Anonymous

30 Dec 2019

∙

What can I do to reduce the taxes for next year? Is my estimated tax payable correctly calculated (based on IRAS 2018 Excel Calculator)?

Hi everyone, I was inspired by a recent D&S article to see how I can reduce my 2020 taxes. As a newbie, I hope to get some advice from others who have done the same.

Employment income= $93,340 (Amount before CPF, with bonuses)
Deductions (CPF) = $20,528
Personal relief (Parent relief)= $18,000

Chargeable income= $54,812

Is there still Personal Tax Rebate included of $200 in 2019?
Tax Payable after Personal Income Tax Rebate= $1386.80

If I were to top up my CPF SA, what would be a good est?

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Shengshi Chiam, CFA

23 Dec 2019

Personal Finance Lead at Endowus

You are in the 7% tax bracket. Doing SRS or SA top up may make sense if you have no need for the liquidity now.

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Charles Ng

20 Dec 2019

SRS - you can withdraw anytime with penalty. dollar for dollar tax relief

CPF top up - stuck until retire. dollar for dollar tax relief

Donations to approved org - 2.5x donated amount. do note some have minimum amount to qualify.

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Nick Chiong

19 Dec 2019

SRS, donation, top up special account for parents, spouse, self....

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Hi, I have 2 more years of university to go (graduating in 2023). Based on my calculations (assuming no income for the next 1.5- 2 years), when should I invest into CSPX? I can only afford 5units.

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Why use cash to max out MA now when the amount will be revised again next year and the year following next, etc? Just for tax relief?

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