17 Jun 2021
I’m 23 this year, will be hitting a net worth of about 100k (40+k CPF, 40+k savings & investments) by this year end. Did 2 jobs this year and that’s why I’ll be hitting such a high amount of income, and have no idea how to utilise reliefs. Would love to hear opinions on how I can do it and if anyone is in this income bracket could share how you’re doing it too! Currently mainly passively investing mainly through roboadvisors and ETFs!
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The tax payable on first $40,000 is $550.
The next $20,000 is $1400.
You should use the calculator to estimate your income tax payable.
You have to deduct the mandatory CPF contributions first. Then check what reliefs you can get. The final tax payable shouldn’t be that high after all the eligible relief deductions.
For tax relief from CPF and SRS, you need to use cash to top up to these accounts. RSTU to SA/RA, VC to MA, contribution to SRS.
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