May i know the ALL IN cost to able to start driving taxi.
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May i know what are the costs i need to prepare in order to successfully able to drive taxi.
I heard that i actually need to clear ALL outstanding Medisave. I heard that even already with Giro installment plans are not allowed. Need to clear all OUTSTANDING in one shot before can grant you the license.
Then have to give a deposit sum as insurance to a taxi company when you join them.
Are all these true ??
Appreciate you kind advice. Thank you.
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I can't advise you......
My TDVL obtain many many many years ago.....
My deposit with taxi coy, 1 put becum so many years, knn lugi all the interest earn.....
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Call all respective taxi operator for advise. Nowadays driving taxi is so much different 10 years ago. If we tell , you will get confused.
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Not clear Medisave lah, top up medisave lah...u must top up your medisave, otherwise, Uncle LTA will not issue you anything, this is one of the farking local requirement, you never top up medisave for them to invest, you think they help you ar?? Giro can cancel anytime one hor...it is under yr authority, not theirs. Even you see MP also ta boleh jalan one, MP also need yr medisave to earn his pay leh No money, go work better lah, drive taxi with debt seibei jialat one, keep thinking of debts, chiong all hours, end up...Bang here bang there, stuck in staircase or drown in pool..mai lah,..seibei siong one. Better go work in seng siong, the boss is good.
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Deposit sum can paid slowly monthly, no nid one shot, my suggestion is that you go find a job that will hv CPF and medisave, you will also get bonuses and many other benefit like medical, annual leaves, long service, performance increment, annual increment, skill developement increment, promotion increment, d n d , lucky draw, back to school voucher, U stretch voucher, family day, corporate phone billing and so on..then if you want to earn extra, be a relief and do partime taxi driving on weekend or casket driving on weekday...
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bro Bowah, what you mean by top up medisave?
I owe medisave about $11,000 leh.. LOL :)
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1st of all, submit application to LTA for approval first.....
My time is $20 not sure about now, non refundable hor, subject to approval, before you think of next hurdle.....
When LTA rejected your application, they won't state any reason for that, individual got to guess yourself.....
Medisave only cum into picture when you start plying the road and declared promptly every year for income return.....
How to owe Medisave? Unless your previous job also self employed?.....
Whether this Medisave will influence application to LTA or not, nobody will know.....
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Yes my previous job also self employed thats why need to contribute cpf mah
Then i need to pay my upcoming road tax too right because also related to LTA..
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Originally posted by IHopeSo:
Yes my previous job also self employed thats why need to contribute cpf mah
Then i need to pay my upcoming road tax too right because also related to LTA..
confirm must clear before drive.
my uncle own 20k medisave.
they tell him to clear first.
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Now I understand your situation. The Cpf board wants you to clear 50 percent of the money u owed to yourself. So that makes $5500. The balance can be done by installments.
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Oh..example so if i have a cpf contribution job in the day, but i am a hirer myself, i still need to contribute medisave ar?
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As self employed drvg taxis, I contributed $15 per month to cpf by giro but still couldnt get workfare!
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Aiyoyo....
Who needs to Contribute Compulsory Medisave Contributions
It is compulsory for you to make Medisave contributions if you are:
- a self-employed person; and
- a Singapore citizen or Singapore permanent resident; and
- earning a yearly net trade income# of more than $6,000.
# Net Trade Income is your gross trade income minus all allowable business expenses, capital allowances and trade losses as determined by IRAS.
How Much Compulsory Medisave to Contribute
The amount of Medisave that you have to contribute for the year depends on your age and income level: Below are the Medisave contribution rates for self-employed persons for year 2011 and 2012:
Yearly Net Trade Income Age as at 1 January
Below 35 years 35 to below 45 years 45 years and above Above $6,000 to $12,000
2.33%
2.67%
3.00%
Above $12,000 to $18,000
2.33% to 7.00%
2.67% to 8.00%
3.00% to 9.00%
Above $18,000
7.00%
8.00%
9.00%
Maximum
$3,920/$4,200*
$4,480/$4,800*
$5,040/$5,400*
* Maximum applicable for 2012
Example 1: If you are 37 years old as at 1 Jan 2012 and your net trade income is $26,000, you are required to contribute $2,080 (i.e. 8% x $26,000) to your Medisave account.
