We just filed our Year of Assessment (YA) 2017 income tax returns for the year 1 Jan 2016 to 31 Dec 2016. Total tax payable for the both of us came up to about S$11,000. Again, we have chosen to pay our income taxes over the next year by 12 interest-free monthly instalments. We prefer not to have a big cashflow drain of a one-time deduction and prefer the more manageable and smaller monthly cashflow impact using the instalments.
If you haven’t noticed by now, I have updated the Portfolio, Net Worth, Passive Income and Expense pages of the blog. They are less cluttered and the layouts are cleaner. Although less data is being shown, you will see that a more accurate picture of our personal finances has been presented if you look closely enough. These changes stem from the recent significant amendments I have made to our Google Sheet …Read the full article →