It’s time for Singapore Tax Season 2018 – filing of individual income tax returns for YA2018 i.e. assessment for income earned and expenses incurred from Jan 2017 to Dec 2017. I like how most of the information is pre-filled in our income tax returns and we only have to provide additional expenses/claims data. It’s a relatively smooth and painless process to complete and submit our YA2018 ITRs with IRAS.
Since we no longer have the personal tax rebate (YA2017) and received higher salary & bonus income, both of our YA2018 tax payable amounts have gone up. This is a good problem to have since that means our active income has increased. Nevertheless, it’s always going to hurt to pay more income tax. Which is why we go with the 12 interest-free monthly instalments via GIRO. It hurts less when you pay a smaller amount every month rather than a big lump sum at one time. Helps with your cashflow management.
For the calendar year 2018, our combined personal income tax monthly instalments will now be slightly above S$1,000. Sigh, it’s painful just writing this out but we understand the importance of taxes to nation building. Let’s hope the Singapore Government continues to use the tax revenue wisely. Anyway, more issues are starting to surface at my wife’s new role, which is making this a tough start to the new year.
Getting promoted may have its perks such as higher pay. But it also comes with more stress, responsibilities and pressure to perform. It’s a lesson in being careful for what you wish for. My wife got what she wanted out of the performance review for last year but it has been a challenge settling into her new role for the past few months. With my job scope expanding as well, I reckon this is going to be a difficult year for our careers. It would be an achievement to make it to the end of the year with our work-life balance intact but we shall strive to do so no matter how we busy we get.
Thank you for your contribution to nation building!
Work life balance is always a tricky issue but still something that needs to be achieve for sanity I think. Wait till you have kids, that will be tougher!
Haha, no worries! Yup, I agree that work-life balance is a lot tougher to achieve with kids based on my observations of my colleagues and friends.
You are really highly paid :p
It’s one-sided at the moment with my wife earning more and contributing more to our combined taxes paid. Haha, I’m working on catching up but our income is still decent for the amount of work done!
In a summary, you guys are overpaid :p no i am kidding, considering the risks taken on (that the seat wouldn’t be there the next day)
Haha, actually, I agree with you that the banking sector is being overpaid. Yes, the risk is higher in that it’s easier to lose your job if you are not careful. However, if you can navigate it well, the payoff can be higher!
Woah! Our monthly installment is not even half of yours!
Both of you are earning decent pay given how young you are! Haha, no worries, your salary income should climb over time!:)