O
@@KelvinLearnsInvesting Only the CPF, SRS, Donation and Course are used. So slightly below $40k gone only, it’s good that u are saving 50% of your annual income. Ultimately if u are saving money for the long term, contributing to SRS and CPF and then invest from there or just getting the CPF interest is much better than saving in the bank account long term wise.
@@andyho2059 I agree the video has lots of good information and I enjoyed it. But the example at the end is not so realistic. Not sure if Kelvin has children. Someone with $80k income will take home lesser than that. And with a child, it is definitely not possible to contribute so much to CPF and SRS. Let alone attend a $5.5k course.But of course he need to show how useful the information can help to reduce the income tax.
HI Kelvin , someone added me on IG claiming to be you and wanted me to invest in crypto ..have exact IG post as yours but the account is new . wonder is it you ?
Not me!
You need to know Kelvin style.. Normally legitimate kelvin always show animal pictures, tag lines - 'can eat one', 'talk until saliva also dry ar', Aunty caifan.
You try ask u know aunty caifan? If he doesn't know, confirm fake liao. 😂
@@KelvinLearnsInvesting had sent you an email of the screen shot