Each year, hundreds of tax deductions and credits may go unclaimed due to the lack of taxing knowledge. To prevent that, here are 5 Tax Deductibles You Need To Know based on the Inland Revenue Authority of Singapore.
FOR THE EMPLOYEE
1. EMPLOYMENT EXPENSES
A good news for all employees—employment expenses can be claimed as long as they satisfy these three conditions:
a. Expenses are sustained when carrying out official duties.
b. Expenses are not reimbursed by the employer.
c. Expenses are not private in nature.
For instance, traveling expenses on public transportation that are not reimbursed by the company may be deducted from the tax. Also, entertainment expenses that occurred while pleasing the clients may be deducted from the tax.
FOR THE EMPLOYER
2. STARTUP TAX EXEMPTION (SUTE)
A start-up company, have enough financial worries in your plate. What should you do then?
Take on the SUTE. Suited by SUTE, a start-up company that meets the required conditions can claim for full tax exemption on the first S$100, 000 of normal chargeable income for each of its first three consecutive years.
3. CORPORATE TAX INCOME REBATE (CTIR)
Since 2013, all Singapore companies are eligible to take on the CTIR. No! There is no catch. This scheme aims to help companies to cope with the rising costs in businesses. Suited by CTIR, companies will receive 30% rebate or up to S$30, 000 off the tax bill from 2013-2015.
OTHERS
4. ANGEL INVESTORS TAX DEDUCTION SCHEME
Be an angel, invest in start-up companies in Singapore to receive a huge tax benefit from the Angel Investors Tax Deduction Scheme.
Enjoy 50% tax deduction on the investment costs at the end of a two-year holding period. This is up to S$500, 000 of investments in each Year of Assessment. Investments made from March 1, 2010 until March 31, 2015 are eligible for this scheme.
5. DONATIONS
Want to double your tax deduction? Be generous and donate in all forms. The following types of donations will qualify you for a double tax deduction (twice the amount of the donation):
a. Cash Donations
b. Shares Donations
c. Computer Donations
d. Artefact Donations
e. Public Art Tax Incentive Scheme
f. Land and Building Donations
For instance, a donation to the Singapore museums that have obtained the Approved Museum Status with the National Heritage Board is tax deductible.
Image Credits: TaxCredits.net via Flickr
Equipped with these tax deduction knowledge, prepare to be impressed with your managed taxes now!
As everything turns digital, there is an increasing need for more tangible items. These physical copies of our photos for instance, become priceless.
Handcrafted items speak volumes of love. Nothing beats a custom-made gift because it will make your partner feel that you really have thought of them. On that note, here are Special Handcrafted Gift Ideas For Valentine’s Day Under S$50.
1. FOR THE SENTIMENTAL SWEETIE
PIXAROLL
Wouldn’t be great to have your personalized pictures (matte or glossy), stamps, magnets, phone casing, and wall decor delivered on your doorstep wherever you are? Well, Pixaroll’s App allows that. Pixaroll App transforms your photos into keepsakes that lasts a lifetime. It is available for FREE on ITunes and Google Play.
This Vday, you may purchase 12 pieces of 2.5 x 2.5 inch photo stickers for only S$10 or 24 pieces of 3.5 x 3.5 inch photo stickers for S$18. You use these to design a notebook, book, canvas tote, gift wrappers, or a phone casing for your beloved.
If you want to remind your lover of how good looking she or he is then you may customize a stamp or chop block (S$49) for him or her. Pixaroll’s chop block measures 2.5 cm and there are 4 ink stamps included. Artist’s impressions of your selfies are hand drawn into rubber stamps. So special!
If you want to make a craft that takes a little bit more time and patience but shouts “labor of love” then purchase a DIY Painting Kit from Paintastic Art Craft. The kit usually includes the canvas template, acrylic paints, brush, and instructions. They offer kits with affordable prices and weekly special offers.
In fact, this lovely flower painting that took me 5 days to make comes with free easel and only costs S$4.90.
The painting sizes for sale range from mini to large so you will be able to find a size that is suitable to your needs. This can surely be a fun experience for you that may even turn to a great hobby.
Whoever said that sweet and lengthy written expressions of love are so 19th century ago is mistaken. Written love notes will not only overwhelm your partner’s heart but it will also serve as a memorabilia that he or she can keep forever.
