Taxes: Singapore Vs. Australia. Who is better off?
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ever heard of line of credits?
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I wonder where are our happy savannah animal family to dispute the facts here?
Where is that parasitic fungus?
I think if even those happy savannah animal family and parasitic fungus don't challenge the facts there.
Then I think what I said here must be true.
Australia is a much habitable place than Singapore. -
Twiddle thumbs......
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Petrol cheaper in Oz.Yes.Not so much....
Having hit $1.42(S$1.80) a litre, unleaded nudged a low of $1.33 (S$1.69)a litre last week. On Tuesday this week, the price cycle fell to a low of just $1.37.
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By Heath Aston and Brad Watts
December 27, 2007 12:00am
2.The alarming outlook suggests home buyers could face mortgage rates of close to 9 per cent early in 2008. Interest rates have risen 11 times since 2001, forcing an increase in standard variable mortgage rates from 6.05 per cent to 8.55 per cent in the last six years of the Howard government.
SG can give u 2.6%,mate.
Dunt just look at the trees and forget the forest. -
Singapore unleaded at $1.98 per litre. Australian petrol at 10% cheaper not substantial? If you pump full tank $50 in Singapore, you will only pay $45 in Australia. If you pump $50 every week, you will save $260 a year.Originally posted by lionnoisy:Petrol cheaper in Oz.Yes.Not so much....
Having hit $1.42(S$1.80) a litre, unleaded nudged a low of $1.33 (S$1.69)a litre last week. On Tuesday this week, the price cycle fell to a low of just $1.37.--
By Heath Aston and Brad Watts
December 27, 2007 12:00am
2.The alarming outlook suggests home buyers could face mortgage rates of close to 9 per cent early in 2008. Interest rates have risen 11 times since 2001, forcing an increase in standard variable mortgage rates from 6.05 per cent to 8.55 per cent in the last six years of the Howard government.
SG can give u 2.6%,mate.
Dunt just look at the trees and forget the forest.
2.6% for mortgage in Singapore? Maybe you can direct me to the bank giving these kind of rates? I want to buy more property if the home mortgage is only 2.6%. (Maybe "eagle" was referring to you when he said that arguments are not substantiated by facts and research.)
According to DBS, their home mortgage rate is SIBOR + 1.25%. A 12 mth SIBOR is already 2.75%. Therefore DBS mortgage rate being 4%.
http://www.dbs.com.sg/sg/personal/loans/managedmortgage/
http://www.sgs.gov.sg/sgs_data/daily_domestic_interbank_rates.html
Singapore's inflation is poised to hit 4.5% in 2008. Our current inflation this year is what, 2%? So if it hits 4.5%, then our mortgage rate will hit what, 9%?
Do the calculation. Australian salaries less taxes and Singaporean salaries less taxes. Who pays off their housing loan faster? -
I have not been to australia before but i would think a Singaporean after taxes, car and housing, he would be better off in Australia. Singaporean pays lots of indirect tax but get little welfare benefits in returns.
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Originally posted by lionnoisy:
My 2 cents..... ferget the contribution to watever CPF and all that crap. Take home in AUD is more than the entire salary package in SG for low - middle income.
[b]Petrol cheaper in Oz.Yes.Not so much....
SG can give u 2.6%,mate.
Dunt just look at the trees and forget the forest.[/b]
......ferget the petrol price the cars here are so cheap its as good as free petrol.... RX8 60-70k? Accord Euro 50k? Honda Jazz <20k driveaway
......ferget the high mortgage rates.... its cause the property markets are booming.... get a good piece of land and sit on it and see $ drop from sky
Note:- You can play property in SG too but if its HDB ferget it ba.... -
i asked a lawyer friend concerning this; "do i own the hdb apartment?"
answer is; "u own the lease, not the apartment"
im facing a problem with hdb now where they enbloc my whole hdb flats and compensate us way below the market rate. one of my neighbour bought and rennovate his place for a total of $450k and he was compensated with just $310k. HDB reply? "we compensate u all according to market trend" when was the market benchmark? 2002?!
ya, they got a replacement in return but the cost is higher, the place is near to a major road and apt space is much smaller. -
Originally posted by maurizio13:
Singapore unleaded at $1.98 per litre. Australian petrol at 10% cheaper not substantial? If you pump full tank $50 in Singapore, you will only pay $45 in Australia. If you pump $50 every week, you will save $260 a year.
