Lee Wei Min Apps
Sing Tax App 1.4.4
Having a big headache when it comes to taxfiling season? Wondering is it possible for you to unwittingly paymore income tax than is required by law? You may recoil in horror,but the truth is YES!Traditionally there may be deductions that tax resident individualsfail to claim because they have overlooked them, or don’t even knowthey are available. Deductions are expenses you have incurredduring the tax year or tax reliefs which can reduce your taxableincome.The objective of effective tax planning is to ensure the minimalamount of tax is paid according to the law (Taxminimization).Tax minimization includes taking advantage of:• All applicable tax reliefs and tax rebates• Donations to approved institutions• Income splitting between working spousesIntroducing Sing Tax App – the only mobile application which allowsyou to calculate your taxable income and perform effective taxplanning. Sing Tax App is a comprehensive tool with a primaryobjective to help tax resident individuals in facilitating theprocess of tax planning.Features of Sing Tax App:-1) Multiple Scenario Creation• Designed for user to conduct sensitivity analysis using multiplescenarios.2) Updated for the Year of Assessment 2017 and 20183) Calculations are based on actual Tax Rules from Inland RevenueAuthority of Singapore (IRAS)4) Calculation for Tax Reliefs and Tax rebates are included5) Reduce Tax Bill using what-if analysis• What-If analysis function set up to alert users on potentialincome tax savings based on SRS/CPF contributions anddonations.6) View spreadsheet and tax rule calculations
Life Insurance Planner 1.1.2
Life Insurance Planner is a comprehensivetoolto help individuals calculate how much life insurance coveragetheyneed.The Life Insurance Planner estimates the amount of lifeinsurancecoverage to provide for your dependents in the event ofyourunexpected death. This planner uses the “lump sum need”approachwhich takes investment income and inflation into account.Thismethod calculates the amount needed (after subtracting fromyourcurrent financial resources) to provide for the key areasbelowupon death.1. Dependants’ living expenses2. Child Tertiary Education3. Outstanding Loans4. Emergency Funds5. Funeral Expenses6. Household expenses
