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View Full Version : Income Tax bill is here!!! How much are you paying?



carbuncle
29-04-12, 16:02
Lets have a gauge of damage on forummers here

buttercarp
29-04-12, 16:09
Lets have a gauge of damage on forummers here

Are you referring to both forummer and spouse or only the forummers here?

carbuncle
29-04-12, 16:10
Are you referring to both forummer and spouse or only the forummers here?

ur own self only pls

yowetan
29-04-12, 16:39
Why are you having the tax bill returned so early?

buttercarp
29-04-12, 17:07
Why are you having the tax bill returned so early?
I haven't received mine yet, so I don't know how much.

Douk
29-04-12, 17:16
Income tax submission just ended few days ago...

The numbers in the poll, is monthly or annual income tax? The range need tuning.

carbuncle
29-04-12, 17:19
Annual income taxed. Its the payable tax after all deductions.

Havent received in mail but reflected in portal online liao.!!!

Range need tuning coz a lot is >5000?

roly8
29-04-12, 17:26
all forumers here are millionaire leh...

at least start from > 5000 onward:D

Douk
29-04-12, 17:31
Annual income taxed. Its the payable tax after all deductions.

Havent received in mail but reflected in portal online liao.!!!

Range need tuning coz a lot is >5000?

I think 5000 is in the anually 100k income range. To afford Hermes bag, those should be in the 200k and above income. :D

carbuncle
29-04-12, 18:03
aiyoyo... like that sure got swell in that band gee

i still refuse to believe majority of the active forummers are annual millionaires leh...

buttercarp
29-04-12, 18:12
I think 5000 is in the anually 100k income range. To afford Hermes bag, those should be in the 200k and above income. :D
Some who want face will get it even if salary is lower.
I'd rather have a pet crocodile (that's if the law permits) than a Hermes.

PN
29-04-12, 18:13
Douk has pointed out the salay range. Where got so many annual millionaire

Only 8 voted so far. Where got majority.

Rein
29-04-12, 18:33
TS your choices too limited

should add

>10,000
>20,000
>50,000

sh
29-04-12, 18:47
haven't received bill yet:scared-3:

solsys
29-04-12, 20:15
Haven't receive leh.

carbuncle
29-04-12, 20:21
Many of you havent received probably because too much to calculate!!!!!

Adva181
29-04-12, 23:37
Many of you havent received probably because too much to calculate!!!!!

Ur range is too low. U underestimate the power of Singaporean.
My range is 30k - 40k...

jesico
29-04-12, 23:45
Ur range is too low. U underestimate the power of Singaporean.
My range is 30k - 40k...

Aha! so we roughly know how much you make http://www.iras.gov.sg/irasHome/page04.aspx?id=1190 :p

carbuncle
29-04-12, 23:50
Ur range is too low. U underestimate the power of Singaporean.
My range is 30k - 40k...
Wow!!!!!!!!!! But actually if add in the properties rental income... No big deal hor

buttercarp
29-04-12, 23:59
Ur range is too low. U underestimate the power of Singaporean.
My range is 30k - 40k...

So heart pain to pay this kind of amount.

zzz1
30-04-12, 00:07
Lets have a gauge of damage on forummers here
Pardon me.. If to review the figure is telling how much yr annual income,.. Mostly forumers will under or over report wan la...


For the fun sake, I should be fall under the tax rebate group...grossly under paid...

carbuncle
30-04-12, 00:10
Pardon me.. If to review the figure is telling how much yr annual income,.. Mostly forumers will under or over report wan la...


For the fun sake, I should be fall under the tax rebate group...grossly under paid...
Nobody will know who voted for what bracket... Its just to prove that majority of forummer here are super well heeled...

EBD
30-04-12, 08:26
So heart pain to pay this kind of amount.

Wow, really???

I'd be as happy as hell to be paying this much - just think how much income I must be earning to be paying this kind of tax bill.

phantom_opera
30-04-12, 09:16
Sometimes it may not be steady e.g. for sales directors / property agents... one year can make 300k, another year probably drop below 100k so the tax bill also goes up and down

So one year alone is not a good gauge ... what you should be asking is how much average tax you paid in last 5y

and the range is really a joke ... you should start off at 5k

EBD
30-04-12, 10:17
Agreed.

If you're not getting a 5k income tax bill - you can't afford to be buying property.

carbuncle
30-04-12, 10:29
Sometimes it may not be steady e.g. for sales directors / property agents... one year can make 300k, another year probably drop below 100k so the tax bill also goes up and down

So one year alone is not a good gauge ... what you should be asking is how much average tax you paid in last 5y

and the range is really a joke ... you should start off at 5k
Sigh my mistake man... I small frog beneath well :-(

carbuncle
30-04-12, 10:31
Agreed.

If you're not getting a 5k income tax bill - you can't afford to be buying property.
In that case, I guess this poll serves to indicate how many percent are overstretched....

buttercarp
30-04-12, 10:49
In that case, I guess this poll serves to indicate how many percent are overstretched....

Can't really say over stretched as you did not take into account the spouse income tax.

Laguna
30-04-12, 11:42
There are couple of income not subject to tax,
eg dividends and interest, profit on selling of shares, profit on sell of properties etc

So, income tax is not a good indicator.

