Breakdown on Tax reliefs numbers

Fun fact: Today, there are 15 tax reliefs, each serving an objective. Taken together, the reliefs can unduly reduce the taxable income. Earlier, I was just briefly looking at income tax reliefs from CPF contributions, CPF top-ups and SRS top-ups. Having some time at hand, I delve into the other tax reliefs over the yearsContinue reading “Breakdown on Tax reliefs numbers”

Why I stress that working Singaporeans should maximise their tax reliefs

All working adults are assessed on their income earned. After taking into account tax reliefs and rebates, a good 74% pay taxes on their income. As mentioned in my earlier article on avoiding paying too much taxes, many people still confuse tax relief with tax rebate. A tax relief is deduction from the total income to derive yourContinue reading “Why I stress that working Singaporeans should maximise their tax reliefs”

How far have Singaporeans progressed with hacking their CPF SA/RA and SRS?

I enjoy analysing data during my spare time and to see if there is any trend or deeper meaning from a macro perspective. I was reading through government statistics available online and I am amazed at how much and how far these data sets go back. So I was interested to find out how farContinue reading “How far have Singaporeans progressed with hacking their CPF SA/RA and SRS?”

Avoid paying too much income taxes

Income taxes are a financial burden to working individuals. It is essential is to recognise that there is a way to lessen this burden by maximising the tax reliefs claimable for each assessment year. From Year of Assessment (YA) 2018, the total amount of personal income tax reliefs which you can be allowed is subjectContinue reading “Avoid paying too much income taxes”