1 00:00:00,009 --> 00:00:02,309 Speaker 1: You're listening to AC N A podcast. 2 00:00:05,150 --> 00:00:09,909 Speaker 2: Welcome back to your favorite financial podcast, Money Talks. This 3 00:00:09,920 --> 00:00:12,409 Speaker 2: is Andrea Heng and I'm about to take you through 4 00:00:12,420 --> 00:00:16,459 Speaker 2: yet another episode to help you be smarter with your money. 5 00:00:16,889 --> 00:00:19,680 Speaker 2: I've been adulting for some time now. You know, moving 6 00:00:19,690 --> 00:00:25,059 Speaker 2: from single to married and boy have my financial priorities 7 00:00:25,069 --> 00:00:29,850 Speaker 2: and movements changed. If you're still a swinging single, you 8 00:00:29,860 --> 00:00:31,860 Speaker 2: can go listen to the episode that we had with 9 00:00:31,870 --> 00:00:36,209 Speaker 2: tiktok Sensations. The wee blinks, they actually gave some pretty 10 00:00:36,220 --> 00:00:40,240 Speaker 2: nifty tricks on how to spend and save wisely as 11 00:00:40,250 --> 00:00:40,990 Speaker 2: a single. 12 00:00:41,360 --> 00:00:44,439 Speaker 2: If you're in a relationship or you're married. There's a 13 00:00:44,450 --> 00:00:48,610 Speaker 2: special series as well by my colleague Elizabeth Neo. Check out, 14 00:00:48,619 --> 00:00:52,479 Speaker 2: am I adulting? Right? It sits exclusively in the Money 15 00:00:52,490 --> 00:00:55,919 Speaker 2: Talk Stable and there are some great real life experiences 16 00:00:55,930 --> 00:00:58,939 Speaker 2: and examples there. So, you know, you're not alone in 17 00:00:58,950 --> 00:01:01,169 Speaker 2: your financial journey. We will never leave you alone. 18 00:01:01,569 --> 00:01:06,039 Speaker 2: Now, today's episode doesn't discriminate, it affects everyone because we 19 00:01:06,050 --> 00:01:10,319 Speaker 2: all have to pay our taxes. Now, I know tax 20 00:01:10,330 --> 00:01:13,830 Speaker 2: season isn't for another few months, but as we collect 21 00:01:13,839 --> 00:01:16,690 Speaker 2: our year end bonuses, we cash out our gains for 22 00:01:16,699 --> 00:01:19,429 Speaker 2: the year. It's as good a time as any to 23 00:01:19,440 --> 00:01:22,789 Speaker 2: calculate how much we should put aside. Ok. 24 00:01:23,190 --> 00:01:25,529 Speaker 2: It never hurts to be a bit Kia. So here 25 00:01:25,540 --> 00:01:29,209 Speaker 2: and plan ahead and know how much you can actually 26 00:01:29,220 --> 00:01:34,620 Speaker 2: save on taxes. Yep. That's right. You can save on taxes. 27 00:01:34,629 --> 00:01:38,519 Speaker 2: It's something that I'm only just learning about and I'm 28 00:01:38,529 --> 00:01:41,489 Speaker 2: getting the help of one man who managed to get 29 00:01:41,500 --> 00:01:45,190 Speaker 2: thousands of dollars in tax deductions. Talk about the ultimate 30 00:01:45,199 --> 00:01:48,330 Speaker 2: life tag, right? Let's wait no longer and get him 31 00:01:48,339 --> 00:01:50,569 Speaker 2: to talk to us. His name is Josh Tan, 32 00:01:50,809 --> 00:01:53,940 Speaker 2: better known as the astute parent on youtube. He's also 33 00:01:53,949 --> 00:01:58,150 Speaker 2: a financial advisor. Welcome to Money Talks. Josh, thank you. 34 00:01:58,160 --> 00:02:00,620 Speaker 2: It's great to be here. It's great to have you. 35 00:02:00,629 --> 00:02:03,129 Speaker 2: I'm so glad you carved out the time to talk 36 00:02:03,139 --> 00:02:05,910 Speaker 2: to us about this. So I saw your video on 37 00:02:05,919 --> 00:02:09,179 Speaker 2: youtube on how you managed to get tax deductions to 38 00:02:09,190 --> 00:02:16,059 Speaker 2: the tune of $90,000. No offense. But please tell me 39 00:02:16,070 --> 00:02:18,710 Speaker 2: this is a Clickbait. Is it really possible? 40 00:02:19,619 --> 00:02:23,050 Speaker 2: You know, the only thing that's a certainty is death 41 00:02:23,059 --> 00:02:26,460 Speaker 2: and taxes, right? So we should always start off on 42 00:02:26,470 --> 00:02:30,160 Speaker 2: the ground because as you earn more, you naturally see 43 00:02:30,169 --> 00:02:31,720 Speaker 2: a bigger and bigger tax bill. 44 00:02:32,440 --> 00:02:36,008 Speaker 2: So this whole concept of getting more reliefs, getting more 45 00:02:36,020 --> 00:02:38,779 Speaker 2: deductions away from your tax view will definitely impact your 46 00:02:38,788 --> 00:02:42,210 Speaker 2: wallet at the on the day. So 90,000 of course, 47 00:02:42,220 --> 00:02:46,089 Speaker 2: comes with certain donations and hopefully everyone listening in is 48 00:02:46,100 --> 00:02:48,448 Speaker 2: inspired to donate a bit more, but there's actually a 49 00:02:48,460 --> 00:02:50,690 Speaker 2: relief cap that maybe we will touch on in a 50 00:02:50,699 --> 00:02:52,610 Speaker 2: quick while. We will indeed. 51 00:02:52,720 --> 00:02:57,139 Speaker 2: Ok. So on average, how much time do you actually 52 00:02:57,149 --> 00:03:02,330 Speaker 2: spend every single year? Right. Working out all these taxes, 53 00:03:02,339 --> 00:03:05,630 Speaker 2: the reliefs that you can claim that you're eligible for. 54 00:03:05,639 --> 00:03:08,789 Speaker 2: More importantly, how much time do you spend sitting there 55 00:03:08,800 --> 00:03:12,850 Speaker 2: connecting all the dots? I think for someone who 56 00:03:13,288 --> 00:03:16,990 Speaker 2: hasn't looked at taxes too much, usually it's too busy. 57 00:03:17,339 --> 00:03:20,288 Speaker 2: They are employee is going to do it. Partner is 58 00:03:20,300 --> 00:03:22,109 Speaker 2: going to do it right. Someone's going to do it 59 00:03:22,119 --> 00:03:24,839 Speaker 2: for me. Yeah. So that's one of equation. So I 60 00:03:24,850 --> 00:03:27,789 Speaker 2: don't always look at my tax bill, but end of 61 00:03:27,800 --> 00:03:29,330 Speaker 