Could someone give me some up to date information regarding the tax situation in Singapore. I read recently that the children's education allowance is now taxed. Does that only apply only to a job where you get cash for education or pertain to teachers that have it included as a package as well? Could a family of four live off one income if the education is included?
Cheers .
Singapore
Re: Singapore
Housing and schooling are definitely taxed, whether given to you in cash or paid directly by the school (in the case of tuition). I am not sure on flight benefits.
It is still manageable to live on one salary depending on which school you are at and how you choose to live. Singapore is expensive, but there are ways to live cheaply if you want. I know of at least three teachers in Singapore who are single hires with at least two dependents and they all seem to be making it. I can't speak to the level of savings possible on one salary. If you know what your salary and benefit amounts would be, you can check your tax responsibilities here: https://www.iras.gov.sg/irashome/Quick- ... lculators/ (use the tax resident).
It is still manageable to live on one salary depending on which school you are at and how you choose to live. Singapore is expensive, but there are ways to live cheaply if you want. I know of at least three teachers in Singapore who are single hires with at least two dependents and they all seem to be making it. I can't speak to the level of savings possible on one salary. If you know what your salary and benefit amounts would be, you can check your tax responsibilities here: https://www.iras.gov.sg/irashome/Quick- ... lculators/ (use the tax resident).
response
This is true tuition waivers/exemptions scholarships are now taxed as ordinary income. It makes no difference whether the benefit is paid in cash or whether it is a waiver/exemption as part of a contract. In this case the benefit has a cash equivalent value, that is taxable. An option you can avail yourself of is enrolling your children in the local municipal education system as English is the common language of instruction. This would save you haveing to pay taxes on it, and may even provide you a stronger (though more stressful) education.
Flight allowances are taxed if they are reimbursed or offered in cash. otherwise they are business travel costs in the course of conducting business. If your IS gives you cash or equivalent to buy classroom supplies those are taxable, if the IS buys supplies and you use them (even exclusively) than they are not taxable.
Living on a single salary with dependents is feasible but extremely difficult to do. Housing is the single greatest expense. A 1LDK flat that isnt a house/room share starts around SD2500$.
Flight allowances are taxed if they are reimbursed or offered in cash. otherwise they are business travel costs in the course of conducting business. If your IS gives you cash or equivalent to buy classroom supplies those are taxable, if the IS buys supplies and you use them (even exclusively) than they are not taxable.
Living on a single salary with dependents is feasible but extremely difficult to do. Housing is the single greatest expense. A 1LDK flat that isnt a house/room share starts around SD2500$.