Smart move on your Income Tax

jeremy-paige-146337.jpg

8 months ago I shared about the power of Supplementary Retirement Scheme account and was recently been asked….. how good it really is.

  1. It reduces your chargeable income tax while allowing you to invest that supposedly “payable tax amount”
    • REITS, FIXED DEPOSIT, BONDS, SHARES, SINGLE PREMIUM INSURANCE, UNIT TRUSTS
  2. Investments returns in the SRS a/c are all tax free till the date of retirement and only 50% of withdrawals are taxable.
    • How to not get tax on your withdrawal at age 65?
      • Be unemployed, do not withdraw more than $40k a year, $20k (50% of 40k) is subjected to tax as your chargeable income, you will be in the bracket of non taxable income group.  You can only do this for 10 Years before the account closes.
  3. Additional way to leave something for your family when you passed on
    • Better than CPF, you would be leaving hard cash …
Read the full article →

Leave a Reply

Your email address will not be published. Required fields are marked *