Retirees like me, are now of very low income tax alr.

Adva181
30-04-12, 12:40
Wow!!!!!!!!!! But actually if add in the properties rental income... No big deal hor

Ya, no big deal. Many more richer than me. Income did not include property rental yet, all rental income charge to my wife hahahaha.

ikan bilis
30-04-12, 14:02
me small fish very little income so income tax not an issue...


but hor, i'm paying $6K property tax + $4K GST yearly (on goods material purchased) alone ... :banghead:


the govt is sucking me dry.... :scared-3: :scared-3: ... i wanna protest at hong lim park liow... :simmering: :simmering:

carbuncle
30-04-12, 14:44
me small fish very little income so income tax not an issue...


but hor, i'm paying $6K property tax + $4K GST yearly (on goods material purchased) alone ... :banghead:


the govt is sucking me dry.... :scared-3: :scared-3: ... i wanna protest at hong lim park liow... :simmering: :simmering:

u have so many propert, the rental income u also need to declare isnt it

phantom_opera
30-04-12, 14:45
Ya, no big deal. Many more richer than me. Income did not include property rental yet, all rental income charge to my wife hahahaha.

All rental income Charged to wife?! ... your wife fully own the rental properties?? Don't pray pray with IRAS :tsk-tsk:

amk
30-04-12, 14:54
Lets have a gauge of damage on forummers here

did u miss a "0" in the list ??

supermax
30-04-12, 14:56
u have so many propert, the rental income u also need to declare isnt it

Does non-resident need to pay rental income tax on top of the property tax? And what is the percentage?

carbuncle
30-04-12, 15:02
did u miss a "0" in the list ??
I think I just might have....!!!!!

carbuncle
30-04-12, 15:05
Does non-resident need to pay rental income tax on top of the property tax? And what is the percentage?
Hmmm good one. I really dunno. Non resident probably depends on the tax arrangements between here and your home country? So as not to double tax... So depending on whose taxation legislation you following. If its sg I believe you need to declare... Maybe other bros who more familiar may wanna comment.

House
30-04-12, 15:42
Agreed.

If you're not getting a 5k income tax bill - you can't afford to be buying property.

Not really lah. Lots of hawkers that I know personally, every year pay no more than $1500. Most of them drives S300. Guess how many houses they own.

ikan bilis
30-04-12, 19:08
u have so many propert, the rental income u also need to declare isnt it

1. "different AV": commercial/industrial AV at 100% of market value, IRAS squeeze very $. Where as for residential IRAS only assess it as about 30-60% of market rate. e.g. my condo market rental is like ~42K but IRAS only bill me AV=26K, my hdb market rental 2.75K*12=33K but IRAS bill me as AV=11K.

2. high interest & tax: i got industrial properties very high rental yield, high commerial interest rate, but low capital value... net income after deducting interest, tax, MCST becomes chicken feed, so little income tax...

=> so, little property values, 2x-3x higher property tax, little net income...

:scared-3:

carbuncle
30-04-12, 19:15
1. "different AV": commercial/industrial AV at 100% of market value, IRAS squeeze very $. Where as for residential IRAS only assess it as about 30-60% of market rate. e.g. my condo market rental is like ~42K but IRAS only bill me AV=26K, my hdb market rental 2.75K*12=33K but IRAS bill me as AV=11K.

2. high interest & tax: i got industrial properties very high rental yield, high commerial interest rate, but low capital value... net income after deducting interest, tax, MCST becomes chicken feed, so little income tax...

=> so, little property values, 2x-3x higher property tax, little net income...

:scared-3:

U r right....Plus most apportioned out part of rental as this and that expenses...

richwang
30-04-12, 19:32
If a forefinger stays in Singapore for less than 183 days in a year, he is considered "non-residential" for tax purpose. The rental income in Singapore is still subject to Singapore Income Tax, and the tax rate is a flat 20%.

http://www.iras.gov.sg/irasHome/page04.aspx?id=2786

"The director's fees, consultation fees and all other income that you received will be taxed at 20% from YA 2005 onwards."

Thanks,
Richard

carbuncle
30-04-12, 19:37
forefinger? lol

bro rich. overworked today ah? have a gd rest tomrrw May Day

richwang
30-04-12, 20:44
Foreigners pay flat 20% tax.

Thanks,
Richard

lifeline
30-04-12, 23:39
So heart pain to pay this kind of amount.

you can create natural tax shelter la - have more kids ; tax comes all the way down!

buttercarp
01-05-12, 00:27
So heart pain to pay this kind of amount.


you can create natural tax shelter la - have more kids ; tax comes all the way down!

However working mother child relief is only applicable to the wife and not the husband.

price
01-05-12, 04:23
All rental income Charged to wife?! ... your wife fully own the rental properties?? Don't pray pray with IRAS :tsk-tsk:

agreed, there are professionals here working for the IRAS.

carbuncle
04-05-12, 12:40
Just received sms from taxman. The NOA must be here: Get your latest income tax bill online. Log into https ://mytax.iras.gov.sg with your SingPass & click on "View Corres/Notices". Pay by GIRO and stand to win cash! Details at http://bit.ly/cv8QJJ