COE is the biggest tax in Sg

[Lovelle]

Avoid paying if ever possible . why ?

1. COE at current level represent 1/4 of total deposit for a studio apt
2. Once paid, you will never see the $$ back at equal prorated amount
3. 10 years of driving period !! Even before your child finish secondary school, your COE has expired. Then, pay another COE like drugs.



Solution

1. Travel off peak, even u take mrt at offpeak, it is pretty smooth and enjoyable
2. Take a walk if it's near, good for exercise
3. Send your child to neighbourhood school, they are equally good
4. Teach your kid to take public transport and self independent
5. Save your COE and extend your retirement fund

[alamak]

Avoid paying if ever possible . why ?

1. COE at current level represent 1/4 of total deposit for a studio apt
2. Once paid, you will never see the $$ back at equal prorated amount
3. 10 years of driving period !! Even before your child finish secondary school, your COE has expired. Then, pay another COE like drugs.



Solution

1. Travel off peak, even u take mrt at offpeak, it is pretty smooth and enjoyable
2. Take a walk if it's near, good for exercise
3. Send your child to neighbourhood school, they are equally good
4. Teach your kid to take public transport and self independent
5. Save your COE and extend your retirement fund

If I factored in all the $$$ in COE, ERP, Parking, Fuel, Road Taxes, Insurances, Quarterly Maintenance , VIACOM inspection for my fully-paid 2 car for twenty years, I would have paid half of my FH property bought in 2006.

Now I am car-less and could;nt care(less) about this COE thingy.
COE is the biggest $$ scamp.

I personally know of several people who travelled MRT taxi Buses and owned multiple properties - all $$ put in downpayments for properties all these years and now can retired with passive income and can afford to offload some properties somemore. .

Sadest fact is that these folks are mostly permanently SPR (you know from where ). Singapolian are really Gongkia ...

[sherlock]

I've never really calculated but in my 25 years of car ownership, I reckon i would have lost 300k in depreciation alone excluding parking, pertrol ERP etc...

On the other hand, someone would have incurred the same amount by just 1luxury car

But then what the heck if you can afford, enjoy the ride(s).

[CondoInterested]

me no car too...

mrt off peak although no pack but crowded too...

but road is equally bad for car drivers during peak hours too as I took cab sometimes and finally give up taking cab as mrt (although got many problems) remains more timely transportation...

[DC33_2008]

Car is surely a liability. People work like slave for their house. But the house does not depreciate with time and can last at least 99 years. It is all about the value. Different people see the same thing from different perspective.

[Pikachu1245]

me no car too...

mrt off peak although no pack but crowded too...

but road is equally bad for car drivers during peak hours too as I took cab sometimes and finally give up taking cab as mrt (although got many problems) remains more timely transportation...

Probably that is why now 99 LH condo within walking distance to mrt is selling like hotcake.Seems like the pricing of new OCR condo (in general) is as follows:

Doorstep with mall and mrt:$1500++ psf upwards
Within 0-150m to mrt :$1400++ psf upwards
Within 150-250m to mrt :$1200++ psf upwards
Within 250m to 500m mrt :$1000++ psf upwards
Within 500m to 800m mrt :$900++ psf upwards
From 800m to 1.1km mrt :$800++ psf upwards
EC within 1 km :$720++ psf upwards

[lifeline]

it is all about how much you value things in life.

value of money (A) vs things to spend on (B) vs opportunities cost (C)
1st 20 to 30 years - no / little A - depend on parents / others = less on B and C
2nd 20 to 30 years - got A but maybe limited or want more bang for the bucks = balance B vs C
next or last 20 to 30 years - got A (hopefully! and enough! even if not enough, may deem not that important anymore), C becomes more and more important (like time for self and family, etc)

so, got enough money, got enough savings (for now and future), then spend (and dun regret; though still can reflect on it). there is always never enough of A or B or C. one just need to make what you feel is the right decision at that point in time and that's it.

the important point is that one must pause and reflect to make a deliberate decision (on the conscious level) and not move along in life on auto-pilot mode (at the subconscious level).