2: the year, I think this is a fantastic time to 62 00:03:29,339 --> 00:03:31,509 Speaker 2: bring it up because everything that you like to 63 00:03:31,604 --> 00:03:34,255 Speaker 2: clock for your relief, you have to do it by 64 00:03:34,264 --> 00:03:37,824 Speaker 2: 31st of December. So the IRS knows it's within this 65 00:03:37,835 --> 00:03:41,044 Speaker 2: financial year. See, it's very important this timing. So you 66 00:03:41,054 --> 00:03:44,095 Speaker 2: don't actually sit down on like, ok, maybe not on 67 00:03:44,104 --> 00:03:49,255 Speaker 2: 31st December, but maybe in November sometime you start sitting 68 00:03:49,264 --> 00:03:49,785 Speaker 2: down 69 00:03:50,360 --> 00:03:52,330 Speaker 2: and you look, do you really sit down and like 70 00:03:52,339 --> 00:03:55,360 Speaker 2: at the table with all your receipts, all your donations made, 71 00:03:55,369 --> 00:03:57,740 Speaker 2: everything that you're eligible for is ok. I'm eligible for 72 00:03:57,750 --> 00:03:59,199 Speaker 2: that and that, do you actually sit down and do 73 00:03:59,210 --> 00:04:03,500 Speaker 2: that or actually for myself? I work with clients. And 74 00:04:03,509 --> 00:04:06,419 Speaker 2: what I do is I schedule calls back to them 75 00:04:06,570 --> 00:04:09,729 Speaker 2: in November and in December, some of them may be 76 00:04:09,740 --> 00:04:12,300 Speaker 2: traveling December. I'll give a call to them in November, 77 00:04:12,309 --> 00:04:15,899 Speaker 2: vice versa. So year end is a period last quarter already. 78 00:04:16,230 --> 00:04:18,289 Speaker 2: So this is time to dig up everything. Have you 79 00:04:18,299 --> 00:04:19,519 Speaker 2: made contributions? 80 00:04:19,890 --> 00:04:21,670 Speaker 2: Are there still gaps that you can fill in to 81 00:04:21,678 --> 00:04:24,279 Speaker 2: get more reliefs? Because any other day, like what I mentioned, 82 00:04:24,339 --> 00:04:26,410 Speaker 2: you're going to save on money and that is a 83 00:04:26,420 --> 00:04:30,170 Speaker 2: definite plus. Yeah, indeed. Ok. So talk to us about 84 00:04:30,178 --> 00:04:34,690 Speaker 2: the in a very basic way, the concept of tax claims. 85 00:04:34,760 --> 00:04:38,869 Speaker 2: I mean, there's things like deductions, there's reliefs, there's rebates, 86 00:04:39,010 --> 00:04:41,700 Speaker 2: help us sort of filter all of that and tell 87 00:04:41,709 --> 00:04:44,869 Speaker 2: us what tax claims really are. That's a good question. 88 00:04:45,450 --> 00:04:48,570 Speaker 2: What many have assumed is that the employer will be 89 00:04:48,579 --> 00:04:51,269 Speaker 2: in charge of filing all these reliefs maybe for someone 90 00:04:51,279 --> 00:04:54,130 Speaker 2: who is the first year in workforce, they've heard of stories, 91 00:04:54,140 --> 00:04:56,380 Speaker 2: employers going to file it, but employer is only in 92 00:04:56,390 --> 00:04:59,980 Speaker 2: charge of sending in what you've actually earned, right? So 93 00:04:59,988 --> 00:05:02,959 Speaker 2: on your own, you have to add in other forms 94 00:05:02,970 --> 00:05:07,029 Speaker 2: of relief that you are actually qualifying for. So on 95 00:05:07,040 --> 00:05:09,959 Speaker 2: that front, how I usually suggest is there are some 96 00:05:09,970 --> 00:05:11,859 Speaker 2: things that are automatically given. 97 00:05:11,950 --> 00:05:14,489 Speaker 2: For example, if you contribute the SRS account, which is 98 00:05:14,500 --> 00:05:18,709 Speaker 2: supplementary scheme that itself will be automatically sent in by 99 00:05:18,720 --> 00:05:21,368 Speaker 2: the bank, right? If you contribute the CPF we do 100 00:05:21,380 --> 00:05:24,440 Speaker 2: top ups. They are eligible. They will automatically be contributed, 101 00:05:24,660 --> 00:05:27,179 Speaker 2: submitted by CPF. But there are other parts that you 102 00:05:27,190 --> 00:05:30,950 Speaker 2: can put in like cost fees. They are eligible course fee. Yeah, 103 00:05:30,959 --> 00:05:34,029 Speaker 2: there are certain things that they are within it cost fees, 104 00:05:34,040 --> 00:05:37,779 Speaker 2: parent relief, parent relief. I've heard of. Yes. Ok. Those 105 00:05:37,790 --> 00:05:38,450 Speaker 2: are things that 106 00:05:38,880 --> 00:05:42,390 Speaker 2: sometimes if you don't pay attention, you are actually missing 107 00:05:42,399 --> 00:05:44,820 Speaker 2: out on. I give you an example. Sure. I've actually 108 00:05:44,829 --> 00:05:48,859 Speaker 2: seen before a recent case on actually grandparent relief. Also 109 00:05:48,910 --> 00:05:55,140 Speaker 2: there's also grand grandparent relief. So what I question that 110 00:05:55,149 --> 00:05:57,959 Speaker 2: person say, why are you claiming this is there 111 00:05:58,109 --> 00:06:01,570 Speaker 2: because she's actually reached that relief cap ready, right? And 112 00:06:01,579 --> 00:06:04,469 Speaker 2: maybe let's share it is 80,000 relief cap. Sure. And 113 00:06:04,480 --> 00:06:08,250 Speaker 2: we'll get to high 90,000. Sure. Yes, please. So for 114 00:06:08,260 --> 00:06:11,609 Speaker 2: this case, I was asking her, isn't this grandparents relief 115 00:06:11,619 --> 00:06:14,678 Speaker 2: wasted if it was fault in your case, because some 116 00:06:14,690 --> 00:06:17,209 Speaker 2: other grandchild would be eligible to claim it, right? 