After putting in money in your SRS account to reduce your tax payments, what do you do with it? The agent bank I put my money in offered an extremely low interest rate, to the point of being negligible. If you factor in the inflation rate of 6%, your money would have been lost. One [...]
Popularity: 5% [?]
CPF Life, a form of annuity scheme, will start in five years time. That means those who are 50 years old will get to opt for one of the twelve schemes five years later. Originally when the idea was first mooted, people created a ruckus. This was because they were both kiasu and kiasi, and [...]
Popularity: 3% [?]
The year is coming to an end soon, and don’t wait until April to look at your income for the year. Taxes are calculated based on Jan to Dec income. Quickly do your calculations on your income, especially since many people are getting great bonuses, which would definitely bump up the annual income. Check how [...]
Popularity: 4% [?]
Tip Top Curry Puff owner is jailed for tax evasion. Looi underreported earnings from his delicious curry puffs made with secret formulae. Apart from 2-week jail term, he has to pay a fine of almost $200000. The stall in Ang Mo Kio, near the polyclinic has a steady flow of customers and I would buy [...]
Popularity: 2% [?]
There are some changes made to the Central Provident Fund. The advantage is the 1% extra in interest for the first $60000. $20000 comes from the ordinary account. For young Singaporeans, we have to wait until we are 65 years old to be eligible to withdraw the Minimum Sum. While the reasons for increasing the [...]
Popularity: 3% [?]
In my previous article on Supplementary Retirement Scheme (SRS): A Money Crunching Guide Part II, Jeff asks: Hi Sarah, in view of the recent PM’s national day rally speech, any idea if the SRS withdrawal age (i.e. 62yo) will be similarly postponed like the CPF withdrawal ? Let’s take a look at what PM Lee [...]
Popularity: 3% [?]
Donating to charity is great, but getting double tax deduction to reduce the amount of chargeable income tax is even better . You can even get tickets to a play for free when you donate! Giving to charity is a good way of giving back to society and helping the less fortunate. There are many [...]
Popularity: 6% [?]
Do you think paying $850 more in income tax each year is nothing much? Wait till you see how much you are losing at the end of 30 years (it’s a mind-boggling six-digit sum!) Make use of Supplementary Retirement Scheme (SRS) by introduced by our government. I’ve talked about how SRS worked in my previous post. [...]
Popularity: 6% [?]
I have heard about Supplementary Retirement Scheme (SRS) from a forum and a colleague. A woman wrote in the forum that she has more than $250000 within 5 years of working, and she made used of the SRS to save. I was a little curious, but did not think that I earned enough to require [...]
Popularity: 8% [?]