Top 9 Ways To Save On Income Tax | Best Way To Pay Your Tax

[@KelvinLearnsInvesting]

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[@rendomize3954]

webull signup rewards has been nerfed liao

[@Jeremiahjan]

Hi Kelvin, thanks for the very informative and well researched content. Can imagine the hours and hard work put in. There are so many useful tips I dun want to miss but I really find it hard to follow as the video is very rush and sound like 1.5 speed. Too many “cuts” in this clip liao.

[@kaidollarsense]

10:34 GCR not eligible for single or male taxpayers. It’s for working moms.

[@lucasyeah7033]

Hi, just sharing, women enjoy WMCR and QCR which gives even more relief up to 58k of relief for two kids. Adding in other items, a female employee needs not do any top up at all and easily hit 80k relief.

[@lowchristopher5226]

Thank you Kelvin!

[@ambition112]

0:17: 💰 Learn 9 ways to save on income tax and the best way to pay your tax bill to save even more money. 2:43: ⚖ The video discusses the benefits and drawbacks of topping up to an SRS account for tax relief and retirement planning. 5:33: 👨‍👩‍👧‍👦 The video discusses tax relief benefits for parents and working mothers in Singapore. 8:04: 💰 The video discusses tax relief and deductions for dependents, charity donations, and NSmen. 10:53: 💰 The video discusses ways to reduce tax payments and earn cashback and miles on tax payments. Recapped using Tammy AI

[@jamesawyong1135]

Hi Kelvin, great video! Btw, may I consult you if SRS and SA top up can be stacked within the same assessment year? Eg 15k (SRS) + 8k (self SA top up) + 8k (parents RA top up) in 2024 assessment year

[@KelvinLearnsInvesting]

Yup! They can be stacked all the way till SGD80,000 relief

[@lowweide]

When should we top up CPF MA to make full use of the increase of MA from 68500 to 71000

[@heyzosim7771]

Can someone explain why topping up S$8K in absolute cash is worth it given that the money will be locked in CPF and the relief is only reducing 8K in taxable income, and not the absolute tax u have to pay?

[@darrenngyh]

I guess in a matter of speaking, putting money in CPF is kind of considered money you can draw down when you’re much older. Paying tax is pretty much money you’ll never see again.

[@heyzosim7771]

@@darrenngyh i calculated. Im only saving about 500 dollars in absolute cash if i fork out a whopping 8K, which i can easily generate more than 500 through investing or for rainy days....not sure why that is worth it

[@zacleee97]

From what I understand you get tax relief + you get 4-5% interest compounded until retirement, which is guaranteed whereas your investments might not be guaranteed returns

[@stephenip9667]

​@@heyzosim7771I think it is useful for people who has a higher tax rate

[@KelvinLearnsInvesting]

when u top up to cpf medisave account: - u save on taxes - that money grows at 4-5% pa - u can use that money for hospital bills, insurance premiums. So its not exactly locked up

[@M43782]

I see the current retirement age is 63 (from 1st July 2022). When will it be raised to 64?

[@beanisme]

How to get the 1% from hsbc ega? Arrange as what kind of payment?

[@tspirate]

Can someone share how the CPF relief for employee work ? Tks

[@royboon2128]

why they cannot ccalculate for us as we go along.. lol how to know worth or not

[@andyneo424]

SRS keep sending the paper letter to tell me I have $1 in my account. How to stop this ah?

[@Wulingqunxia]

9:14 Asking on the course fees reliefs. Currently i am studying courses that is related to my work. How do i make the claim for that ? Every year tax automatic tells me how much to pay, i just noob noob pay it all.

[@isamisaran9699]

Can i still top up to my OA if i have met the FRS and reached the ceiling for MA and entitled for the tax relief?

[@KelvinLearnsInvesting]

Unfortunately no :(

[@leonardlim2821]

When we apply and update for the parent tax relief, do we need wait few working days before the claim is proceed? Or will be done instantly?

