Remember to file your income tax returns!

18 April, the deadline for filing your income tax returns, is tomorrow. Remember to go to www.iras.gov.sg to e-file your tax returns.

Here are the tax rates for Singapore residents:

As announced during the Budget in February, there will be some tax rebates this year. The rebates are as follows:


If you think that you are paying too much taxes, there is a scheme which you can use to save for your retirement as well as to lower your taxable income. This is known as the Supplementary Retirement Scheme, or 'SRS' in short.

In essence, every dollar that you put towards your retirement using SRS will be deducted from your taxable income, hence lowering it and reducing the amount of tax you have to pay. If you are lucky, you may even drop into a lower tax bracket, hence attracting a lower tax rate percentage.

You may choose to invest your SRS savings into approved investments to generate higher potential returns.

Upon withdrawal during retirement, only 50% of the withdrawn amount will be subject to taxation. As most retirees earn little, if not zero income during retirement, there is a likelihood that the withdrawn amount is lower than the minimum taxable income, and hence attracting no taxes. Essentially you have built up your retirement nest egg with tax-free money!

To further understand how SRS can help you, contact me at cjhfinance@gmail.com.

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