Farik Omar

07 Jun 2019

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What should I do to save on income tax?

Hi, I’m in one of the Uniformed Services and will be retiring in 5 years time as part of compulsory service tenure and I’ll be 55yrs old by then. My SA should meet the FRS even if it raises to $200k by time I retire. I have a loan for my EC which I need to service till I’m 60years old using OA. I have RSP of about $2k in ETF, Bonds and Robo investment. That’s make me passive investor. I want to save on my income taxes. Should I put in SRS or SA?

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Farik Omar

07 Jun 2019

Kenneth, thank you. Is there a limit to the amount one can put in SA, like if FRS is met?

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Kenneth Chan

21 Mar 2019

Familarise yourself with IRAS deductibles! https://www.iras.gov.sg/irashome/Individuals/Lo...

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Goh Kah Kiat

21 Mar 2019

Editor-in-chief at Risknreturns.com

Hi Farik,

As your SA is likely to be capped at this year's FRS, I don't think there is much leeway...

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

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 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?

Does it make sense to form a company if I wish to save on income tax?

Is it true that whatever you do for INCOME TAX Rebates and savings in 2020 are only applicable in 2021?