The Dreaded Form 8E

Wanda SG

Work less than 6 mths, probably no need to pay tax lor. Smile

hisoka SG

still need to be robbed just that income tax no need

Wanda SG

You mean gst? I know you feel very sore now, but as you work longer and pay more of this and that (e.g. property tax, and the super useless and lousy tv licence) , you'll will get the right perspective on things. Laughing

hisoka SG

will get used to being robbed or like to be robbed? Laughing

Wanda SG

Ya, you'll get more used to it, and will feel that not all robbing are equal - certain types of robbing feels better than other (like that super useless and lousy tv licence Mad ). Laughing

hisoka SG

Laughing

that one is really nonsense.

Parka SG

Some questions.

Here's the tax rate.

Hmmm. I guess I'm filing for the year 2006? Or is there a tax season like March 06 to March 07?

Suppose I earn $35000, based on that table, I should be paying $375+(275/2) = $662.5. Right?

Wanda SG

Year of Assessment 2007 means you're paying taxes for income earned in the previous year - 2006.

No lah, you won't be paying so much.
Chargeable Income (CI) = Earned Income (EI) minus the Reliefs which you're entitled, e.g EI relief, wife relief, NS man relief, etc. (depending on what reliefs you're entitled to claim).

For $35k annual income, I believe the taxes will be less then $300.

Parka SG

Thanks for the comment. After calculating, it's much lesser than what I initially thought.

I thought income tax was 20%!! Shocked

stellazio SG

no need to worry, if u forgot to claim for a certain relief you're entitled too, iras will do it for u.

but the most common kind is nsmen,working mothers, foreign maid levy etc.

also for those with shares, make sure you calculate the gross amount. and don't let them double tax u.

Wanda SG

Stella, since you've done volunteer tax filing (?) before can you confirm this?

stellazio SG

interest earned meaning interest from banks? if its interest from local bank, they're not taxable.

what kind of dividends do you have? some are taxable, some are not.

and i didn't volunteer to file taxes, i was posted to the tax department for my attachment. Mad Evil or Very Mad

Wanda SG

Laughing

Dividends such as those from investment funds, but the amounts aren't large. Which are taxable, and which are not?

stellazio SG

ok, i post the link here easier for u.

----->dividends

Wanda SG

ok...kam siah! Very Happy

Wanda SG

But I feel like not declaring. Laughing

stellazio SG

if its a small sum, doubt they'll check also. Laughing

at least i won't!

Kenashi SG

not true Laughing
if u don't claim relief, they just think u don't want.
nsmen is automatic, no need to claim.

must see what share u own lah, franked dividend from shares with cdp, no need to file.
one tier dividend oso no need to file.

Kenashi SG

gd what, got lot of mei mei there Laughing
but too young for me
got to help supervise them when my colleagues too busy n still got to take them out for exercise twice a wk.
damn, they r noisy
luckily i left

stellazio SG

last time, i see them very good leh. the previous year this fella forgot to claim working mothers relief, iras auto help her claim. Laughing

yea must see what type of shares..

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