just pay my tax and come the medisave contribution...

[roly8]

calculate here and there, the govt take away around 11% - 12% of my hard cash earn last year for the tax + cpf medisave

-_-

[hopeful]

calculate here and there, the govt take away around 11% - 12% of my hard cash earn last year for the tax + cpf medisave

-_-

why u angry? i would rather be in a higher tax bracket because it means i am earning more.

would you be happier if your income to be below $20,000??, then you no need to pay income tax

[Kelonguni]

calculate here and there, the govt take away around 11% - 12% of my hard cash earn last year for the tax + cpf medisave

-_-

What did you include? How come CPF medisave considered as taken away by govt?

[House]

What did you include? How come CPF medisave considered as taken away by govt?

Since when cpf belongs to us?

[ikan bilis]

you self-employed ??... or else why got medi-save bill following income tax statement ??...

you very big fish mah so need to pay high tax of 11-12% lor... me small fish income tax only ~S$300... ... haha... dam shiok this time...

[roly8]

you self-employed ??... or else why got medi-save bill following income tax statement ??...

you very big fish mah so need to pay high tax of 11-12% lor... me small fish income tax only ~S$300... ... haha... dam shiok this time...

you still can afford to buy condo!!

wtf

you must have earn alot!!

[Kelonguni]

Since when cpf belongs to us?

Hehe, at least medisave can be used to pay for insurance or medical bills mah. Or can pay for relatives' bills.

So not totally Govt's money.

[ikan bilis]

you still can afford to buy condo!!

wtf

you must have earn alot!!

haha... by right me small fish cannot afford to stay in condo... but hor, since got people every month paying for my stay (i.e. rental income covers all my mortgages, tax, mcst charges), so just enjoy it lor...
must have the fun while this property boom time last .... before next recession comes...

[roly8]

haha... by right me small fish cannot afford to stay in condo... but hor, since got people every month paying for my stay (i.e. rental income covers all my mortgages, tax, mcst charges), so just enjoy it lor...
must have the fun while this property boom time last .... before next recession comes...

i will be in your same boat if i am aware of the boom also..

too bad i am latecomer..

just standing by to store more cash first..

[ikan bilis]

i will be in your same boat if i am aware of the boom also..

too bad i am latecomer..

just standing by to store more cash first..

you are self-employed ??... watch out not easy to obtain that very first loan from banks (after few loans then is ok)... you have to start preparing clean/good credit, and show good cash flow for your monthly bank a/c statement for years...

also,... nobody could tell if you are late comer, or already missed the boat liow... may be tomorrow europe crashes the whole world jialat jialat ??... haha !!...

[TheOnlyGayInTheVillage]

Just wondering if all my income is from property rental, am i considered self employed and need to contribute to medisave?

[ikan bilis]

just declare as "retired" or "jobless" lor... how they ask you to contribute to medisave ??.. self-employed and employed should be different tax filing form...

[TheOnlyGayInTheVillage]

just declare as "retired" or "jobless" lor... how they ask you to contribute to medisave ??.. self-employed and employed should be different tax filing form...

Hmm, ok. I think rental income is declared under its own section.

------
Rental income is one of the common areas overlooked by individual taxpayers when filing their returns. The mistakes commonly made by taxpayers in rental income declaration are highlighted as follows:

1. Failure to report rental income received for providing furniture & fittings

2. Reporting rental income based on estimates

Estimates are not acceptable for income tax purposes

Supporting documents need to be retained to substantiate the rental income reported and expenses claimed. Examples of documents include tenancy agreements, mortgage interest statements, invoices and receipts showing various expenses incurred

3. Incorrect expense claims

Expenses such as mortgage interest incurred on personal loans are not allowable.* Only interest on mortgage loan can be claimed.

Expenses of a capital nature are not allowable.* Such expenses include loan repayments, depreciation of furniture & fittings, cost of renovation, additions and alterations, agent’s commission and legal cost incurred to secure the first tenant.

The types of deductible expenses are:

Interest on mortgage loan
Property tax
Fire insurance
Commission paid on getting subsequent tenant
Cost of renewing a lease or getting a new tenant (except for the first tenant)
Repairs & maintenance (e.g. painting, pest control, monthly maintenance charges to management corporations)

4. Reporting only the net rent in tax returns after deducting expenses from total gross rent

The total gross rent received is to be reported, which includes the rent from the property, the rent on furniture and fittings and service charges received from the tenant.

Details of deductible expenses of each property need to be provided under ‘Rent and other income from properties’ in your tax form.

Only expenses incurred during the tenancy period can be claimed.* Expenses incurred outside the tenancy period, e.g. during any period of time when the property is vacant, cannot be claimed.

Taxpayers are reminded to declare their income and expenses accurately. Under the law, IRAS may issue**penalties for making errors in your tax return*and*investigate taxpayers for suspected of potential tax offences.

[ikan bilis]

heya... only ask you to try declare as "retired" or "jobless" and avoid that medi-save contribution... never ask you to evade taxes for rental income.... whether you are retired, employed, jobless or self-employed, you always need to pay income tax from rental mah...

(somehow there are some differences in "employed" and "self-employed".... for e.g. only self-employed can perform voluntary contribution on cpf...)