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The lowest income tax payable in many years (YA 2015).

Monday, March 9, 2015

I just did my income tax filing for Year of Assessment 2015. Yes, I am always quite early, preferring to get it out of the way ASAP.

My estimated income tax payable has reached a new low.




I have shared some ways which could help us pay less income tax before and I have included the links at the end of this blog.

This year, the government, to celebrate SG50, is allowing all qualifying donations a tax deduction of 300% of the donation amounts in 2015. This is up from 250% in recent years.

As we journey towards financial freedom, let us not forget the less fortunate. Do good and pay less income tax? Why not? I am sure all of us can find a charitable cause that we support in 2015.

Reference:
What type of donation is tax deductible?

So, how much is my estimated income tax payable for YA 2015?




Estimated income tax payable is $772.14.

Related posts:
1. Ways to reduce income tax. (YA 2013)
2. Double your income but not your tax. (YA 2014)
3. One of the most noble things we can do.

10 comments:

howtoinvestsg said...

my tax is also low at around $300, but that's because my salary is low...
nevertheless I have decided to make annual top-ups to my CPF SA, and I do think the 55 year old me will thank the 20year younger me in the future.
Thanks!

AK71 said...

Hi howtoinvestsg,

I believe that is a prudent and responsible thing to do. Achieving retirement adequacy is not only something we should do for ourselves but also for our family. :)

yeh said...

hi AK
771 tax payable is after the discount of 1000?

AK71 said...

Hi yeh,

There is a 50% rebate this year. So, before the rebate, it was probably $1,544.28. ;)

yeh said...

http://en.wikipedia.org/wiki/Thai_Canal

https://www.youtube.com/watch?v=Wxj7QVBs6pg

hi ak
u know this news?

AK71 said...

Hi yeh,

This is old news. I think there has been talk for years but still no action. -.-"

AC said...

$771 for the entire year??? Are you kidding me? With all the nibbling and gobbling that AK has been doing over the years, I would imagine that your salary income is meaty enough to enable the building of war chest that AK has built over the years :)

AK71 said...

Hi AC,

I am sure you know the many reasons why my income tax is so low this year. ;)

I remember those years when I paid $3,000+ in income tax annually. -.-"

Nick said...

Hi AK

I am curious, besides SRS tax deduction and tax reliefs given as standard deductions against your assessable income are there any other forms of instruments you use to lower your tax (eg cash top-ups for your parents & donations)?

I believe your SA account has reached the ceiling and in fact exceeded the current CPF Minimum Sum. Furthermore voluntary contribution to all 3 CPF Accounts are non-tax deductible...

AK71 said...

Hi Nick,

I am wary of giving away too much personal information. On my FB wall, some are already trying to reverse engineer to find out what was my remuneration in 2014. Makes me feel somewhat uncomfortable. -.-"

Anyway, like you said, there are many ways to reduce our income tax. I have listed a few and you have listed a few too. Ultimately, this is what the blog post is about, sharing ways to reduce our income tax payable. ;)

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