117 00:06:17,540 --> 00:06:20,829 Speaker 2: So in that instance, understanding whether you have reached a 118 00:06:20,839 --> 00:06:23,350 Speaker 2: cap or passing that really to someone else, if you 119 00:06:23,359 --> 00:06:26,000 Speaker 2: have a sibling or there's earning way more than you, 120 00:06:26,079 --> 00:06:29,119 Speaker 2: maybe as a family, you're better off passing away that 121 00:06:29,130 --> 00:06:32,440 Speaker 2: parents lie to them, right? So these are decisions that 122 00:06:32,640 --> 00:06:34,988 Speaker 2: if you look through and you are willing to cooper 123 00:06:35,040 --> 00:06:38,000 Speaker 2: with your family, see how you can optimize it as 124 00:06:38,010 --> 00:06:40,730 Speaker 2: a family. Why there are actually steps that you can 125 00:06:40,809 --> 00:06:43,649 Speaker 2: change and optimize. That's really interesting. I didn't think of 126 00:06:43,660 --> 00:06:45,890 Speaker 2: it that way because you don't realize there's a cap 127 00:06:45,899 --> 00:06:47,880 Speaker 2: to things which we'll get into a little later in 128 00:06:47,890 --> 00:06:50,480 Speaker 2: the conversation. So, as you said, right. Rightfully. So you're 129 00:06:50,488 --> 00:06:54,619 Speaker 2: a salaried employee, your income tax is what typically 130 00:06:54,709 --> 00:06:58,309 Speaker 2: gets automatically computed for you. As you said, you have 131 00:06:58,320 --> 00:07:02,130 Speaker 2: to sort of figure out manually what else you are 132 00:07:02,140 --> 00:07:05,970 Speaker 2: eligible for. So, how do you go about filing these 133 00:07:05,980 --> 00:07:10,089 Speaker 2: manual claims and for relief? Just to be a back story. Sure, 134 00:07:10,230 --> 00:07:13,170 Speaker 2: I studied accounting. Ok. Most of my friends went to 135 00:07:13,179 --> 00:07:16,540 Speaker 2: audit someone to Texas, look at where you are, 136 00:07:17,559 --> 00:07:21,269 Speaker 2: you're still talking about money. So I went to the sales, 137 00:07:21,279 --> 00:07:24,239 Speaker 2: I went to self employed and in self employed, we 138 00:07:24,250 --> 00:07:27,709 Speaker 2: have to file our net profit. So it's slightly different, right? 139 00:07:27,720 --> 00:07:30,299 Speaker 2: Whereas if you are salaried automatically, what you've earned is 140 00:07:30,309 --> 00:07:35,220 Speaker 2: fully calculated. So for self employed, which includes hawkers, taxi drivers, 141 00:07:35,350 --> 00:07:37,760 Speaker 2: you name it, the filing of the net profit still 142 00:07:37,769 --> 00:07:40,549 Speaker 2: needs to be imputed, right manually. So there are expenses 143 00:07:40,559 --> 00:07:42,709 Speaker 2: that are eligible, right? That is a big topic. 144 00:07:42,805 --> 00:07:45,066 Speaker 2: Yes. If we go into that space, it is going 145 00:07:45,075 --> 00:07:47,466 Speaker 2: to take a while, but always look to go with 146 00:07:47,476 --> 00:07:51,476 Speaker 2: the framework. What is claimable and deduct the way to 147 00:07:51,485 --> 00:07:54,536 Speaker 2: file your actual net profit? Then from there, you would 148 00:07:54,545 --> 00:07:58,316 Speaker 2: see your deductibles coming in to reduce that chargeable income, 149 00:07:58,876 --> 00:08:01,825 Speaker 2: which is ultimately what you're gonna be paying for in 150 00:08:01,835 --> 00:08:03,006 Speaker 2: the percentage based on the 151 00:08:03,092 --> 00:08:06,562 Speaker 2: tax bracket. So when you file for all these claims, 152 00:08:06,571 --> 00:08:10,252 Speaker 2: salaried or self employed and you're on the IRS website, 153 00:08:10,261 --> 00:08:14,522 Speaker 2: for example. Right. Are there certain sort of requirements or 154 00:08:14,532 --> 00:08:17,932 Speaker 2: preconditions prerequisites that you have to meet in order to 155 00:08:17,941 --> 00:08:21,481 Speaker 2: make these claims? I think it's stipulated over there, what 156 00:08:21,492 --> 00:08:23,272 Speaker 2: is eligible and what's not? Right. 157 00:08:23,510 --> 00:08:26,480 Speaker 2: So as always, not sure. Give them a call, I 158 00:08:26,489 --> 00:08:29,929 Speaker 2: think they've clarified it pretty well. They've given, given examples 159 00:08:29,940 --> 00:08:33,840 Speaker 2: on what are certain business expenses that are claimable. So 160 00:08:33,849 --> 00:08:36,010 Speaker 2: I guess the equation is very wide. 161 00:08:36,320 --> 00:08:38,530 Speaker 2: Let's look at each example. And if not just as 162 00:08:38,539 --> 00:08:41,510 Speaker 2: we check with Iras, what is eligible on that note, 163 00:08:41,520 --> 00:08:43,440 Speaker 2: I just want to bring up here that there is 164 00:08:43,450 --> 00:08:46,950 Speaker 2: a very good web page. It's actually a pretty cool 165 00:08:46,960 --> 00:08:50,289 Speaker 2: infographic style web page on Iris. It's triple W dot 166 00:08:50,299 --> 00:08:54,049 Speaker 2: Irs dot gov dot SG slash taxes. You'll see a 167 00:08:54,059 --> 00:08:58,900 Speaker 2: section on individual income tax and there's a whole bunch 168 00:08:58,909 --> 00:09:00,900 Speaker 2: of different types of rebates really 169 00:09:01,562 --> 00:09:05,531 Speaker 2: and deductions that you can make. Speaking of which, hey, Josh, 170 00:09:05,541 --> 00:09:07,192 Speaker 2: I wanted to ask you, would you be able to 171 00:09:07,202 --> 00:09:11,271 Speaker 2: explain to us the difference between a deduction, a relief 172 00:09:11,280 --> 00:09:14,921 Speaker 2: and a rebate? A rebate is an amount that nets 173 00:09:14,932 --> 00:09:17,921 Speaker 2: off from your final bill? Ok. So for example, if 174 00:09:17,932 --> 00:09:20,752 Speaker 2: your tax bill is $10,000 and you have a kid, 175 00:09:20,771 --> 00:09:24,702 Speaker 2: there's actually a kid rebate, a child rebate. So for parents, yes, 176 00:09:24,711 --> 00:09:25,591 Speaker 2: that is an amount 177 00:09:25,703 --> 00:09:29,363 Speaker 2: you can use to net off that 10,000 tax bill, right? 