3 Simple Steps to Save on Income Tax

There's a common phrase saying that only 2 things are certain in life - Death and Taxes. It is finally the month of April, and it is Income Tax Time. While nobody really loves to pay taxes 😆, it is a good reminder that it is always more blessed to be able to give back. Being able to pay income tax, basically means at least we have some income. Though almost everyone wishes to have more income, at least it's better than nothing 😁

After dutifully completing our tax reliefs, it is finally time to pay our Income Tax *LOL* 

Tax Avoidance vs Tax Evasion
There are 3 further simple steps to at least help to alleviate the "pain" of taxes.

Step 1: Apply for the HSBC EGA account to enjoy the 5.35% highest savings rate

Highest 5.35% Savings Account

Step 2: Download the IRAS Master Giro Form from website

https://www.iras.gov.sg/quick-links/forms/other-taxes-and-services/giro-application-forms

Step 3: Complete the Giro form and snail mail it back to IRAS, to enjoy 1% cashback from HSBC EGA account

https://www.hsbc.com.sg/content/dam/hsbc/sg/documents/accounts/everyday-global/terms-and-conditions-governing-everydayrewards-programme.pdf

Though 1% cashback is not great, it's still better than nothing.... haha

Hokkiens have a good way of saying this "when there is no fish, prawn also not bad"

Example if u are paying $4K of tax, it's still a respectable saving of $40, sufficient for a good meal  😋

With the nerf of Grabpay Mastercard/AXS benefits, this should be the best way of paying our taxes.

Do u have an even better way? Let me know in your comments below. Thanks