Advertisement

Anonymous

05 Nov 2021

∙

What income bracket do I have to be at before even considering about saving on Income Tax?

I just started work slightly over a year, I know that I probably have to pay income tax next year. But my fresh grad pay isn't much. Wondering at which income bracket does it then matter?

6

Discussion (6)

What are your thoughts?

Learn how to style your text

Zac

09 Nov 2021

Noob at Idiots Invest

First $20k is tax free so if you earn more than that (which I bet my bottom dollar, you do), then you should definitely try to optimise your taxes.

Reply

Save

Bang Hong

09 Nov 2021

Sustainable Spender Specialist at Spender Bang

Anything above 6 digits (100k) for a quick and dirty answer.

The other considerations or views , can view other comments :)

Reply

Save

financialdignity

09 Nov 2021

If you are an employee, usually there's not much you can plan for taxation. If you are self employed...

Write your thoughts

Related Posts

At what income bracket does it become worth topping up SA / SRS, to enjoy tax savings? I'm 26, earning $28,000 and paying tax of $160 a year – not sure if that's worth?

How much do you consider high for your income tax payable amount that you need to consider to top up an amount to your SRS account?

How do we know the bracket of income tax we will belong to for 2021? (Let’s take 2021 for sake of discussion since it’s the filing period is already here for 2020’s taxes)?

Do i still need to save 50% of my income even after settling my emergency funds? For now, i am just saving $500 and dumping more $$ into investments.

How much should I transfer from my OA to SA to save on my income tax. And also I heard it is the best time to do this in January every year?

Related Posts

At what income bracket does it become worth topping up SA / SRS, to enjoy tax savings? I'm 26, earning $28,000 and paying tax of $160 a year – not sure if that's worth?

How much do you consider high for your income tax payable amount that you need to consider to top up an amount to your SRS account?

How do we know the bracket of income tax we will belong to for 2021? (Let’s take 2021 for sake of discussion since it’s the filing period is already here for 2020’s taxes)?

Do i still need to save 50% of my income even after settling my emergency funds? For now, i am just saving $500 and dumping more $$ into investments.

How much should I transfer from my OA to SA to save on my income tax. And also I heard it is the best time to do this in January every year?

Advertisement