
2019 is coming to a close and the window to manage your tax bill is closing. This is usually the time of the year where I do a rough tax computation to check my tax exposure for this year.
I was pleasantly surprised to see that my income has almost crossed over to the next tax bracket. Apparently, my blog and side hustle income had put me over the top. However, due my eligibility for course fee relief (due to my masters) this year, I was able to bring my taxable income back below the next tax bracket.
As such, I see no need to make any tactical moves to manage my taxes by year end.
Some tax planning resources
Tax is an area that I had a keen interest in back in my undergraduate days (I almost decided to be a tax accountant coming out of university) and is something I continuously observe. I’ve written extensively in the past about how I manage my Singapore Income Taxes previously in my 4 part series:
If you have no time to go through all 4 posts, here’s a TLDR summary and flow chart on my thought process:

- Step 1: Maximise your eligible Personal Reliefs
- Step 2: Ask yourself if you have spare cash to lock up. If yes, proceed.
- Step 3: Look at the highest tax rate you are paying – are you happy with that rate? If no, proceed.
- Step 4: Contribute to CPF SA, CPF MA or SRS depending on your objective to reduce your taxes and compound your funds in the process.
I’ve also done up a simple tax calculator for your complimentary use. Simply download it and play around with it. I’ve updated it for any changes in tax rates / relief amounts this year.
Do check these resources out and if necessary, perform the relevant top-ups to your respective accounts before year end. If not, it’ll be too late.
Happy tax planning!
Happy Hunting,
KK
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