0:17: 💰 Learn 9 ways to save on income tax and the best way to pay your tax bill to save even more money. 2:43: ⚖ The video discusses the benefits and drawbacks of topping up to an SRS account for tax relief and retirement planning. 5:33: 👨👩👧👦 The video discusses tax relief benefits for parents and working mothers in Singapore. 8:04: 💰 The video discusses tax relief and deductions for dependents, charity donations, and NSmen. 10:53: 💰 The video discusses ways to reduce tax payments and earn cashback and miles on tax payments. Recapped using Tammy AI
Hi Kelvin, thanks for the very informative and well researched content. Can imagine the hours and hard work put in. There are so many useful tips I dun want to miss but I really find it hard to follow as the video is very rush and sound like 1.5 speed. Too many “cuts” in this clip liao.
Hi, just sharing, women enjoy WMCR and QCR which gives even more relief up to 58k of relief for two kids. Adding in other items, a female employee needs not do any top up at all and easily hit 80k relief.
9:14 Asking on the course fees reliefs. Currently i am studying courses that is related to my work. How do i make the claim for that ? Every year tax automatic tells me how much to pay, i just noob noob pay it all.
Hi Kelvin, great video! Btw, may I consult you if SRS and SA top up can be stacked within the same assessment year? Eg 15k (SRS) + 8k (self SA top up) + 8k (parents RA top up) in 2024 assessment year
Can someone explain why topping up S$8K in absolute cash is worth it given that the money will be locked in CPF and the relief is only reducing 8K in taxable income, and not the absolute tax u have to pay?
I guess in a matter of speaking, putting money in CPF is kind of considered money you can draw down when you’re much older. Paying tax is pretty much money you’ll never see again.
@@darrenngyh i calculated. Im only saving about 500 dollars in absolute cash if i fork out a whopping 8K, which i can easily generate more than 500 through investing or for rainy days....not sure why that is worth it
From what I understand you get tax relief + you get 4-5% interest compounded until retirement, which is guaranteed whereas your investments might not be guaranteed returns
when u top up to cpf medisave account: - u save on taxes - that money grows at 4-5% pa - u can use that money for hospital bills, insurance premiums. So its not exactly locked up
Download UOB interbank giro form here. Then for the bank info, fill in your HSBC account info www.uob.com.sg/web-resources/personal/pdf/personal/cards/cards-usage/payment-modes/giro-form-final.pdf
Next year when u can file your tax, you can specify how much you want to claim. Check out the “how to claim” section here www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs/parent-relief-handicapped-parent-relief
Erm. Not exactly. Take home pay is from pay slip net salary. Chargeable income is total income less donations and relief. I’m sure these 2 figures will never be exactly the same.
Ah it doesn't work that way. Let's say you have a $40,000 chargeable income (take home pay), you would be in the 3.5% tax bracket, and have to pay $550 tax (can use a tax calculator for this). Let's say you top up CPF $4000, your chargeable income drops to $36,000. Your new tax will be $410.
I think your computation example should not include GCR because GCR is for working mother yet your example have NSman relief and GCR so this person is both a male and a female. 😂😂
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0:17: 💰 Learn 9 ways to save on income tax and the best way to pay your tax bill to save even more money.
2:43: ⚖ The video discusses the benefits and drawbacks of topping up to an SRS account for tax relief and retirement planning.
5:33: 👨👩👧👦 The video discusses tax relief benefits for parents and working mothers in Singapore.
8:04: 💰 The video discusses tax relief and deductions for dependents, charity donations, and NSmen.
10:53: 💰 The video discusses ways to reduce tax payments and earn cashback and miles on tax payments.
Recapped using Tammy AI
Hi Kelvin, thanks for the very informative and well researched content. Can imagine the hours and hard work put in. There are so many useful tips I dun want to miss but I really find it hard to follow as the video is very rush and sound like 1.5 speed. Too many “cuts” in this clip liao.
10:34 GCR not eligible for single or male taxpayers. It’s for working moms.
Hi, just sharing, women enjoy WMCR and QCR which gives even more relief up to 58k of relief for two kids. Adding in other items, a female employee needs not do any top up at all and easily hit 80k relief.
9:14 Asking on the course fees reliefs. Currently i am studying courses that is related to my work. How do i make the claim for that ? Every year tax automatic tells me how much to pay, i just noob noob pay it all.
How to get the 1% from hsbc ega? Arrange as what kind of payment?