1.In Oz,cars is almost a must.U guys have told me how nice it is to stay in Landed house in Oz,right?
Besides,u drive much longer in Oz than SG?
So ,10% less in petrol not enough for the above factors.
Ask your friend how many kilo meter they drive in a month.2.6% for mortgage in Singapore? Maybe you can direct me to the bank giving these kind of rates? I want to buy more property if the home mortgage is only 2.6%. (Maybe "eagle" was referring to you when he said that arguments are not substantiated by facts and research.)
2.i refer to HDB rate.Who say u and i MUST stay in private house
According to DBS, their home mortgage rate is SIBOR + 1.25%. A 12 mth SIBOR is already 2.75%. Therefore DBS mortgage rate being 4%.
http://www.dbs.com.sg/sg/personal/loans/managedmortgage/
http://www.sgs.gov.sg/sgs_data/daily_domestic_interbank_rates.html
Singapore's inflation is poised to hit 4.5% in 2008. Our current inflation this year is what, 2%? So if it hits 4.5%, then our mortgage rate will hit what, 9%?
Do the calculation. Australian salaries less taxes and Singaporean salaries less taxes. Who pays off their housing loan faster?
when HDB is cheap and good.2.6% is a rate if u are citizen
and do not own private property.
Some body in this forum talk about if
we own HDB.What is the meaning of ''owning'' HDB?
U guys just mean holding a Freehold property is actually owning,
but not owning balance of 99 years lease.
Can u tell yourself u are owning balance of 99 years.
This is enough for two generations.
see how you can buy resale flat in SG from S$100,000 to $750,000.
Singapore PR also can buy.... -
I don't have the statistics for the average distance travelled by an Australian in a month. Maybe you can provide me with the statistics, else we will border to speculation of "my friend drive 5km a day" and "my friend drive 50km a day" issue.Originally posted by lionnoisy:1.In Oz,cars is almost a must.U guys have told me how nice it is to stay in Landed house in Oz,right?
Besides,u drive much longer in Oz than SG?
So ,10% less in petrol not enough for the above factors.
Ask your friend how many kilo meter they drive in a month.
2.i refer to HDB rate.Who say u and i MUST stay in private house
when HDB is cheap and good.2.6% is a rate if u are citizen
and do not own private property.
Some body in this forum talk about if
we own HDB.What is the meaning of ''owning'' HDB?
U guys just mean holding a Freehold property is actually owning,
but not owning balance of 99 years lease.
Can u tell yourself u are owning balance of 99 years.
This is enough for two generations.
see how you can buy resale flat in SG from S$100,000 to $750,000.
Singapore PR also can buy....
Wait.....
Managed to find statistics for 1996.
Average annual distance travelled by car:
Australia: 14,600 km
Hong Kong: 17,658 km
I used Hong Kong for comparison because it has almost the same urban development as Singapore. Similar public transport infrastructure.
So.............
cars are much cheaper in Australia + the cheaper cost of petrol. There should be lots of cost savings when compared to Singapore.
Say this average Singaporean making SG$11,160 (p.a. after taxes) uses all his income to pay for his PUBLIC Housing (99 year leasehold) 2 bedroom HDB of SG$183,000. At mortgage rate of 2.60% (fixed rate), he would need some 21.65 years to pay off his HDB flat. On top of this loan repayment, this Singaporean would still need to pay Property Tax + SG$110 (TV Licence)every year.
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104489212&f=0&p=10&t=res&ty=&fmt=&header=&c=61344252&s=wa&snf=rbs&tm=1198873313
Say if an Australian making AU$26,865 (p.a. after taxes) uses all his income on an equivalent PRIVATE Landed House in Perth for AU$250,000. At a mortgage rate of 8.29% (fixed rate), he would need some 18.53 years to pay off his landed townhouse. An Australian citizen ends up in a 2 storey landed property with less than the number of years repayment, as compared to a Singaporean citizen buying a 2 bedroom HDB flat (99 year leasehold).
Present Amount of Ordinary Annuity Calculator.
!!! Remember this fundamental issue, the salary of workers in Australia (without exchange rate differential) is 3 times that of Singaporean workers !!!