178 00:09:29,583 --> 00:09:32,994 Speaker 2: So government is actually giving us money, money or having Children, 179 00:09:33,004 --> 00:09:35,883 Speaker 2: correct in certain and between the parents to split, to 180 00:09:35,893 --> 00:09:37,924 Speaker 2: use that amount and the other thing to note. So 181 00:09:37,934 --> 00:09:41,114 Speaker 2: this amount there's no expiry, you can claim it over 182 00:09:41,124 --> 00:09:44,883 Speaker 2: multiple years. So don't rush. So always be aware that 183 00:09:44,893 --> 00:09:48,643 Speaker 2: this rebate nets off the final bill. Sure. So the 184 00:09:48,653 --> 00:09:50,283 Speaker 2: deductible portion is your total 185 00:09:50,395 --> 00:09:53,455 Speaker 2: income. Yes, we all these deductibles and then that's your 186 00:09:53,466 --> 00:09:57,135 Speaker 2: chargeable income, right? And that's the, that net income is 187 00:09:57,145 --> 00:09:59,785 Speaker 2: what gets charged for income tax. Yes. Correct. There's a 188 00:09:59,796 --> 00:10:03,986 Speaker 2: chargeable income. Ok. So our attempts that relieves and deductibles, 189 00:10:03,995 --> 00:10:05,966 Speaker 2: they are actually the same side of the coin, right? 190 00:10:05,986 --> 00:10:08,665 Speaker 2: Is to reduce this chargeable income. Got it to a 191 00:10:08,676 --> 00:10:11,796 Speaker 2: lower bracket because if you see the tax bracket, it 192 00:10:11,806 --> 00:10:14,976 Speaker 2: jumps once you pass 100 180,000, 193 00:10:15,229 --> 00:10:18,390 Speaker 2: as you earn more, you naturally see your tax bill go. Yeah. Yeah. Oh, 194 00:10:18,400 --> 00:10:22,390 Speaker 2: my dear. I'm just suddenly remembering my dad's annual salary 195 00:10:22,619 --> 00:10:24,950 Speaker 2: and the number of years he had been taking care 196 00:10:24,960 --> 00:10:28,479 Speaker 2: of my late grandfather. I don't think he knew that 197 00:10:28,489 --> 00:10:31,789 Speaker 2: there was a parent care, sort of tax relief that 198 00:10:31,799 --> 00:10:34,919 Speaker 2: he could have used to reduce his net chargeable income. 199 00:10:34,989 --> 00:10:37,750 Speaker 2: And on that point, parents staying with you and parents, 200 00:10:37,760 --> 00:10:40,250 Speaker 2: staying away, it's also a different limit. All right. Ok. 201 00:10:40,344 --> 00:10:43,445 Speaker 2: So that is where you need to impute manually. Right? 202 00:10:43,515 --> 00:10:45,723 Speaker 2: So parents staying with you, you'll see the amount is 203 00:10:45,734 --> 00:10:48,405 Speaker 2: higher and if the parents handicap, my own father is 204 00:10:48,414 --> 00:10:52,674 Speaker 2: handicapped patient. So there's also different here. Ok. So, so 205 00:10:52,684 --> 00:10:54,973 Speaker 2: it's follow the amounts because that amount have actually increased 206 00:10:54,984 --> 00:10:56,794 Speaker 2: along the years. And what we mentioned over here you 207 00:10:56,804 --> 00:10:58,005 Speaker 2: might change next year. 208 00:10:58,500 --> 00:11:00,710 Speaker 2: But do is check and the other thing is the 209 00:11:00,719 --> 00:11:03,690 Speaker 2: parents to get that relief, they must not be earning 210 00:11:03,700 --> 00:11:06,959 Speaker 2: active income, right? So if they're earning more than 4000 211 00:11:06,969 --> 00:11:10,150 Speaker 2: a year, then there's not eligible? Sure. Ok. And is 212 00:11:10,159 --> 00:11:12,909 Speaker 2: there any documentation we have to provide in order to 213 00:11:13,200 --> 00:11:15,949 Speaker 2: make sure that we are eligible for this and all 214 00:11:15,960 --> 00:11:18,630 Speaker 2: the other claims? Actually, no need. I haven't seen Iras 215 00:11:18,640 --> 00:11:21,979 Speaker 2: requiring a proof yet on that. So there's no need 216 00:11:21,989 --> 00:11:24,960 Speaker 2: to worry about proving that portion. We just declare it 217 00:11:25,130 --> 00:11:28,900 Speaker 2: a very interesting. Yeah, and that's great because I know 218 00:11:28,909 --> 00:11:31,069 Speaker 2: in the US tax season is a nightmare for my 219 00:11:31,080 --> 00:11:34,299 Speaker 2: American friends because they have to find receipts from like 220 00:11:34,309 --> 00:11:37,659 Speaker 2: an entire year's worth of expenditure. I really, 221 00:11:37,929 --> 00:11:39,988 Speaker 2: that scares me to no end. So I'm glad that 222 00:11:40,000 --> 00:11:42,719 Speaker 2: we don't have to do that. Ok. So there are 223 00:11:42,729 --> 00:11:46,169 Speaker 2: just too many, so many tax reliefs available out there. 224 00:11:46,309 --> 00:11:49,390 Speaker 2: What are some of the key ones that you feel Josh, 225 00:11:49,640 --> 00:11:54,099 Speaker 2: that the average Singaporean should pay attention to? I'm a 226 00:11:54,109 --> 00:11:57,390 Speaker 2: big advocate of SRS supplementary retirement scheme. 227 00:11:58,260 --> 00:12:01,348 Speaker 2: I like it because it's flexible in terms of every 228 00:12:01,359 --> 00:12:04,400 Speaker 2: year you have this limit 15,000 tree. Just keep that 229 00:12:04,409 --> 00:12:05,039 Speaker 2: back of mind. 230 00:12:05,450 --> 00:12:08,989 Speaker 2: And if you want to up your total tax deductibles 231 00:12:09,000 --> 00:12:12,989 Speaker 2: contributing to that space is somewhere you can explore. And 232 00:12:13,000 --> 00:12:15,030 Speaker 2: the good part about it is just in case you 233 00:12:15,039 --> 00:12:18,109 Speaker 2: need back that money, you can actually take it out, 234 00:12:18,119 --> 00:12:22,229 Speaker 2: of course, with penalties. Right. Right. And because you're essentially 235 00:12:22,239 --> 00:12:25,650 Speaker 2: drawing down from your retirement fund, it's meant for retirement, right? 