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How much are you earning per annum?

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  #8621 (permalink)  
Old 02-10-2015, 10:11 AM
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Quote:
Originally Posted by Unregistered View Post
Be prepared for your condo to be empty for a long time. Ghost condo. Ghosts staying in your empty condo.

Big downside economic risk due to the massive oversupply.
Singapore's population increased from 5.47M last year to 5.54M this year. Citizen numbers increased by 40,000, PRs remain constant and non-residents increased by 30,000. These numbers are reported in the Straits Times yesterday. I would think the new citizens would need new homes. Assuming they are all couples, they would need 20,000 new housing units. The additional non-residents except the domestic workers would also need to rent rooms and houses. These stats do not suggest a coming scenario of ghost condos. Perhaps higher vacancy rates, but swathes of empty condos, unlikely.

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  #8622 (permalink)  
Old 02-10-2015, 10:29 AM
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Thanks for the warning, surprisingly my condo tenants are pretty long term 1 has been with me for more than 10 years and another coming to his 6th year and both just renewed for 3 & 2 years respectively, maybe its because I treat them very well. However if push comes to shove I can undercut most people in rental by 50/60% reduction and it will still be able to service the loan, worse case I'll pay the mortgage from my war chest.

My commercial units are secured with a large company with good track record, this is the debt I want to pay off first cause it will be my base of funding once I slow down my pace of work. Need another 5 years or so.


Quote:
Originally Posted by Unregistered View Post
Be prepared for your condo to be empty for a long time. Ghost condo. Ghosts staying in your empty condo.

Big downside economic risk due to the massive oversupply.


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  #8623 (permalink)  
Old 02-10-2015, 10:51 AM
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Default Income Tax

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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  #8624 (permalink)  
Old 02-10-2015, 11:10 AM
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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 View Post
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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  #8625 (permalink)  
Old 02-10-2015, 02:35 PM
Unregistered_101
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No one really asked but that's a damn good question, currently I pay about 24k pa on my taxable income split between salary, rental & investment company (rental income revenue). I discussed approaches with my accountant on how to vary the income allocation for the company but because its a partnership didn't make too much difference. In short our tax laws here are very efficient hard to find loophole (legal ones)

My overseas properties have to declare tax also to the local govt (so called 1st world nations), 30 - 40% on rental income. The only way is to consider property investment in 3rd world nation with laxer tax laws but you be expose fx or worse issues.

I get dividends from my pte ltd firms which declare Tier 1 system (tax exempt), but this has to depend on the nature of the business your vested in. Property derived is not permitted Tier 1 I believe. Not too familiar with the working of this so seek proper advise if you consider this route.

Btw don't try to be funny with IRAS, I was invited to lim kopi with their senior tax on some GST claims I can I tell you their system have records of almost everything you have in Singapore.

I got a tax reduction this year cause I just had a kid, that's a legal loophole if you want to consider



Quote:
Originally Posted by Unregistered View Post
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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  #8626 (permalink)  
Old 02-10-2015, 02:42 PM
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Paying $7K+ every month on my employment income, and this is after all the tax deductions that I can think of (CPF top up, child relief, maid levy relief, parent relief, even donations to IPC etc). No taxable passive income, only unrealized gains (and losses) from fund holdings.

Quote:
Originally Posted by Unregistered_101 View Post
No one really asked but that's a damn good question, currently I pay about 24k pa on my taxable income split between salary, rental & investment company (rental income revenue). I discussed approaches with my accountant on how to vary the income allocation for the company but because its a partnership didn't make too much difference. In short our tax laws here are very efficient hard to find loophole (legal ones)

My overseas properties have to declare tax also to the local govt (so called 1st world nations), 30 - 40% on rental income. The only way is to consider property investment in 3rd world nation with laxer tax laws but you be expose fx or worse issues.

I get dividends from my pte ltd firms which declare Tier 1 system (tax exempt), but this has to depend on the nature of the business your vested in. Property derived is not permitted Tier 1 I believe. Not too familiar with the working of this so seek proper advise if you consider this route.

Btw don't try to be funny with IRAS, I was invited to lim kopi with their senior tax on some GST claims I can I tell you their system have records of almost everything you have in Singapore.

I got a tax reduction this year cause I just had a kid, that's a legal loophole if you want to consider
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  #8627 (permalink)  
Old 02-10-2015, 03:00 PM
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Yes, I have 2 kids and did not have to pay any income tax for 5 years, 10K Parenthood tax rebate and Working mother rebates are quite considerable...
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  #8628 (permalink)  
Old 02-10-2015, 03:04 PM
Unregistered_101
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If your tax is derived solely on your employment income then there is no leeway on tax, unless you own the company then the accountant should be able to work something out.

You should be sitting a decent pool of cash I assume? You can look into property at the next downturn.

As funds go since we don't have capital gains then its fair there is no cover from losses.


Quote:
Originally Posted by Unregistered View Post
Paying $7K+ every month on my employment income, and this is after all the tax deductions that I can think of (CPF top up, child relief, maid levy relief, parent relief, even donations to IPC etc). No taxable passive income, only unrealized gains (and losses) from fund holdings.
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  #8629 (permalink)  
Old 02-10-2015, 08:34 PM
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Quote:
Originally Posted by Unregistered View Post
Singapore's population increased from 5.47M last year to 5.54M this year. Citizen numbers increased by 40,000, PRs remain constant and non-residents increased by 30,000. These numbers are reported in the Straits Times yesterday. I would think the new citizens would need new homes. Assuming they are all couples, they would need 20,000 new housing units. The additional non-residents except the domestic workers would also need to rent rooms and houses. These stats do not suggest a coming scenario of ghost condos. Perhaps higher vacancy rates, but swathes of empty condos, unlikely.
Read the news carefully. Expect more ghost condos around. We have a serious problem. Unless we reverse the foreign labour policy, prices and rents will collapse.
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  #8630 (permalink)  
Old 03-10-2015, 11:33 AM
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46, multi millionaire.
Managing my personal fortune.
Flexible working schedule.
Life is great being able to take charge of my life and time.
No longer need to be stuck in morning and evening commute.
No longer need to report to a boss as I am my own boss.
No longer need to submit to some corporate hierarchy.
I'm extremely happy.
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