Common Information in Singapore which many people do not know

[mebirdie]

I hope it helps by providing some information that is some or most singaporean do not know.

Working outside Singapore (Income Tax)

Generally, overseas income received in Singapore on or after 1 Jan 2004 is not taxable. This includes overseas income paid into a Singapore bank account.
You do not need to declare overseas income that is not taxable.

When is it taxable
Overseas income is taxable in Singapore if...

- It is received in Singapore through partnerships in Singapore.
- Your overseas employment is incidental to your Singapore employment. That is, as part of your work here, you need to travel overseas.
- You are employed outside Singapore on behalf of Government of Singapore.

 

[mebirdie]

CPF Top Up

The CPF Minimum Sum (MS) Topping-Up Scheme allows you to give top-ups to yourself and/or your loved ones’ Special Accounts (for recipients below age 55) or Retirement Accounts (for recipients age 55 and above).
To make a top-up using your CPF to your loved ones (i.e. grandparents'/parents'/siblings'/spouse's Retirement Account and/or siblings'/spouse's Special Account), the net balances in your Ordinary and Special Accounts, including amount withdrawn for investments, must be more than the prevailing Minimum Sum. Only Ordinary Account balances can be used for the top-up.
If the recipient is above 62, they will get a monthly sum of $297. This can be a token for your parents and your CPF will not be locked up.

 

[mebirdie]

No Housing Loan for Geylang

Please take note that it is very difficult to get loan if you intend to buy a condominium in Geylang Area (Lor 5 onwards). So do not pay deposit as it will be forfeited.
Bank discriminate against any one location, saying only that the location of the property is among several factors they consider when reviewing mortgage loan applications.
The Monetary Authority of Singapore said it does not intervene in banks’ commercial decisions on lending, which are based on their own range of internal credit evaluation criteria.
But industry experts note that banks may also have concerns about selling off such properties in the event of customers defaulting on the loan, resulting in repossession by the bank.

HDB Bank Loan

For the applicants who are taking a bank loan, they will have to pay 5% cash payment to HDB. For HDB loan, you need not to.