236 00:12:25,659 --> 00:12:29,059 Speaker 2: So the penalties to dissuade you from doing so. So 237 00:12:29,070 --> 00:12:31,880 Speaker 2: in a nutshell, it's a 5% penalty and it adds 238 00:12:31,890 --> 00:12:34,270 Speaker 2: to your annual income for that year, 239 00:12:34,739 --> 00:12:39,380 Speaker 2: but it's still accessible versus contributing to CPF. Right. And 240 00:12:39,390 --> 00:12:41,729 Speaker 2: just I mentioned I'm self employed. So cash, cash is 241 00:12:41,739 --> 00:12:45,489 Speaker 2: king and allocating it to where it can be flexible 242 00:12:45,500 --> 00:12:48,599 Speaker 2: is also a priority. You need something that's liquid. Yes. 243 00:12:48,609 --> 00:12:50,359 Speaker 2: So that's why I've actually contributed 244 00:12:50,414 --> 00:12:53,354 Speaker 2: to my S RS at a very early age. Right now. 245 00:12:53,364 --> 00:12:55,284 Speaker 2: I've actually did a recent sum of it is about 246 00:12:55,294 --> 00:12:59,304 Speaker 2: 260,000 build up over the years and you can guess 247 00:12:59,315 --> 00:13:03,705 Speaker 2: it's compounded year on year, over like 10 years. You 248 00:13:03,715 --> 00:13:06,034 Speaker 2: are the envy of so many right now, I'm sure. 249 00:13:06,434 --> 00:13:10,505 Speaker 2: But this is all for retirement money. You can't spend 250 00:13:10,515 --> 00:13:13,815 Speaker 2: it off, but hopefully it to build a secure future 251 00:13:13,825 --> 00:13:14,723 Speaker 2: for family. Yeah. 252 00:13:18,280 --> 00:13:21,419 Speaker 2: Hello everyone. My name is Christina and I'm Adrian and 253 00:13:21,429 --> 00:13:23,450 Speaker 2: we are the host of a podcast called Work It. 254 00:13:23,469 --> 00:13:25,419 Speaker 2: If you never heard of it. Well, it's a good 255 00:13:25,429 --> 00:13:27,859 Speaker 2: time to tap in, in the last 20 episodes. We've 256 00:13:27,869 --> 00:13:31,339 Speaker 2: discussed topics like how to negotiate for a salary increase 257 00:13:31,349 --> 00:13:33,819 Speaker 2: or how to get along with younger colleagues who have 258 00:13:33,830 --> 00:13:35,500 Speaker 2: different values from you, which 259 00:13:35,650 --> 00:13:39,270 Speaker 2: incidentally is our top performing episode. If what consumes your 260 00:13:39,280 --> 00:13:43,010 Speaker 2: life and you want some perspective on issues like management stress, 261 00:13:43,020 --> 00:13:46,780 Speaker 2: even office romance. This podcast should be on your list. 262 00:13:46,789 --> 00:13:49,979 Speaker 2: A new episode drops every Monday. Catch us on the 263 00:13:49,989 --> 00:13:52,909 Speaker 2: CN or wherever you get your podcast. 264 00:13:58,799 --> 00:14:02,260 Speaker 2: Ok. So I'm going to bring back that course fees. One. 265 00:14:02,270 --> 00:14:03,750 Speaker 2: Tell me about that one 266 00:14:04,409 --> 00:14:07,030 Speaker 2: that I actually didn't tap on myself because I actually 267 00:14:07,039 --> 00:14:10,280 Speaker 2: reached that limit. So, what is the cost fees? Is 268 00:14:10,289 --> 00:14:13,000 Speaker 2: it a rebate or relief or there is a relief relief? 269 00:14:13,010 --> 00:14:16,969 Speaker 2: There are certain causes that are quali, oh, so I've 270 00:14:16,979 --> 00:14:20,380 Speaker 2: seen that in private clients statements, right? And I think 271 00:14:20,390 --> 00:14:22,489 Speaker 2: it's not too difficult to claim, right? So you just 272 00:14:22,500 --> 00:14:24,229 Speaker 2: need to see what kinds of courses are eligible. 273 00:14:24,645 --> 00:14:26,945 Speaker 2: Ok. Ok. So if you're looking to eke out and 274 00:14:26,955 --> 00:14:29,515 Speaker 2: you're looking to upgrade at the same time, don't take 275 00:14:29,525 --> 00:14:32,505 Speaker 2: causes just for relief because you're still spending money. Yes, exactly. 276 00:14:32,515 --> 00:14:33,965 Speaker 2: I was just going to say it's not a free 277 00:14:33,974 --> 00:14:36,655 Speaker 2: pass for you to spend more money, right. Ok. What 278 00:14:36,664 --> 00:14:41,835 Speaker 2: about the kinds of reliefs and claims that Singaporeans are 279 00:14:41,844 --> 00:14:45,364 Speaker 2: not necessarily aware of good question brings me to a 280 00:14:45,375 --> 00:14:49,494 Speaker 2: case which I did recently. So couple, I have two kids. Ok. 281 00:14:49,674 --> 00:14:52,614 Speaker 2: And what I usually observe is like if both are 282 00:14:52,625 --> 00:14:53,744 Speaker 2: high income earners 283 00:14:54,630 --> 00:14:58,820 Speaker 2: usually first kid or maybe daddy takes second kid, maybe 284 00:14:58,830 --> 00:15:02,140 Speaker 2: mommy takes and over the years, they didn't actually realize 285 00:15:02,150 --> 00:15:04,799 Speaker 2: that in 2018, there's this relief cap of 80,000 which 286 00:15:04,809 --> 00:15:07,969 Speaker 2: we have been hinting throughout our episode. Ok. So what 287 00:15:07,979 --> 00:15:11,169 Speaker 2: happens is mommy actually has hit that relief cap and 288 00:15:11,179 --> 00:15:14,630 Speaker 2: that child's relief is actually wasted. Each child is 4000 289 00:15:14,640 --> 00:15:18,859 Speaker 2: relief wasted because that whole change in total tax relief. 290 00:15:18,869 --> 00:15:19,200 Speaker 2: $80 291 00:15:19,419 --> 00:15:23,049 Speaker 2: really impacted working moms. Of course, that is the most 292 00:15:23,059 --> 00:15:26,710 Speaker 2: powerful tax relief. I know it is like 15% for 293 00:15:26,719 --> 00:15:30,570 Speaker 2: 1st 2nd kid, 20% 3rd kid is 25% also have 294 00:15:30,580 --> 00:15:34,179 Speaker 2: more kids, then you get more tax relief. So what 295 00:15:34,190 --> 00:15:37,570 Speaker 2: happened was previously some high income moms with 34 kids 296 00:15:37,580 --> 00:15:40,659 Speaker 2: who pin next to nothing in those of taxes. So 297 00:15:40,669 --> 00:15:43,809 Speaker 2: I guess they were the groups that were the most impacted, right? 