Oh yeah i’m so raring to write this after a long hiatus. Well instead of making this such an emo nemo place to vent out frustrations I have decided to revamp this place into a satirical humour where the lamest of observations around me all fall into one.
It is week 15 of the normal school term and I happened to pop by school for a meeting today. The sight of student furiously studying away the last few minutes prior to the paper was a sight to behold indeed. Please la, the next thing you know after your exam ends is that your book will appear on SMU links ready for sale so no point spending a few more minutes with it la ok..
All the talk about running into a GPA deficit into your senior year has set me thinking about tax planning. In line with the personal tax filing deadline of 15 April, I have decided to do a short writeup and give tips on how to save on tax:
Please note that certain words of the treatment stated below may seem familiar from the ITA. The writer hereby writes a disclaimer stating that the use of such words are merely coincidental and by pure chance with no intent to infringe copyright. (Luckily I hang out with my lawyer-to-be friend long enough so I can roughly construe a disclaimer)
How to carry forward GPA losses
This is actually a very simple treatment which does not require much administering. All you need to do is to qualify for a job that acutally pays you and you deduct your GPA loss x $10,000 against it. To put it simply, your future taxable income will be offset by your GPA losses so you pay less tax. Not withstanding changes in SMU registrar’s regulations, there is still a need to record such GPA changes in your academic transcript to qualify for tax decduction purposes.
How to pay lower taxes without incurring GPA losses
Apply to the Big 4 accounting firms when you graduate. Starting pay is $2,400 so it works out to be $28,800 per year(bonus not included since it varies across different firms). In calculating your tax payable, the 1st $20,000 of your employment income is not subject to tax and the next $10,000 is subject to a tax rate of 3.5%.
If you are a guy, good. You did NS so can claim NSman relief. If you were officer, even better because you can claim more NSMan relief. Who says that go to OCS no use one?
If you are a girl don’t worry. Just go give birth by this year and the government got the parenthood relief that has no time limit to utilize it. It pays to have kids in Singapore.
As fillial children, we should all get our parents to stay with us and it is our duty to look after them. With them having worked so hard for more than half of their lives putting us through school, it is a good time for them to keow kar, sit back relac and lim kopi. Now you can safely put a tick against the box ‘Parent relief’.
Over the next few days I will try to help answer any tax related questions so keep them coming in guys yeah?
