As end of the year is approaching and if you are looking for the SRS calculator, please scroll down to the end of this article. The Supplementary Retirement Scheme or SRS for short is a tax deferred scheme. In this tax deferred scheme, tax benefits are enjoyed immediately through income tax relief upon contribution to the SRS account. The annual contribution is up to $15,300 and $35,700 for … [Read more...]
Many Baby Bonus & incentives are not automatic
This article was originally written on 27 Aug 2015 but has been updated to include additional 1 week paternity leave that was announced by Parliament yesterday. Baby bonus is an incentive introduced by the Singapore government to encourage parents to have more children. Currently, the total fertility (TFR) rate per female in 2014 was just 1.25 when the desired ratio is 2.1. The baby bonus is … [Read more...]
Majority lacks a written comprehensive financial plan, says FPSB
FPSB recently conducted a global survey among 19 markets. A total of 19,092 adults took part. Among those surveyed in Singapore, it was found that: Only 1/3 have a written comprehensive financial plan. The top two priorities are: owning your own home (60%) and free from debt (58%). Only 4% were willing to pay fees for financial planning services in excess of S$1,500. Majority (68%) were … [Read more...]
Property Tax in Singapore and why it is declining?
As we come to the end of the year, many would have received a statement on the property tax. What is property tax and why do you need to pay? Property Tax as a wealth tax Property Tax is known as wealth tax. A wealth tax is based on a percentage of the entire asset base. An example of wealth tax is the Additional Buyer’s Stamp duty. A Singaporean purchasing a second property will be subjected to … [Read more...]
The Real Singapore: Evidence on little understanding on financial planning from stolen article
Recently one of my old article entitled Man lost almost his entire HDB property to siblings due to poor financial planning got “stolen” and was published without my permission on The Real Singapore website and shared on their facebook page. I was going to write to the editor of The Real Singapore for copyright infringement when I got shocked with the reaction of the commentators. The reaction was … [Read more...]