[Lovelle]

Top 5 Sg Tax :


1. COE
2. ABSD (If you are insane to buy landed then ABSD overtakes COE)
3. Strike TOTO price Tax (If you strike $600k and above)
4. INCOME TAX
5. GST

[felicia_sg]

Top 5 tax, (1) to (4) you have the choice to avoid,
(5) is a tax you can't avoid as long as you need to eat and live, regardless of whether you are penniless, jobless, can't earn any money (young children), disabled, retirees, ...
That is the worst tax to have, as some people say here, a tax with no EMPATHY on the young, the jobless, the retirees, the sicked and people who have no ability to make an income and yet need to spend on living expenses, because the person who implemented it probably has the "WHO CARES?!" attitude...

Top 5 Sg Tax :


1. COE
2. ABSD (If you are insane to buy landed then ABSD overtakes COE)
3. Strike TOTO price Tax (If you strike $600k and above)
4. INCOME TAX
5. GST

[phantom_opera]

there is a high price to pay for quality of life in Singapore in general and I believe it is even more ex in Swiss or Norway or Japan

luckily Singkies have no sense of food quality ... otherwise hawker center all close shops and outside food will be super-ex

Singkies GDP per capita so high still accept palm oil to cook food in kopitiam/hawker centers no wonder all sick at age of 62

[Lovelle]

few months ago, i bought a farmland beef to try.

After trying two pieces , i noticed the trans fat word was in list . KNS

[DC33_2008]

Know of people who has started growing their own vegetable and even fresh water fishes in their landed house not because of cost but health sake.

there is a high price to pay for quality of life in Singapore in general and I believe it is even more ex in Swiss or Norway or Japan

luckily Singkies have no sense of food quality ... otherwise hawker center all close shops and outside food will be super-ex

Singkies GDP per capita so high still accept palm oil to cook food in kopitiam/hawker centers no wonder all sick at age of 62

[eng81157]

during peak hours, public transport takes me home faster than driving or taking a cab.

[phantom_opera]

few months ago, i bought a farmland beef to try.

After trying two pieces , i noticed the trans fat word was in list . KNS

ppl tend to be of this thinking "just once only lah, won't die" but they every time also give same excuse and swallow the junk food

for example ice cream ... I was given this Ben n Jerry ice cream then I read the ingredient:

25% sugar
17% fat (I think mostly saturated)

Wa lao eh ...

[eng81157]

thank goodness i'm not a fan of ice-cream!!!!!

[alamak]

Top 5 Sg Tax :


1. COE
2. ABSD (If you are insane to buy landed then ABSD overtakes COE)
3. Strike TOTO price Tax (If you strike $600k and above)
4. INCOME TAX
5. GST

Wow, Strike Toto must also pay capital gain tax ??
Me don't know leh. What is the percentage ?
Flat rate or what ?

Nevermind if can strike first price , don't mind paying

[alamak]

Wow, Strike Toto must also pay capital gain tax ??
Me don't know leh. What is the percentage ?
Flat rate or what ?

Nevermind if can strike first price , don't mind paying

Cheh, I just check IRAS, windfalls from 4D, Toto, Spore Sweep are not income and hence are not taxable leh !!!

[phantom_opera]

Cheh, I just check IRAS, windfalls from 4D, Toto, Spore Sweep are not income and hence are not taxable leh !!!

u use the windfall to:

1. gamble in MBS lose everything - tax 100%
2. buy property, pay 10% stamp duty for 2nd home
3. buy car, pay sky high COE

I think if got windfall go another country where car/property are cheap better

lol

[eng81157]

aiya, dream and dream on lah.

must strike ToTo first.........every year during the HongBao Draw, I always have a good feeling about my ticket but..............sigh................

[minority]

Avoid paying if ever possible . why ?

1. COE at current level represent 1/4 of total deposit for a studio apt
2. Once paid, you will never see the $$ back at equal prorated amount
3. 10 years of driving period !! Even before your child finish secondary school, your COE has expired. Then, pay another COE like drugs.