You may choose between ThePaperBunny’s greeting cards that say: “We’re Better Together Card”, “Keeper of My Heart”, and “You’re My Favourite”. It costs S$5.90 each. Linen embossed envelope that adds a touch of luxury is included.
4. FOR THE Do-It-Yourself DARLING
Image Credits: Stacie Stacie Stacie via Flickr
Lastly, DIY gifts make the most out of the resources you have at home. So, it won’t cost you a dollar. For more DIY gift ideas made with love, check this out.
Valentine’s day is just around the corner. While seeking for the perfect gift, keep in mind that you must also be financial-savvy. You may be tempted to go over your budget since you want to make your lover feel special. But, your gifts need not to be expensive to make your loved ones smile! Here are 5 Sweet Valentine’s Day Gift Ideas Under S$50.
To remind your partner of how much you love him or her, hang this rough sign saying: “I LOVE US”. This rough wood sign is available in Black color with cream wiring. How sweet is it to declare your love with this simple statement?
Wouldn’t it be nice to give your sweetie a bag that speaks your mind? This Black tote bag exclaims: ”Anyone can be cool, but awesome takes practice”. This 100% canvas tote bag that measures 14 x 14 inches is not only perfect for the beach but also for every day use.
Nothing beats a custom-made gift such as a Personalized Name or Word Necklace from MyLittleBow shop. You may use his or her nickname, your secret code or your term of endearment. It will make your girlfriend, boyfriend or best friend feel that you have really thought of them. Orders take about 3 weeks to be ready, so be sure to place your order early!
4. FOR YOUR FOODIE BUDDY
Image Credits: saveur.sg
They say that a quickest way to a man’s heart is through his stomach. If you desire to impress your loved one without breaking the bank then check out the 3 Delicious Valentine’s Day Dining Places in Singapore That Are Under S$50. Tickle your taste buds with cuisines from France, Singapore, and Mexico.
Want to take on an adventure that is both physically and mentally rewarding for you and your partner? Then try the North Face Wall Climbing in Sentosa. Worry not about falling because the maximum weight the harness can hold is 120 kg. To keep your safety into an optimal level, you are encouraged to cover your shoulders, waist and thighs to minimize any discomfort from the harness. Covered shoes are also required.
Singapore has been dubbed globally as a “Fine City”. The common penalties range from S$200 to S$1,000. Some laws are famous for its outrageous nature such as banning of chewing gums or durians (in public transportation).
The strict policies may urge you to be hesitant in your actions but it will surely train your discipline and accountability.
Much like most of the countries, Singapore has a strict policy for Pirated Goods (e.g., CDs or DVDs) and Pornography. Illegal video circulation is an offense that will fine up to S$1,000 (US$800).
Aside from the record-breaking cigarette prices in Singapore, violation of the smoking regulations can cost you up to S$1,000. Authorized cigarette packs have a stamp of “SDPC” (Singapore Duty-Paid Cigarette). Otherwise, you have to pay S$500 per pack once you are caught bringing it inside the country. Smoking in public areas such as the public train is strictly prohibited.
As most might acknowledge, chewing gums are banned in Singapore. Importing chewing gums in the country even for personal consumption is illegal. Improper disposal of gum and carrying huge quantities of it will cost you a fine of S$500 to S$1,000 on your first offense. This is to prevent chewed gum traces on the public seats, pavements, stairways, and floors.
Aside from being a fine city, Singapore is known for its impeccable cleanliness. Initial offenders who throw small items like cigarette sticks or candy wrappers are penalized for S$300. Anyone else that are caught littering in public will be fined with S$1,000 and will do community service.
To maintain cleanliness and safety of all the citizens, flammable goods are banned inside a public transportation. Once you get caught with a flammable item, you will get the S$5,000 (US$4,000) fine. Also, no eating or drinking is allowed inside buses, train stations, and inside the train. It will cost you from S$300 to S$500 once you are caught.
Image Credits: Paul Papadimitriou via Flickr
If you have a bad memory, worry not since warning signs are plastered all over buses and trains.
As January draws nearer to a close, this marks the beginning of a new season – the season of love!
For the less imaginative soul, February may just be yet another arduous month to get through. But for the romantics out there, February bears so much promise of new beginnings, whimsicalities, and yes, you guessed it – Valentine’s Day!
Indeed, staycations are the latest trend in town for couples. In fact, they’re so commonplace these days that every month or so you might spot a few acquaintances posting up some envy-worthy pictures of themselves lounging on lush sheets or staring out of a balcony on their staycation. Some hotels have even caught on the wave and are peddling out exclusive staycation deals for couples in a bid to draw the attention of staycation hopefuls.