298 00:15:44,119 --> 00:15:46,469 Speaker 2: And what happens is when you get busy, you have kids, 299 00:15:46,479 --> 00:15:48,789 Speaker 2: you don't see your tax bill. You assume status quo 300 00:15:48,799 --> 00:15:51,770 Speaker 2: is fine and didn't realize this 4000 can be transferred 301 00:15:51,780 --> 00:15:57,179 Speaker 2: to hubby. Yeah. So if mommy is wasting that relief 302 00:15:57,190 --> 00:16:01,049 Speaker 2: because if you got 100,000 of total relief is only 303 00:16:01,059 --> 00:16:03,419 Speaker 2: going to be 80,000, right? So you should give away 304 00:16:03,429 --> 00:16:05,590 Speaker 2: your grandparent leave. You should give her your parents, you 305 00:16:05,599 --> 00:16:08,289 Speaker 2: should give your child waste it. It's there for you 306 00:16:08,299 --> 00:16:11,739 Speaker 2: to take. Exactly. Wow. So give us a call, 307 00:16:12,025 --> 00:16:14,664 Speaker 2: change the name. I think you can do it online also. 308 00:16:14,674 --> 00:16:16,895 Speaker 2: I'm not too sure. The steps. Right. I'm sure they'll 309 00:16:16,905 --> 00:16:19,215 Speaker 2: make it easy for you to do it. I realized 310 00:16:19,224 --> 00:16:22,905 Speaker 2: those parents have neglected optimizing such things. And if you're 311 00:16:22,914 --> 00:16:26,294 Speaker 2: on a high tax bracket you r 4000 times a percentage, 312 00:16:26,304 --> 00:16:29,184 Speaker 2: a lot, you know, it, it adds up to a 313 00:16:29,255 --> 00:16:30,724 Speaker 2: scary number. 314 00:16:31,710 --> 00:16:34,580 Speaker 2: Ok. And there was this grandparent relief that you talked 315 00:16:34,590 --> 00:16:36,580 Speaker 2: about also that I found interesting. 316 00:16:36,940 --> 00:16:39,859 Speaker 2: I did some digging of my own and I found 317 00:16:39,869 --> 00:16:43,669 Speaker 2: that there was something called a helpers relief. Talk to 318 00:16:43,679 --> 00:16:45,960 Speaker 2: us about that one. I think I don't have a 319 00:16:45,969 --> 00:16:49,580 Speaker 2: helper to start with. Ok. I think that is automatically 320 00:16:49,590 --> 00:16:53,580 Speaker 2: imputed if I'm not wrong because once you hire a helper, 321 00:16:53,590 --> 00:16:56,909 Speaker 2: it goes through the system. That's true. Everything is all 322 00:16:56,919 --> 00:16:59,840 Speaker 2: because it's legalized. Everything is run through the same system, 323 00:16:59,849 --> 00:17:02,479 Speaker 2: the same way pass gives us access to everything, right? 324 00:17:02,609 --> 00:17:04,760 Speaker 2: So that comes in, right? 325 00:17:05,022 --> 00:17:09,302 Speaker 2: Ok. There's also for those interested, there's also a qualifying 326 00:17:09,311 --> 00:17:14,522 Speaker 2: child relief or handicapped child relief. So it's pretty inclusive 327 00:17:14,833 --> 00:17:20,772 Speaker 2: ns men, wife relief. Who knew that having your husband 328 00:17:20,892 --> 00:17:26,833 Speaker 2: having been an NS man before benefits you as the wife. Right. Absolutely. Yeah. 329 00:17:26,892 --> 00:17:29,203 Speaker 2: So for this, if I know it's also auto imputed 330 00:17:29,213 --> 00:17:32,342 Speaker 2: for guys I've seen in my wife's statement also, I 331 00:17:32,353 --> 00:17:32,662 Speaker 2: don't know, 332 00:17:32,786 --> 00:17:35,844 Speaker 2: I found this super long ago I've done with my 333 00:17:35,855 --> 00:17:39,595 Speaker 2: national service, but every year we do see it once. Ok. 334 00:17:39,605 --> 00:17:43,754 Speaker 2: So let's get back to that CPF topic. Ok. And 335 00:17:43,765 --> 00:17:45,686 Speaker 2: I know you did say that you have a preference 336 00:17:45,696 --> 00:17:49,326 Speaker 2: to top up your sr topping up your CPF. But 337 00:17:49,336 --> 00:17:51,916 Speaker 2: it doesn't mean that there isn't a tax relief that 338 00:17:51,926 --> 00:17:53,875 Speaker 2: comes out of it when you do top up your CPF. 339 00:17:53,885 --> 00:17:56,566 Speaker 2: And I actually know that people don't know about this, 340 00:17:56,576 --> 00:17:58,805 Speaker 2: that topping up your CPF, you can actually sort of 341 00:17:58,816 --> 00:18:00,605 Speaker 2: claim it back in a way, right? 342 00:18:00,839 --> 00:18:03,099 Speaker 2: So we've had a number of guests on money talks, 343 00:18:03,109 --> 00:18:07,500 Speaker 2: mentioned this. So talk to us about CPF Relief, how 344 00:18:07,510 --> 00:18:11,099 Speaker 2: it works and how it works in tax gains. Basically, 345 00:18:11,329 --> 00:18:13,948 Speaker 2: maybe let's start with CPF Relief because that's different from 346 00:18:13,959 --> 00:18:17,959 Speaker 2: retirement sum up, correct. So CPF Relief, you have to 347 00:18:17,969 --> 00:18:20,780 Speaker 2: understand there are two segments. One is if you are employed, 348 00:18:20,790 --> 00:18:23,069 Speaker 2: which is fed by company, yes, you see there's a 349 00:18:23,079 --> 00:18:26,129 Speaker 2: cap on the amount that you contribute yourself, right? That 350 00:18:26,140 --> 00:18:29,859 Speaker 2: cap is 20,400 on the self employed front. That's where 351 00:18:29,869 --> 00:18:30,099 Speaker 2: you have 352 00:18:30,189 --> 00:18:33,910 Speaker 2: the full voluntary contribution that you can claim. So don't 353 00:18:33,920 --> 00:18:37,899 Speaker 2: confuse the two segments. If for most of us listening in, 354 00:18:37,910 --> 00:18:40,989 Speaker 2: I guess you're not employed segment. So that is automatically 355 00:18:41,000 --> 00:18:43,790 Speaker 2: filled up to 20,400. We have a high income that's Right. 