Australian Wages
Bartending/waiting tables: $15 - $25 per hour (casual)
Chef: $700 - $800 per week (full time)
Retail sales assistant: $15 - $25 per hour (casual)
Check out operators and cashiers: $500 - $700 per week (full time)
Building/labouring: $650 - $850 per week (full time)
Engineering: $800 - $1500 per week (full time)
Hairdressing: $530 - $650 per week (full time)
Secretarial/administration: $600 - $700 per week (full time)
Child care: $18 - $20 per hour (casual) -
Originally posted by maurizio13:
Your calculation of retail staff wages is wrong !!! They do not earn that much !!!
While the government throws away our hard earned money into frivolous acquisition of over-priced companies overseas. The commoners are left with having to pay the price with high levels of inflation, taxes, fees, charges and fines.
Ever wonder why our wages are so depressed, while citizens from other equivalent GDP per capita economies (e.g. Australia, New Zealand, Ireland, etc) can better afford holidays overseas. Their average wages are at least 3-5 times of Singaporeans (e.g. waiters and retail assistant makes AUD 15 to AUD 25 per hour). Singaporeans can only contend with 3rd world standard of living in the future, given the government's policy on letting in more 3rd world workers to push down wages.
The explanation for low wages given by P4P was global competition, seems like competition only applies to Singapore ONLY. But not to countries such as Australia or New Zealand.
P4P lackeys here complain that some of these countries like Australia, New Zealand, etc have high tax structure. But given their wages, they still make more than the average Singaporeans and could afford more despite their high tax structure. Notwithstanding that they do not need to pay for healthcare and basic education.
[b]Singapore:
Income per year: SG$12,000
Income Taxes: 0%
GST: 7%
Spending Power After GST: SG$11,160 [SG$12,000 x 93%]
Australia:
(waiter or retail staff based on 3 times earnings of Singaporean only, not 5 times which is the higher bound)
Income per year: AU$36,000
Income Taxes: up to AU$6,000 = AU$0; AU$6,001 to AU$25,000 = AU$2,850; AU$25,001 to AU$36,000 = AU$3,300
Australia Personal Tax Rates
Total Income Taxes: AU$6,150 [AU$ 0 + AU$ 2,850 + AU$ 3,300]
Income after Income Taxes: AU$29,850
GST: 10%
Spending Power After GST: AU$26,865 [AU$29,850 x 90%]
An average waiter in Australia will have a spending power of AU$26,865, while a Singaporeans waiter will have only SG$11,160. Why do you think when we go for holidays overseas, we can afford less than an equivalent GDP per capita country like Australia or New Zealand.
You do the maths and tell me who is actually better off after personal taxes and GST.
Singaporeans or Australians???
Though Australia might have a higher personal tax structure, but their average wages are 3 to 5 times of Singaporeans. Even after deducting high taxes and GST, they still do end up with more money in the pocket than an average Singaporean. Moreover, they have no need to pay for healthcare and basic education.
Australian Wages
Bartending/waiting tables: $15 - $25 per hour (casual)
Chef: $700 - $800 per week (full time)
Retail sales assistant: $15 - $25 per hour (casual)
Check out operators and cashiers: $500 - $700 per week (full time)
Building/labouring: $650 - $850 per week (full time)
Engineering: $800 - $1500 per week (full time)
Hairdressing: $530 - $650 per week (full time)
Secretarial/administration: $600 - $700 per week (full time)
Child care: $18 - $20 per hour (casual)
[/b]
Why ... because aust have very short retail hours !!!! -
Short retail hours does not mean that you will only work in one shop.Originally posted by storywolf:Your calculation of retail staff wages is wrong !!! They do not earn that much !!!
Why ... because aust have very short retail hours !!!!
You could get another part-time job elsewhere.
The calculation is based on an equivalent number of hours worked in Singapore with an equivalent number of hours worked in Australia.
The wages for Australia is 3 times as high as Singapore, without the inclusion of foreign exchange differences.
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I have lived in Australia for many years.
For disabled, ( real or otherwise), bludgers, unemployed -- there is no argument. Australia has welfare. Enough for the very basic needs. (around $200 per week)
For low or unskilled workers, I would say you are probably better off in Australia. The pay is a bit higher, but the cost of living also higher. But there is some government assistance in terms of healthcare, education, so I would say for these people, probably better in Australia.
