I see it a bit differently. I see my tax payable as an offset against by earned (employment) income. Not against my passive income.
So no savings when i retire as i dont have employment income.
If your tax payable is due to rental or not employment, then look at it another way, u are running a business and personal income tax is even lower than company tax. so it is better.
Tax minimisation in sg is straight forward... nothing much you can do other than topping
CPF SA and SRS account.
Nothing else ..
Quote:
Originally Posted by Unregistered
I have yet to come across any post on the income tax that people pay, only on claims of their incomes (whether salary or passive).
I have been paying above $20k pa income tax since 2011. Last year, it rose to $26K+. As it is quite substantial (at least to me), I opted for monthly deduction of $2.2k.
It eats up quite a bit of my passive income.
So when I retire, this amount ($26K pa) will be the immediate savings.
Anyone has similar experience? How to minimise the income tax?
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