Solution

1. Travel off peak, even u take mrt at offpeak, it is pretty smooth and enjoyable
2. Take a walk if it's near, good for exercise
3. Send your child to neighbourhood school, they are equally good
4. Teach your kid to take public transport and self independent
5. Save your COE and extend your retirement fund

Dont buy car then u dont pay for it. its LUXURY TAX.

[Lovelle]

Cheh, I just check IRAS, windfalls from 4D, Toto, Spore Sweep are not income and hence are not taxable leh !!!

it is taxable la

Singapore Private Lottery Duty Tax
Singapore Betting and Sweepstake Duties Tax
Singapore Casino Tax

[Reisor]

If I factored in all the $$$ in COE, ERP, Parking, Fuel, Road Taxes, Insurances, Quarterly Maintenance , VIACOM inspection for my fully-paid 2 car for twenty years, I would have paid half of my FH property bought in 2006.

Now I am car-less and could;nt care(less) about this COE thingy.
COE is the biggest $$ scamp.

I personally know of several people who travelled MRT taxi Buses and owned multiple properties - all $$ put in downpayments for properties all these years and now can retired with passive income and can afford to offload some properties somemore. .

Sadest fact is that these folks are mostly permanently SPR (you know from where ). Singapolian are really Gongkia ...

Some times, luck plays its part on those destined to be bestowed... $ come looking for them. Recall that SPR had no choice at one stage but to pay 10-15X of annual income for a pte property (~$200k for landed then) when policy did not allow them to purchase any HDB. Of course, they were all smiling since the boom from the 90s. Some of them eventually become SC but there are those who did not because having best of both worlds & perhaps still having assets under their name up north. They cannot benefit from HDB policy but inherited a fortune instead.

[radha08]

Some times, luck plays its part on those destined to be bestowed... $ come looking for them. Recall that SPR had no choice at one stage but to pay 10-15X of annual income for a pte property (~$200k for landed then) when policy did not allow them to purchase any HDB. Of course, they were all smiling since the boom from the 90s. Some of them eventually become SC but there are those who did not because having best of both worlds & perhaps still having assets under their name up north. They cannot benefit from HDB policy but inherited a fortune instead.

these are people LAUGHING at sc

[RCT]

My idea is simple... Pay as little tax as possible...

I don't smoke and drink. I don't drive. I seldom spend in Singapore.. Only the bloody income tax cannot hide.. But at least our income tax is the lowest. I believe if you dun smoke, drink, drive, you really pay minimum tax.... Buy property in Australia or New Zealand and prepare to migrate over when retirement.... Haha

[Rosy]

My idea is simple... Pay as little tax as possible...

I don't smoke and drink. I don't drive. I seldom spend in Singapore.. Only the bloody income tax cannot hide.. But at least our income tax is the lowest. I believe if you dun smoke, drink, drive, you really pay minimum tax.... Buy property in Australia or New Zealand and prepare to migrate over when retirement.... Haha

How is it possible for anyone to migrate to australia or new zealand upon retirement? It is already not so easy to get an australian PR while you are still working.

[phantom_opera]

@rosy agree ... next time you have 600-900m middle class Indians / Chinese to fight for immigration into OZ/NZ/Canada

of course send your kid to study there could be one strategy but no guarantee your kid can bring you PR next time

[princess_morbucks]

My idea is simple... Pay as little tax as possible...

I don't smoke and drink. I don't drive. I seldom spend in Singapore.. Only the bloody income tax cannot hide.. But at least our income tax is the lowest. I believe if you dun smoke, drink, drive, you really pay minimum tax.... Buy property in Australia or New Zealand and prepare to migrate over when retirement.... Haha

You got children to sponsor you to stay there?
Otherwise as Rosy asked, how you going to stay there long term?

[RCT]

Hahaha... I also don't know how he do it.. But heard he already buy a land and house and say he is migrating there in next few years. And he is just early 40s... So hoping to the same if possible

[Shanhz]

nobody said must buy brand new car with 90k coe.

7 year old altis is good enuff. best of both worlds.

[DC33_2008]

You will see more beyond 10 year old cars on the road in the next few years.