For some workers, eg plumbers, builders, bricklayers, carpenters, etc... These "skilled" blue collar workers are very well paid here compared to Singapore.. Easily over $1000 per week. Maybe closer to $2000 for some.
I believe this category of workers are not too well paid in Singapore.
For highly skilled/ high pay work, that is where Singapore is ahead. The pay may or may not be higher in the first place, but the lower taxes, and lower cost of living really comes into play. Taxes start to get pretty scary at this point. Up to almost 50%. -
Originally posted by aurigakb:
A minor correction
For highly skilled/ high pay work, that is where Singapore is ahead. The pay may or may not be higher in the first place, but the lower taxes, and lower cost of living really comes into play. Taxes start to get pretty scary at this point. Up to almost 50%.
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Yes the tax is scary, and most of my singaporean friends asked me the same question on tax for middle class. But there are alot of ways where you can reclaim your tax, as long as you can prove it.
From personal IT stuffs to clothing and transport, etc etc, as long you can prove the tax claim is/are legitimate. [/b] -
Yap in OZ it is a must to have a car unless you really stay near to shopping complex and major public transport node. And you don't intent to visit place or friends.
But i can draw you this comparison when i am in singapore and in OZ,
when in singapore i don't drive cause of
1) petrol price
2) traffic congestion on major expressways
3) ERP trap (scary)
4) fellow drivers' attitude (there still good ones)
5) great public transport (excluding taxi)
6) too expansive to own a car (less then 11 mths loss $15K in value)
7) parking
But i don't drive in aus
1) own a 3.8l car so only drive for if i can be sure of minimum traffic congestion
2) traffic congestion in city area
3) Busway (dedicated bus expressway)
There are also reasons for me to drive in aus
1) if your car is ABN registed, mileage can be tax deductable
2) more places to visit (going to longan and mango farm this weekend)
3) minimum toll way
4) free parking almost everywhere
Not forgetting that we only pay road tax (rego) <$350 annually to access >800 000 km of roads. -
just back from the holiday in australia, a good place, the only thing i do not like is, the discrimination to asian...
Originally posted by maurizio13:
While the government throws away our hard earned money into frivolous acquisition of over-priced companies overseas. The commoners are left with having to pay the price with high levels of inflation, taxes, fees, charges and fines.
Ever wonder why our wages are so depressed, while citizens from other equivalent GDP per capita economies (e.g. Australia, New Zealand, Ireland, etc) can better afford holidays overseas. Their average wages are at least 3-5 times of Singaporeans (e.g. waiters and retail assistant makes AUD 15 to AUD 25 per hour). Singaporeans can only contend with 3rd world standard of living in the future, given the government's policy on letting in more 3rd world workers to push down wages.
The explanation for low wages given by P4P was global competition, seems like competition only applies to Singapore ONLY. But not to countries such as Australia or New Zealand.
P4P lackeys here complain that some of these countries like Australia, New Zealand, etc have high tax structure. But given their wages, they still make more than the average Singaporeans and could afford more despite their high tax structure. Notwithstanding that they do not need to pay for healthcare and basic education.
[b]Singapore:
Income per year: SG$12,000
Income Taxes: 0%
GST: 7%
Spending Power After GST: SG$11,160 [SG$12,000 x 93%]
Australia:
(waiter or retail staff based on 3 times earnings of Singaporean only, not 5 times which is the higher bound)
Income per year: AU$36,000
Income Taxes: up to AU$6,000 = AU$0; AU$6,001 to AU$25,000 = AU$2,850; AU$25,001 to AU$36,000 = AU$3,300
Australia Personal Tax Rates
Total Income Taxes: AU$6,150 [AU$ 0 + AU$ 2,850 + AU$ 3,300]
Income after Income Taxes: AU$29,850
GST: 10%
Spending Power After GST: AU$26,865 [AU$29,850 x 90%]
An average waiter in Australia will have a spending power of AU$26,865, while a Singaporeans waiter will have only SG$11,160. Why do you think when we go for holidays overseas, we can afford less than an equivalent GDP per capita country like Australia or New Zealand.
You do the maths and tell me who is actually better off after personal taxes and GST.
Singaporeans or Australians???