The popularity of staycations in Singapore has been spreading like wildfire, and it is truly little wonder why. After all, they’re a perfect alternative to your regular boring dinner date, and they’re suitable for all couples alike! Well, why not try out something different for Valentine’s Day this year? Consider a Valentine’s Day staycation instead!
If you’re a fresh couple who’s still finding your way around your relationship, a Valentine’s Day staycation would be the perfect solution to cement your relationship and stir up new feelings of romance and intimacy. Staycations are perfectly suitable for seasoned couples as well. For seasoned couples who are undeniably well accustomed to the regular Valentine dates, a staycation would truly provide a refreshing edge of spice to your romance as well!
That being said, in land scarce Singapore, accommodation may prove a little too extravagant for some to afford. This is especially the case for some of our top hotels, which can easily cost up to $500 or more a night on peak days. (The more Instagram-worthy, the higher the price ha!)
Not to fear! A fantastic staycation is not merely one that requires you to spend big bucks on it. In fact, a small cosy hotel can add just the right romantic fizz to the air as well. After all, it’s not the price that matters, but the company that counts, right? Plus, wouldn’t that extra money saved come in handy for that proposal ring or wedding reception?
Here are 5 affordable hotels, where you can have a romantic staycation on Valentine’s Day without bursting your budget!
Some hotels listed below are fast running out of rooms for Valentine’s Day – so book early to avoid undue disappointment.
Loft hotel rooms are all the rage these days, and I say this with utmost assurance – there is truly nothing quite as romantic as spending Valentine’s Day with your loved one in a loft at Studio M!
If your partner and yourself have an exclusive eye for the simple and minimalist, then Studio M is certainly your go-to hotel for Valentine’s Day. Boasting of a unique loft concept, Studio M is indeed ideal for the lazy couple whose idea of a perfect date is simply some quality time together lounging around. No fancy frills or fuss needed – just a comfortable, clean bed, some drinks, and a lover by your side.
For an additional romantic touch, arrive at your room at least 15 minutes before your partner, and scatter some rose petals on the lush white expanse of the bed to create an instant mood of sheer romance. Pop a glass of wine (or hey, if budget romance works out especially well for you, some tangy but tasty Taiwan beer will also do the trick), and you’re all set for a great Valentine’s night out! Plus, Studio M is conveniently located a mere 10 minutes’ walk away from Clarke Quay. If you’re up for a midnight drink fest, surely you know where to go.
(Source: Agoda) Studio M’s loft rooms are priced from an affordable $195 per night (additional charges may apply). Indeed, for close to $200, you’ll be able to enjoy some cherished romantic quality time with your partner. After all, nobody ever said that romance and affordability are mutually exclusive!
2. BIG Hotel
(Image credit: bighotel.com)
Contrary to its name, BIG Hotel actually isn’t really all that big (truly, the name of the hotel in itself is quite the pun huh). Instead, it boasts of an eclectic collection of cozy small rooms, each wondrously designed with a minimalistic touch. For the Valentine’s Day couple, BIG Hotel is truly a perfect alternative to boring dinner dates. Each room in BIG Hotel is well equipped with Wi-Fi and Movies on Demand – yes, free movies!
If you’re both massive fans of action, fanfare and blockbusters, and your regular date typically comprises of a movie at a cinema, you will surely find BIG Hotel a refreshing take to the overused Valentine date routine. After all, why seek out uncomfortable and scratchy plush seats at the cinema when you can cuddle and lounge in the comfort of your own private room, right?
Since it’s Valentine’s Day, why not add a dash of romance to the mix? Bring your own box of popcorn to the hotel. Or perhaps, if you feel tempted to splurge a little, I’d certainly recommend indulging in some quality caramel popcorn by Garrett’s. Get a bar of dark chocolate or two, and break it into smaller chunks and mix them in with the popcorn. This additional touch of subtly bitter chocolate mixed with your sweet caramel will certainly suffice to spice up the romantic mood! After all, chocolate is the food of love! And what better to spur on the romance, than some natural aphrodisiac in the form of cocoa?
A night at BIG Hotel will set you back from $169 onwards. (Source: HotelsCombined) A small price to pay indeed, for a night of treasured memories!