Hi Kelvin, great video! Btw, may I consult you if SRS and SA top up can be stacked within the same assessment year? Eg 15k (SRS) + 8k (self SA top up) + 8k (parents RA top up) in 2024 assessment year
Yup! They can be stacked all the way till SGD80,000 relief
When should we top up CPF MA to make full use of the increase of MA from 68500 to 71000
Can someone explain why topping up S$8K in absolute cash is worth it given that the money will be locked in CPF and the relief is only reducing 8K in taxable income, and not the absolute tax u have to pay?
I guess in a matter of speaking, putting money in CPF is kind of considered money you can draw down when you’re much older. Paying tax is pretty much money you’ll never see again.
@@darrenngyh i calculated. Im only saving about 500 dollars in absolute cash if i fork out a whopping 8K, which i can easily generate more than 500 through investing or for rainy days....not sure why that is worth it
From what I understand you get tax relief + you get 4-5% interest compounded until retirement, which is guaranteed whereas your investments might not be guaranteed returns
@@heyzosim7771I think it is useful for people who has a higher tax rate
when u top up to cpf medisave account:
- u save on taxes
- that money grows at 4-5% pa
- u can use that money for hospital bills, insurance premiums. So its not exactly locked up
Thank you Kelvin!
Can i still top up to my OA if i have met the FRS and reached the ceiling for MA and entitled for the tax relief?
Unfortunately no :(
SRS keep sending the paper letter to tell me I have $1 in my account. How to stop this ah?
Can someone share how the CPF relief for employee work ? Tks
sorry noob questions, how to setup HSBC giro to pay UOB CC?
Download UOB interbank giro form here. Then for the bank info, fill in your HSBC account info
www.uob.com.sg/web-resources/personal/pdf/personal/cards/cards-usage/payment-modes/giro-form-final.pdf
When we apply and update for the parent tax relief, do we need wait few working days before the claim is proceed? Or will be done instantly?
Next year when u can file your tax, you can specify how much you want to claim.
Check out the “how to claim” section here www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs/parent-relief-handicapped-parent-relief
the 1% from ega for giro premium is calculated based on what you have or how much you have in that ega account right and not your bill?
Based on the giro payment
I see the current retirement age is 63 (from 1st July 2022). When will it be raised to 64?
Wa cardup 1.75%. If dont have the HSBC EGA means lose money?
Have or dont have, it’s still considered buying miles. If using hsbc ega, u are buying at a cheaper price
did u open SRS kelvin ?
Yes i did
Do we need to do the $8000 MA top up before 31st Dec?
If u do it before 31 dec, you will have $8k tax relief in the calculation next year
why they cannot ccalculate for us as we go along.. lol how to know worth or not
Does topping up spouse’s MA entitled to tax relief? Assuming spouse is not working
Yes
If the total income less than 4k this year, yes
Is chargeable income the take home pay?
First year of employment still trying to figure out😂😂😂. Thanks for explaining!
Yup take home pay. Its the pay, minus off cpf contribution
Erm. Not exactly. Take home pay is from pay slip net salary. Chargeable income is total income less donations and relief. I’m sure these 2 figures will never be exactly the same.
Does this apply to self employed?
Yes
For for example my tax is $400 per year i will just need to top up cpf $400?
no
Ah it doesn't work that way.
Let's say you have a $40,000 chargeable income (take home pay), you would be in the 3.5% tax bracket, and have to pay $550 tax (can use a tax calculator for this).
Let's say you top up CPF $4000, your chargeable income drops to $36,000. Your new tax will be $410.
Cardup charge 2.6% processing fee, so it is not worth it
As shown at 11:28, Cardup only charges 1.75% fee. Pair this with 1% cashback that you get from HSBC EGA. I feel it is worth it
Isn't an employee cpf contribution part of $80k tax relief ?
Yup, its the take home pay
Could you share how to calc the amt to state in the tax relief section ?
Hi Kelvin , I'm 48 , can I start invest with small amount ? Can you share more about it? For 21 yrs old , what is the best to get start?
Cardup will want you to make full payment, cannot breakdown
You can do recurring payment for tax payments with cardup
chao relief? why you say my kid until so bad?
😂
income tax can use credit card and pay??!!?
Cannot pay directly, need to use a middle man
oh just saw via CardUp
your chapter title seem to not tally with your video?
I think your computation example should not include GCR because GCR is for working mother yet your example have NSman relief and GCR so this person is both a male and a female. 😂😂