Though Australia might have a higher personal tax structure, but their average wages are 3 to 5 times of Singaporeans. Even after deducting high taxes and GST, they still do end up with more money in the pocket than an average Singaporean. Moreover, they have no need to pay for healthcare and basic education.
Australian Wages
Bartending/waiting tables: $15 - $25 per hour (casual)
Chef: $700 - $800 per week (full time)
Retail sales assistant: $15 - $25 per hour (casual)
Check out operators and cashiers: $500 - $700 per week (full time)
Building/labouring: $650 - $850 per week (full time)
Engineering: $800 - $1500 per week (full time)
Hairdressing: $530 - $650 per week (full time)
Secretarial/administration: $600 - $700 per week (full time)
Child care: $18 - $20 per hour (casual)
[/b] -
Everywhere you go, there is bound to be some form of discrimination by a small minority of the population.Originally posted by play_n_play:just back from the holiday in australia, a good place, the only thing i do not like is, the discrimination to asian...
Do you think Banglas, Indian, PRCs, Indonesians, Caucasians.......are well accepted by everybody in Singapore? -
Dear lionnoisy aka Mr. Anti-Australia,
So you CONCUR with my analysis that Australians are better off in terms of taxes when compared to Singa-POOR-eans?
I haven't received any replies from you thus far. -
Originally posted by aurigakb:
i agree with your statement to a certain extent.
For highly skilled/ high pay work, that is where Singapore is ahead. The pay may or may not be higher in the first place, but the lower taxes, and lower cost of living really comes into play. Taxes start to get pretty scary at this point. Up to almost 50%.
[/b]
when job agencies ask for my age, the usual replies were; "we are looking for someone younger."
my IT profession in SG is a goner, dominated by u-know-who. -
A result of the government's policy to import more foreign talents.Originally posted by fishbuff:i agree with your statement to a certain extent.
when job agencies ask for my age, the usual replies were; "we are looking for someone younger."
my IT profession in SG is a goner, dominated by u-know-who. -
dear forummers, especially those going or already landed in Aussielando,
what are the legal ways to avoid some of the taxation in aussilando?
if got good ways, I will migrate sooner than you think. -
is there KARMA? I wonder whenever I hear of sad stories like yours.Originally posted by fishbuff:i agree with your statement to a certain extent.
when job agencies ask for my age, the usual replies were; "we are looking for someone younger."
my IT profession in SG is a goner, dominated by u-know-who.
stay strong.
ti kong tia gong kia. -
I would like to also consider the cost of living.Originally posted by maurizio13:While the government throws away our hard earned money into frivolous acquisition of over-priced companies overseas. The commoners are left with having to pay the price with high levels of inflation, taxes, fees, charges and fines.
Ever wonder why our wages are so depressed, while citizens from other equivalent GDP per capita economies (e.g. Australia, New Zealand, Ireland, etc) can better afford holidays overseas. Their average wages are at least 3-5 times of Singaporeans (e.g. waiters and retail assistant makes AUD 15 to AUD 25 per hour). Singaporeans can only contend with 3rd world standard of living in the future, given the government's policy on letting in more 3rd world workers to push down wages.
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In fact, it may be worthwhile to consider the overal cost of living rather than just the income taxation alone.
sg income tax may really be quite low, for now.
but a flat can also make you really happy and retire feeling like a million bucks. That is IF IF IF you can retire.
Down-under, a flat of similar quality may only cost peanuts so much so, you buy , say, 10 freehold bungalows with nice views and nature for the same price with spare CASH to buy a new BMW 7 ?
What is overall cost of living, that is what I am concerned. Not the income tax.
And, no need buy air ticket to Aussilando everytime. No need pay for hotel.
If you are a 'zen of aussilando. -
Govt has a new rule for a period of time.... super contributions for this period will be non taxable.... up to a certain amt i believe its 1m. Recently alot of peeps are hitting $ into super to beat the deadline.Originally posted by maurizio13:But from what I know (I could be wrong), if an Australian contributes $1,000, the government will co-contribute a similar amount into his retirement fund. -
Be a blue collar worker and accept cash only..... no taxOriginally posted by reddressman:dear forummers, especially those going or already landed in Aussielando,
what are the legal ways to avoid some of the taxation in aussilando?
if got good ways, I will migrate sooner than you think.