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)? - Seedly
Seedly logo
Seedly logo
 

Income Tax

Personal Finance 101

Jun Wen

Asked on 16 Apr 2020

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)?

Have there been changes in recent years? Where can I find this information?

0 comments

3 answers

Answer Now

Answers (3)

Sort By

Colin Lim
Colin Lim, Financial Services Consultant at Colin Lim
Level 7. Grand Master
Answered on 16 Apr 2020

The income tax bracket have not change since 2017... I doubt it will change anytime soon and then again if change... The newspaper, media, social media, your colleagues, your frens and family members will share with you.

#planwithcolin

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

This is the income tax rate from YA 2017 onwards: https://www.iras.gov.sg/irashome/Quick-Links/Tax-Rates/Individual-Income-Tax-Rates/

Should there be a revision, the Authority will inform us accordingly.

I share quality content on estate planning and financial planning here.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

Well income tax bracket has always been based on your earnings for the year minus any reliefs you can claim.

So you can predict what tax bracket you'll be in next year by predicting your income for this year and the reliefs you're entitled to.

Nothing else really changes.

If your income hasn't changed since last year, you're claiming the same reliefs, then your tax bracket will still be the same.

0 comments

👍
0
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post