356 00:18:43,900 --> 00:18:46,530 Speaker 2: That brings us to the next topic of some topping up, 357 00:18:47,130 --> 00:18:48,920 Speaker 2: you know, recently there's this change 358 00:18:49,229 --> 00:18:52,469 Speaker 2: that allows you to get relief if you contribute to 359 00:18:52,479 --> 00:18:56,889 Speaker 2: either the special account or the Medisafe account. Right. So 360 00:18:56,900 --> 00:19:00,409 Speaker 2: either or so, you know, high income friends who are 361 00:19:00,420 --> 00:19:02,819 Speaker 2: in their forties, usually they have their full amounts in 362 00:19:02,829 --> 00:19:05,560 Speaker 2: their special account. They can't top up to that front. 363 00:19:06,079 --> 00:19:08,989 Speaker 2: But little did they know this change allows them to 364 00:19:09,000 --> 00:19:13,188 Speaker 2: pump in money to Medisafe and still get tax relief? Oh, wow. Ok, 365 00:19:13,199 --> 00:19:15,899 Speaker 2: Medisafe is used all that. You know, you have the 366 00:19:15,910 --> 00:19:19,050 Speaker 2: one that moves. Right. Exactly. So baby born 367 00:19:19,775 --> 00:19:24,484 Speaker 2: deductions mom goes to hospital. Anytime that falls below, there's 368 00:19:24,494 --> 00:19:28,014 Speaker 2: a term for basic health care sum. Anytime it falls below, 369 00:19:28,025 --> 00:19:30,385 Speaker 2: that's your opportunity to top it up to top it 370 00:19:30,395 --> 00:19:32,844 Speaker 2: up with cash. Of course, make sure that you're ok 371 00:19:32,854 --> 00:19:35,464 Speaker 2: with that cash flow. You don't need it because money 372 00:19:35,474 --> 00:19:38,574 Speaker 2: send in. You're not gonna see for a while. But 373 00:19:38,584 --> 00:19:40,795 Speaker 2: the idea is if you have spare cash, you like 374 00:19:40,805 --> 00:19:44,464 Speaker 2: that 4% interest from Medisave and a lot of people do. Yes. 375 00:19:44,474 --> 00:19:46,573 Speaker 2: Might as well. You pump it in, you get your 376 00:19:46,584 --> 00:19:48,905 Speaker 2: tax relief, you get your 4% compounding 377 00:19:49,170 --> 00:19:50,589 Speaker 2: and that money will be there for you when you 378 00:19:50,599 --> 00:19:52,750 Speaker 2: need it for medical needs. There you go see. It's 379 00:19:52,760 --> 00:19:56,889 Speaker 2: a win win situation. Ok. So we've covered CPF we've 380 00:19:56,900 --> 00:19:59,750 Speaker 2: covered the SRS and we've covered the different types of 381 00:19:59,760 --> 00:20:04,829 Speaker 2: rebates and reliefs and deductions out there now enters the 382 00:20:04,839 --> 00:20:09,630 Speaker 2: big shadow of doubt. Are there any limits or caveats 383 00:20:09,939 --> 00:20:14,069 Speaker 2: including eligibility, which we kind of mentioned a little bit earlier? 384 00:20:14,380 --> 00:20:17,619 Speaker 2: Any limits of caveats restrictions? Perhaps we should keep in 385 00:20:17,630 --> 00:20:22,379 Speaker 2: mind when claiming all these tax reliefs, I think the 386 00:20:22,390 --> 00:20:27,010 Speaker 2: restrictions will be based on each individual relief. Like what 387 00:20:27,020 --> 00:20:30,989 Speaker 2: we mentioned parents relief, there's a 4000 income limit. So 388 00:20:31,000 --> 00:20:33,719 Speaker 2: do check on each individual and read the terms and conditions. 389 00:20:34,040 --> 00:20:37,449 Speaker 2: But in total, that total relief is $80,000. 390 00:20:38,010 --> 00:20:41,119 Speaker 2: So you see your CPF contributing to your SRS relief 391 00:20:41,660 --> 00:20:45,339 Speaker 2: and as men relief, etcetera, I mean, children's relief. And 392 00:20:45,349 --> 00:20:47,629 Speaker 2: once you hit that 80,000 us, you can't get more 393 00:20:48,410 --> 00:20:52,239 Speaker 2: deductions how to reduce the tax bill further. So I've 394 00:20:52,270 --> 00:20:54,900 Speaker 2: actually shared on my channel that I've actually made a 395 00:20:54,910 --> 00:20:59,489 Speaker 2: pledge to a Bursary in my alma mater. And so 396 00:20:59,500 --> 00:21:02,669 Speaker 2: I'm committed to donating an amount. Yes. And as you 397 00:21:02,680 --> 00:21:05,379 Speaker 2: can see, government actually gives that incentive, which is a 398 00:21:05,390 --> 00:21:07,630 Speaker 2: 2.5 times why you donated? 399 00:21:07,785 --> 00:21:11,454 Speaker 2: That's a lot. Correct. Yeah, so 90,000, if you work backwards, 400 00:21:11,675 --> 00:21:15,573 Speaker 2: that means that donation to me is $4000 4000 times, 401 00:21:15,584 --> 00:21:18,454 Speaker 2: 2.5 gets you that 10,000. So that is how I 402 00:21:18,464 --> 00:21:23,204 Speaker 2: actually did my 90,000 total. Ok. So donating it, it's 403 00:21:23,555 --> 00:21:26,655 Speaker 2: not just for giving back to society and I think 404 00:21:26,665 --> 00:21:27,044 Speaker 2: I can 405 00:21:27,560 --> 00:21:30,229 Speaker 2: elaborate a bit more on what it does for an individual. 406 00:21:30,239 --> 00:21:33,150 Speaker 2: Please do. Yes. So I've in that process, help to 407 00:21:33,160 --> 00:21:38,150 Speaker 2: needy students in NTU. Wonderful, met them through Zoom just 408 00:21:38,160 --> 00:21:40,739 Speaker 2: to hear beyond their story. And hopefully my little bit 409 00:21:40,750 --> 00:21:44,310 Speaker 2: of help can bring them to a better place. That 410 00:21:44,319 --> 00:21:46,030 Speaker 2: is fantastic. That's such 411 00:21:46,140 --> 00:21:49,679 Speaker 2: great story, Josh. And I also realize in that process, 412 00:21:49,969 --> 00:21:52,520 Speaker 2: you know, a lot of times we buy expensive stuff 413 00:21:52,530 --> 00:21:55,948 Speaker 2: to make ourselves feel good and sometimes we don't need it. 414 00:21:56,130 --> 00:21:58,869 Speaker 2: Most times we don't need and maybe they're feeling good 415 00:21:58,880 --> 00:22:03,989 Speaker 2: is just very momentarily instant gratification. I realized that you donating, 416 00:22:04,000 --> 00:22:04,619 Speaker 2: you actually 417 00:22:05,229 --> 00:22:08,520 Speaker 2: tell yourself this very important message that you have enough. 