How do you pay your Income tax?

[stektan]

Hi Bros, do any of you use credit cards to pay your income tax? Trying to get some benefit back for paying so much tax.. Is it worth the trouble? Most credit card charge a 1% processing fee and the rewards is usually worth 2%.. doesn't seem worth it..

[triton]

instalment. not using credit cards.

[pingpong]

installment too

instalment. not using credit cards.

[louie]

Hi Bros, do any of you use credit cards to pay your income tax? Trying to get some benefit back for paying so much tax.. Is it worth the trouble? Most credit card charge a 1% processing fee and the rewards is usually worth 2%.. doesn't seem worth it..

deduct frm giro...and interest free installment.

[wolfeyes1974]

clear it in full using cheque...

[exxondus]

installment via giro

[Muachee]

installment Giro.. first time heard can pay by credit card.. hehehe.. can get point also ar?

[weizhen77]

Wah...I nearly forget to pay thanks for this "reminder" post.

Btw, use online banking to pay

[shuseido]

Pay in full by AXS machine.

To avoid forgotten, Giro is good.

[ejaan]

Mine's through GIRO too. Less painful.

[seiko.citizen]

i prepay my taxes, so i usually get a refund at the end of the year

[sportee]

Hi Bros, do any of you use credit cards to pay your income tax? Trying to get some benefit back for paying so much tax.. Is it worth the trouble? Most credit card charge a 1% processing fee and the rewards is usually worth 2%.. doesn't seem worth it..

I would advice not using credit cards to clear off income tax monthly. One month unpaid, the interest will be incurred based on 24%. My take is that banks are hoping that you miss one payment and they would have money back from the interest of that one payment.

Use the monthly giro installment provided by IRAS. This way, you can save on interest and also save on "time value of money" cos you do not have to fork out the entire sum here.However, one thing to note is that you need to be discipline cos paying installment means that you will have extra money on your hand so do not anyhow spend it. This is especially true if your income tax is above S$10000 per year.

Hope this is useful.

[sportee]

i prepay my taxes, so i usually get a refund at the end of the year

Thought it does not matter whether u pay by installment or pay one lump sum, you will still be entitled to tax rebate cos rebates are determined by the govenment....

[stektan]

Giro

Wah...looks like most people use GIRO (me too). I heard some folks using credit cards - which is rather complicated..you have a GIRO with IRAS, but set up arrangement where the credit card will put money in your bank and debit your card. So you can earn the rewards but ensure that you pay your credit bill (through GIRO of cos :P). But the credit card charge 1% fees. Hence, not sure if any bro use that system and is it useful.

[seiko.citizen]

Thought it does not matter whether u pay by installment or pay one lump sum, you will still be entitled to tax rebate cos rebates are determined by the govenment....

i dont get the option to pay lump sum , all automatically deducted from my pay