jac: haha, not much er ren shi jie. coz i'm living with my parents and he's with his parents. I can't move into my new house because of pantang. Now they tell me must wait until next year CNY then can move. super sian.
Scissors paper stone ah, wah, so cham. I think I definitely need help. My husband can survive on little sleep, but I cannot.
I'm just checking the iras. Lucky we are giving birth this year! We can get $5000 Parent Tax Rebate for the first child, which we can share with our hubby. Previously, only those who had their 2nd child can get $10k. We are given $5k to use. So if you have to pay $3k for income tax, you can choose to use up to $3k to pay , meaning you pay nothing. If your hubby wants to use it, he can. Just do the transfer online. You can also choose to use it next year.
See
http://www.iras.gov.sg/irasHome/page03_ektid6054.aspx
Since our income for this year will be super high, the tax could easily go up to $4k or $5k. Having one child means we can claim 15% of our total income. I think that is a huge saving for us. I think for those having their second or third children, they can actually pay very little tax or no tax.
This is called the Working Mum's Tax relief. Again, it's great to give birth to our first baby this year, because we are getting 15% instead of just 5% compared to last year.
Wahahaha, I just discovered one more relief. It's called the Qualifying Child Relief. 1st child can get $4k off.
The working mum relief and the child relief can add up to $50k, twice the amount for previous year.
Plus you get relief if your hubby is an nsman. $750.
Think there's still personal relief of $2k, and if you have maid, there's some relief as well. Donations to charities and contributions to SRS can go towards reducing your tax.
Can try using this excel spreadsheet.
http://www.iras.gov.sg/irasHome/uploadedFiles/Quick_Links/e-Tax_Guides/Individuals_and_employees/How-to-calculate-your-tax.xls
I think the PTR need not be taken this year, if we can enjoy a lot more others. I think best is to time our second child before the 10th year connect plan, when we get another huge lump sum.
I'm a little confused with exactly how much we can have rebates, but I think the timing is just great for us.