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Showing posts with the label Tax

GST Hike Coming

Source Looks like GST is going to increase from the current 7% to 9% soon, not sure exactly when but definitely coming, according to the source, between 2021 to 2025. I remember the last time when GST went up to 7%, from 5%, everything in general seems to have increased by 20% or so from a consumer's point of view, it felt as if a product has been taxed, and when it changed hands, it got taxed again, don't know how many times but when it finally reached the consumer i.e. people like me and you, we ended up having to pay 20% more, weird. I also heard of stories where some unscrupulous business owners exploited the hike and further increased the prices, not sure how true or if there is any point for them to do so because if products suddenly become more expensive, people would just find alternatives, but then if all the businesses do this, then we won't have much of an alternative. I wonder how all this will fall into place, it's like the movie 2012, we know the e

This Year No Need to Pay Income and Property Tax

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After the Parenthood Tax Rebate this year no need to pay any income tax. Then my house is 2-room which we stay so also no need to pay property tax. I guess the only way I'm contributing to nation is via the GST.

Time to Pay Tax Again

Last year I paid $493.48, this year I am supposed to pay $272.58, so much lesser than last year even though this time my chargable income is slightly higher, that's because of a 50% tax rebate, it's part of Singapore Budget 2015, this is helpful, $200+ might not seem like a lot but it can pay for more than 2 months of my utilities bill. As usual, I pay online, so easy, I wonder how people in the past pay their income tax, do they go down to some office to pay or what. Nowadays with internet so readily available, stuff like paying bills is made so easy, all at a few clicks of the mouse.

Time to Pay Income Tax Again!

Basket, this year tax so much, $493.48, sigh, last year still have 30% discount, this year no discount, NSman have $3000 relief, should give more, every year waste my time only relief so little bit, sigh, still have 3 more high-keys to go. This NS really nothing good to say about it, I wonder why some people love it so much, me, I do it because I have to do it, not because of anything else, it's that simple, if you ask me whether I like it or not, obviously I don't like it, if you ask me if I can choose not to do it or not, of course I won't do it, let the garang ones do it since they love it so much, but I bet you that if NS is by choice, then those garang people won't do it too, it' easy to say, when you do it haha, it's another story, just like how our fellow females say NS is good and bla bla bla but when asked if they would do it they say no LOL, talk is cheap.

NS Pay is Taxable!

After all these years, now then I know! But I didn't bother since in my early years I didn't earn enough to actually need to pay tax, I only discovered it after my company submitted my tax returns for this year, since I was free with nothing to do so I kept myself busy by looking through my previous years returns and found that in the year of assessment 2013 (for 01 Jan 2012 to 31 Dec 2012), the assessable income shown in my notice of assessment is $514 more than what my company reported in my IR8E. I am very sure that I only worked for my current company for 2012. Curious, I emailed IRAS, and their reply was that the difference was submitted for my NSman pay, so obviously should be submitted by Mindef. And then after searching the internet a bit, I also found that IPPT award is taxable! WTF man. Basically my service pay is taxable, which includes the $12 or $13 received when I attended RT sessions, IPPT sessions, or when my unit called me back for one day, my company didn

Received My S$89 Cheque for IRAS Tax Refund

That day I was talking about missing out a spouse and parent relief , so after a nice lady at IRAS helped me to make the claim for only spouse relief as I have requested, I received a cheque for the refund on last Friday, I cashed in on Saturday and it will be cleared tomorrow and I can now see the amount added to my ledger balance. The whole process was very fast, from my first email on 11 Sep to receiving the cheque on 20 Sep, and actually I only confirmed to claim for spouse relief on 13 Sep because initially the lady was asking if anybody else was claiming the parent relief, I said I'm not sure and had to confirm with my mom, after that I found out that my brother-in-law was already claiming it. Anyway, from 13 Sep to 20 Sep, it only took them about a week to send me the cheque, they are very efficient, service-wise, they are on a totally different level than any government agencies that I have come across, thumbs up!

IRAS Tax Relief

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For a long time, paying income tax doesn't apply to me because I was earning too little for them to tax, it was only in 2011 that I started to earn enough to be required to pay in cash. On Wednesday, while looking through my tax forms, I saw the NSman Self Relief and Earned Income Relief which reduced my taxable amount by a total of S$4000. So I looked them up on IRAS website and found that I was actually eligible for two other claims. You can check out the full list of reliefs here . Spouse Relief I am eligible for this one because my wife is not working, so I can claim S$2000 for this. I have never made the claim, but luckily when I checked with IRAS via email, seems like it is possible to claim retrospectively, I was married in 2010 so I can start claiming from there. Parent Relief I can claim S$7000 for this on my mother because she is not working, but my brother-in-law has made the claim and there can only be one claimant, when I checked with him, he told me he can w

Damn, Got the Notice to Pay Income Tax

I thought I don't have to pay for this year and to my horror, I received a letter from IRAS telling me to pay up by Aug, shit, it's slightly over S$300 even after a 30% discount. And while panicking, I checked my payment notice for last year and realized that I received the notice also in Jul, I must have confused and led myself into believing that I don't have to pay... That part where they say, "Thank you for your contribution towards nation building", really annoying, collect money then thank me, I serve NS never thank me, oh wait, they gave me an S$80 Safra Voucher and a Safra Membership card that I will probably never use, hahaha... life sucks huh.

Didn't Get Any Notice to Pay Income Tax

I remember last year around the month of May, I received a notice to make payment for income tax but this year, it's already June and I haven't got any notice. I just logged into mytax.iras.gov.sg and I can see that my income tax is S$0.00, which is good. Last year I paid about S$117 or S$107, can't remember. It was annoying because I already paid so much GST, transport hikes, price inflation of goods, just about the price of everything went up last year. I wish my salary can grow as fast as our inflation but it will never happen, never ever, that's why everybody is complaining. I think the biggest inflation is at housing and cars. Now that they have changed the loan rules, cars have suddenly become unaffordable for many people, but I think it's ok because Singapore is not a big place, it's very possible to get around without a car, but note that it's not because our public transport system is awesome, it's simply because Singapore is tiny. If you put

Pay Singapore Income Tax via POSB iBanking

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You can choose to pay either referencing TAX REF NO. or PYMT VOUCHER NO., For TAX REF NO., actually it's your NRIC, For PYMT VOUCHER NO. (you have to get this number from mytax.iras.gov.sg), For my case, took two days for mytax.iras.gov.sg Account Summary to be updated. Very convenient.

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