The Singapore government has always been encouraging the spirit of philanthropy and giving and one of the best policies that was implemented was giving tax deductions for donations made to a tax-deductible charity. Since 2009, qualifying donations have been entitled to a 250 per cent tax deduction. There are a few ways to reduce taxable income in…
It’s that time of the year again when you receive a letter or SMS from the Inland Revenue Authority of Singapore (IRAS) to file an Income Tax Return for income earned in 2014. If you only have auto-included income and their relief claims are the same as the previous year, IRAS may waive the requirement for you to…
As I started planning for my retirement, I began to pay attention to how our Central Provident Fund (CPF) system works for retirees. As retirees reach the age of 55, CPF allows them to withdraw $5,o00 and transfers the rest of the money from their Ordinary Account (OA) and Special Account (SA) to their Retirement Account…
Happy Lunar Year! I hope the month has been as good for you as it was for me. Thanks to my awesome clients Apart from the regular income from my day job, I have received $634.79 from active, passive and investment incomes this month. Active Income: $450 Shopify Project ($250) A friend-turned-client of mine wanted to set…
February has been a good month for me as , tracking my expenses and I’m determined to get this post done on time. Last month’s challenge was a bust as I overspent on food expenses during the Lunar New Year festivities. Luckily I didn’t go overboard with the spendings. I did manage to reduce my shopping…
Over the past week, the local media has been giving bite-sized news about what’s going to be announced in Singapore Budget 2015 plan and today, the Deputy Prime Minister and Finance Minister, Tharman Shanmugaratnam gave the speech to give the full details about Singapore Budget 2015 on local television. I didn’t really care much about…