One of the most popular staycation destinations in Singapore, the Wanderlust Hotel certainly speaks for itself. With its unique room designs and features, each room takes you away into an entirely different setting, and a night well spent will certainly feel like out of this world!
Choose from a range of three types of rooms – the pantone rooms, mono rooms, or whimsical lofts (as pictured respectively).
The cheapest option would be the pantone rooms, where each room is affixed with vibrant loud colours of theme. Opt for the sassy red pantone room for a touch of va-va-voom to your Valentine’s Day. While relatively small in size, the loud colours and quirky design make up for any shortfall in spaciousness. The coloured settings and dim lights will certainly set your heart a-fluttering, and your blood pumping with adrenaline!
If your partner and yourself have a taste for the minimalist and monochrome, opt for one of Wanderlust Hotel’s mono rooms instead.
Or perhaps, if you’re in it for the splurge, take the plunge and make a booking for a whimsical loft room exclusively designed and decorated to complement the unique themes of ‘Typewriter’, ‘Bling’, ‘Tree’, and ‘Space’. Indeed, Wanderlust Hotel is famed for its thematic loft rooms, and there’s no better option for a staycation for the adventurous young couple!
Prices begin from $179 for pantone rooms, and $215 for their mono rooms. Whimsical loft rooms are sold out for Valentine’s Day, but costs from $277 for each night on regular off-peak days (Source: HotelsCombined).
4. Lloyd’s Inn
(Image credit: tripadvisor.com)
(Image credit: designboom.com)
Despite being relatively new to the hotel scene in Singapore, Lloyd’s Inn has gained quite the cult following for itself as a staycation destination. A look at the breath taking photos of the boutique hotel will certainly leave you with a knowing edge as to why this hotel has gained such a reputation for itself indeed.
Lloyd’s Inn features an array of minimalistic rooms that are sleek and clean in design. For the quiet couple who seeks little grandeur and magnificence, the simplistic design of Lloyd’s Inn will certainly draw you in. Why spend your Valentine’s Day in the throes of the town crowd, when you can have an amazing night’s stay at a tranquil hotel located in a peaceful precinct of Orchard itself?
Despite being located in Orchard, Lloyd’s Inn offers an aesthetic reminiscent of villas and summer resort, and provides a great option for a quick getaway from the hectic city life in Singapore. In fact, with its inviting displays of nature, it certainly is difficult to guess that this out-of-the-world hotel is located in the very bosom of Singapore’s town, isn’t it?
Indeed, Lloyd’s Inn is perfect for a Valentine’s Day staycation. Lounge in the relaxing expanse of the white-themed room that the hotel has to offer, and if you seek a breath of fresh air, you can take a brisk stroll in the surprisingly quiet district, hand clasped in hand, feet paced in a soothing rhythm, while making casual lilting chat about everything and anything under the sun.
Prices at Lloyd’s Inn begin from $158 for each night (Source: HotelsCombined). Act fast though; rooms are running out fast! (Fully booked on 14 Feb – as at 27/1/15)
5. Adonis Hotel
(Image credit: booking.com)
(Image credit: sg.hotels.com)
Restored and refurnished in one of Singapore’s original shop houses, Adonis Hotel provides an original twist to your usual hotel stay. It features an elegant design that is reminiscent of an eclectic fusion between its old school shop house days, and modern sophistication and class.
If your partner and yourself are culture freaks, then Adonis Hotel will certainly make a perfect stay for you! Located along Purvis Street, you can both take a leisurely stroll along the street while admiring some of Singapore’s unique colonial days architecture that have been painstakingly restored and maintained. There is truly something about a stay in a quaint little boutique hotel amidst such historical buildings and sites that appeals to the romantic bone in everyone indeed!
Plus, a brief 10-minutes walk will take you to the Mint Museum of Toys, where your partner and yourself can re-examine your childhood amidst the toys of old!
Settle for a quiet romantic dinner after your explorations at one of the dinner joints or independent restaurants located along or near Purvis Street. Bring a bottle of red wine along if you so wish to, to complete the delightful mood of honeyed romance. After all, wine goes best with something sweet, and what sweeter a side dish than your very own brand of love?
Adonis Hotel has rooms available from $205.97! (Source: HotelsCombined). If your partner and yourself are big on indie explorations and refinding Singapore, a stay at Adonis Hotel is certainly perfect for your Valentine’s Day!
* Updated on 27/1/15 to reflect availability of rooms, prices to include GST and service charge and links