[@KelvinLearnsInvesting]

Next year when u can file your tax, you can specify how much you want to claim. Check out the “how to claim” section here www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs/parent-relief-handicapped-parent-relief

[@dharsan4571]

Is chargeable income the take home pay? First year of employment still trying to figure out😂😂😂. Thanks for explaining!

[@KelvinLearnsInvesting]

Yup take home pay. Its the pay, minus off cpf contribution

[@Brightyization]

Erm. Not exactly. Take home pay is from pay slip net salary. Chargeable income is total income less donations and relief. I’m sure these 2 figures will never be exactly the same.

[@luvcoconut565]

Cardup charge 2.6% processing fee, so it is not worth it

[@KelvinLearnsInvesting]

As shown at 11:28, Cardup only charges 1.75% fee. Pair this with 1% cashback that you get from HSBC EGA. I feel it is worth it

[@cuteandfunny5275]

Hi Kelvin , I'm 48 , can I start invest with small amount ? Can you share more about it? For 21 yrs old , what is the best to get start?

[@unimobile123]

the 1% from ega for giro premium is calculated based on what you have or how much you have in that ega account right and not your bill?

[@KelvinLearnsInvesting]

Based on the giro payment

[@yeodabeez319]

Wa cardup 1.75%. If dont have the HSBC EGA means lose money?

[@KelvinLearnsInvesting]

Have or dont have, it’s still considered buying miles. If using hsbc ega, u are buying at a cheaper price

[@boontonglee2481]

did u open SRS kelvin ?

[@KelvinLearnsInvesting]

Yes i did

[@fcuk2003neo]

hi, ow your mind is so clear ? how many meal and health stuff do you do if you dont mind sharing ?tyvm in advance .

[@brosur3332]

sorry noob questions, how to setup HSBC giro to pay UOB CC?

[@KelvinLearnsInvesting]

Download UOB interbank giro form here. Then for the bank info, fill in your HSBC account info www.uob.com.sg/web-resources/personal/pdf/personal/cards/cards-usage/payment-modes/giro-form-final.pdf

[@racheltay252]

Do we need to do the $8000 MA top up before 31st Dec?

[@KelvinLearnsInvesting]

If u do it before 31 dec, you will have $8k tax relief in the calculation next year

[@onlyonesimplewish]

Does this apply to self employed?

[@KelvinLearnsInvesting]

Yes

[@ngchongsin2009]

Cardup will want you to make full payment, cannot breakdown

[@KelvinLearnsInvesting]

You can do recurring payment for tax payments with cardup

[@Qq_5156]

Does topping up spouse’s MA entitled to tax relief? Assuming spouse is not working

[@laisrafai]

Yes

[@KelvinLearnsInvesting]

If the total income less than 4k this year, yes

[@alexsoh5700]

For for example my tax is $400 per year i will just need to top up cpf $400?

[@boontonglee2481]

no

[@KelvinLearnsInvesting]

Ah it doesn't work that way. Let's say you have a $40,000 chargeable income (take home pay), you would be in the 3.5% tax bracket, and have to pay $550 tax (can use a tax calculator for this). Let's say you top up CPF $4000, your chargeable income drops to $36,000. Your new tax will be $410.

[@gohippo]

Isn't an employee cpf contribution part of $80k tax relief ?

[@KelvinLearnsInvesting]

Yup, its the take home pay

[@tspirate]

Could you share how to calc the amt to state in the tax relief section ?

[@ChinRubbingVideos]

chao relief? why you say my kid until so bad?

[@KelvinLearnsInvesting]

😂

[@cyyron]

your chapter title seem to not tally with your video?

[@jonzhuang]

income tax can use credit card and pay??!!?

[@KelvinLearnsInvesting]

Cannot pay directly, need to use a middle man

[@jonzhuang]

oh just saw via CardUp

[@Brightyization]

I think your computation example should not include GCR because GCR is for working mother yet your example have NSman relief and GCR so this person is both a male and a female. 😂😂

[@fcuk2003neo]

hi, how to open srs account please ? tyvm in advance .