418 00:22:08,810 --> 00:22:11,530 Speaker 2: You prove to yourself, of course, you've given it away. 419 00:22:11,650 --> 00:22:14,380 Speaker 2: It's a mindset and you're not only giving it away, 420 00:22:14,390 --> 00:22:17,119 Speaker 2: you're making a difference. The ultimate reward is the fact 421 00:22:17,130 --> 00:22:19,129 Speaker 2: that you make a difference in someone else's life, a 422 00:22:19,140 --> 00:22:22,130 Speaker 2: positive difference. Yes. So wins on three fronts, you get, 423 00:22:23,635 --> 00:22:26,584 Speaker 2: you help someone and more importantly, you told yourself that 424 00:22:26,594 --> 00:22:29,984 Speaker 2: you're ok financially. If not, you wouldn't have pressed that button, 425 00:22:30,135 --> 00:22:32,834 Speaker 2: send in that check to make that payment, which you 426 00:22:32,844 --> 00:22:36,704 Speaker 2: will never see again. So I through this discussion, urge 427 00:22:36,714 --> 00:22:40,364 Speaker 2: everybody to think a bit deeper on donating. I think 428 00:22:40,375 --> 00:22:41,204 Speaker 2: that's something that 429 00:22:41,709 --> 00:22:44,729 Speaker 2: is under mentioned. We can all do a bit more. 430 00:22:45,030 --> 00:22:48,959 Speaker 2: We always hear about philanthropist donating big amounts, but actually 431 00:22:48,969 --> 00:22:50,910 Speaker 2: everybody can tap on this. I was just about to 432 00:22:50,920 --> 00:22:55,369 Speaker 2: say every little bit counts. Ok. My final question to you, Josh, 433 00:22:55,719 --> 00:22:59,890 Speaker 2: I guess as a parting shot, why should we take 434 00:22:59,900 --> 00:23:03,319 Speaker 2: the time just like you do every single year to 435 00:23:03,329 --> 00:23:07,849 Speaker 2: commit to tax relief claims? What is the biggest benefit 436 00:23:07,859 --> 00:23:09,810 Speaker 2: of all money aside? 437 00:23:10,800 --> 00:23:15,319 Speaker 2: I guess the best outcome from looking at tax bills 438 00:23:15,479 --> 00:23:18,458 Speaker 2: is you bring yourself back to be more aware of 439 00:23:18,469 --> 00:23:23,310 Speaker 2: your finances. Tax bills are just an output of your income, 440 00:23:23,319 --> 00:23:26,660 Speaker 2: of your expenditure of where money have gone to or 441 00:23:26,670 --> 00:23:29,689 Speaker 2: who you have relieved as entitled belonging to you. So 442 00:23:29,699 --> 00:23:31,969 Speaker 2: I guess it's still an exercise to see your entire 443 00:23:31,979 --> 00:23:34,660 Speaker 2: budgets to be in touch with your own financial 444 00:23:35,119 --> 00:23:37,948 Speaker 2: goals. So tax is just an outcome. But see this 445 00:23:37,959 --> 00:23:41,979 Speaker 2: exercise to really look at your own financial situation where 446 00:23:41,989 --> 00:23:44,349 Speaker 2: you stand sometimes, you know, peace of mind is just 447 00:23:44,500 --> 00:23:47,419 Speaker 2: knowing that after I've done my taxes, this is my budget. 448 00:23:47,520 --> 00:23:50,239 Speaker 2: How much am I going to allocate to next year's taxes? 449 00:23:50,250 --> 00:23:53,209 Speaker 2: It's a nice financial health review in a way. Right. Yes. 450 00:23:53,219 --> 00:23:56,569 Speaker 2: Rather than seeing a shock that comes along and you 451 00:23:56,579 --> 00:23:59,198 Speaker 2: are not prepared for it. Plan ahead for next year. 452 00:23:59,540 --> 00:24:01,500 Speaker 2: You would find that this whole 453 00:24:01,979 --> 00:24:05,589 Speaker 2: tidying up would help you a lot in your mental space. Yes, 454 00:24:05,609 --> 00:24:08,899 Speaker 2: that is fantastic advice. Freeing up that mental space is 455 00:24:08,910 --> 00:24:13,280 Speaker 2: a way to give you a clean clear head start 456 00:24:13,290 --> 00:24:17,599 Speaker 2: to the following year. Yes, here's to a fantastic 2024 Josh. 457 00:24:17,609 --> 00:24:18,599 Speaker 2: Thank you. Same to you. 458 00:24:19,160 --> 00:24:23,569 Speaker 2: Alright listener. You've been just served a silver platter of 459 00:24:23,579 --> 00:24:27,540 Speaker 2: tax hack here on money talks. Be sure you bookmark 460 00:24:27,550 --> 00:24:29,969 Speaker 2: this episode for tax season, but don't wait till the 461 00:24:29,979 --> 00:24:33,770 Speaker 2: 31st of December, right? As Josh says, try and plan 462 00:24:33,780 --> 00:24:34,780 Speaker 2: it a little bit ahead. No, 463 00:24:34,880 --> 00:24:36,780 Speaker 2: remember is a good time. So you know, you can 464 00:24:36,790 --> 00:24:40,639 Speaker 2: spend your final month of the year free and easy 465 00:24:40,729 --> 00:24:43,819 Speaker 2: in your celebratory mood. Christmas and New Year and then 466 00:24:43,829 --> 00:24:47,229 Speaker 2: you have a clean slate for 2024. Thanks so much 467 00:24:47,239 --> 00:24:49,829 Speaker 2: Josh for taking the time to spell it all out 468 00:24:49,839 --> 00:24:50,459 Speaker 2: for us. 469 00:24:51,189 --> 00:24:54,069 Speaker 2: And thank you to you, our listener. Did you enjoy 470 00:24:54,079 --> 00:24:57,209 Speaker 2: this episode of Money Talks? We have always got more 471 00:24:57,219 --> 00:25:00,448 Speaker 2: for you. Just follow us on Apple podcasts or Spotify. 472 00:25:00,540 --> 00:25:03,369 Speaker 2: Tell us what you think of this episode or even 473 00:25:03,380 --> 00:25:05,958 Speaker 2: others that you've listened to better yet 474 00:25:06,444 --> 00:25:08,764 Speaker 2: suggest some topics you'd like us to cover. I will 475 00:25:08,775 --> 00:25:12,094 Speaker 2: be looking forward to those ideas. The team behind Money 476 00:25:12,104 --> 00:25:16,584 Speaker 2: Talks is Jacqueline Chan, Joanne Chan Tiffany, Ang, Christina Robert, 477 00:25:16,594 --> 00:25:20,665 Speaker 2: Sa Wint Jesselyn Tan and I'm Andrea Heng, be the 478 00:25:20,675 --> 00:25:21,584 Speaker 2: master of your money.