Personal Finance
Commonly Forgotten Tax Reliefs
By Akhiat  •  April 17, 2010
[caption id="attachment_1206" align="alignright" width="150" caption="Photo by Leonid Mamchenkov"]Photo by Leonid Mamchenkov[/caption] This post comes a bit late as most of you probably would have filed your income tax. From what I noticed of people filing taxes, 3 areas are commonly forgotten by taxpayers. I can share my observations: 1) Rental Expenses Rent received from the letting of property in Singapore is subject to income tax, while your property is subject to property tax. Your rental income includes rent of the premises, maintenance, furniture and fittings. Some people are not aware that there are allowable expenses that can be deducted from the Gross Rent to save tax. Some deductible expenses include: a) Interest paid on the loan or mortgage taken to purchase the property which is rented out. b) Property tax c) Fire insurance d) Repairs done to restore the property to its original state e) Cost of maintaining the property (e.g. painting, pest control, monthly maintenance charges to management corporations) f) Agent’s commission, advertising, legal expenses for getting subsequent tenants\ Read more...
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By Akhiat
Adrian entered the Financial Advisory Industry in Feb'03 after years in the Shipping and Logistics Arena. He joined the industry with a strong belief that the public need better advice in their financial plan. "It is a big challenge to me till today because I am not a natural Sales Person. However I want to remove public's perception that Financial Adviser are all Salespeople. It is a professional job that deserve more respect. I want to impart my methodology, skills and knowledge to help you improve your Financial Health and to share health tips to improve your Physical Health."
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