For more details on the Medisave contribution rates, please refer to the CPFBoard website.
When to Contribute
You have to make contributions to your Medisave account 30 days from the date you receive a "Notice of Computation of CPF Contributions (Medisave)" (NOC) from IRAS if you are not on the GIRO payment scheme with the CPF Board. If you have an arrangement with the CPF Board to pay your Medisave contributions by GIRO, then the payment will be according to the instalment plan issued by the CPF Board.
Generally, you will receive the NOC from IRAS after your total income for the relevant Year of Assessment (YA) has been assessed.
You may also contribute to your Medisave account at any time during the year.
How to ContributePlease contact the CPF Board to arrange for the payment of your Medisave.
Voluntary Contributions to Medisave Account (VC-MA)
You may claim tax relief in respect of voluntary contributions to your Medisave Account (VC-MA) if:
- You are a Singapore Citizen / Singapore PR; and
- You have made voluntary contributions to your Medisave Account in the previous year.
This relief is allowed to any individual deriving any type of income (e.g. rental income, director's fees, etc.) in the year in which such voluntary cash contributions are made.
Amount of relief allowed for Voluntary Contribution to Medisave Account (VC-MA)
The tax relief is limited to the lowest of the following:
- Voluntary cash contribution directed specifically to Medisave Account;
- Annual CPF contribution cap for the year less Mandatory Contribution (MC).
MC refers to compulsory contribution by employee and his employer and compulsory Medisave Account for self-employed individuals; - Prevailing Medisave Contribution Ceiling (MCC), less the balance in Medisave Account before the voluntary cash contribution.
Medisave Contribution Ceiling Table (MCC)
With effect from
Medisave Contribution Ceiling 1 Jul 2012
$43,500
1 Jul 2011
$41,000
1 Jul 2010
$39,500
1 Jul 2009
$37,000
1 Jul 2008
$34,500
Prior to 1 Jul 2008
$33,500
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Is a bit messy, don't know why I cut and paste until like that....
Overall, what it mean is that.....
Medisave contribution is every year issue, depending on your age and income, will arrive the percentage of your net income declared for that year.....
As we TD every years also bo chap 1, that's why when cum renewal time, knn, 2-3 years back log, than realised the amount so big.....
Unless we already hit the Medisave ceiling in our CPF account which currently stand at $43,500, but tia gong even hit already still subject to contribution, don't understand for fark lor.....
The above table a bit messy, but from what I'm reading, the higher you declared your income, the percentage higher.....
And for those before even becum TD already owe Medisave, than only god can save you liao lor, usually if we have hold a full time CPF contribution job before becum TD, this thing should not be happening.....
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so conclusion, while u have a full time job with cpf contribution, plus u r a hirer, we still need to top up medisave ?
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Originally posted by Davidww81:
so conclusion, while u have a full time job with cpf contribution, plus u r a hirer, we still need to top up medisave ?
No need lah. Cos income tax you no need to declare taxi earning. As long as your employer got contribute CPF for you ok liao.
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Originally posted by Davidww81:
so conclusion, while u have a full time job with cpf contribution, plus u r a hirer, we still need to top up medisave ?
As long got contribute, no problem one. You are safe.
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Aiyo, as I said, govt needs yr medisave to invest in their temasek shares, GIC and all those banks shares. Why taxi need to renew licence?? why need to go refresher smlj course??? why bus driver dun need, why trailer drivers dun need...why private car drivers dun nid??? You think a person with 10 years of taxi driving needs refresher course??? you go ask my ex chief, he can be trainer liao...lols It is all because of medisave..refresher n renewer of taxi licence is a process of checking whether yr medisave is top up, if not, licence delay and please go top up, it is actually to check yr status and top up as necessary. There is a ceiling in medisave, but everytime it will change higher and higher, now is about 45k, when you reach 55yo, this amount together with special account and ordinary account and yr house will play a role in the minimum sum requirement and shall determine in how much you can withdraw out. You can choose not to draw it out and keep inside at a high percentage return, better than most fix bank deposit, but then, most people got nothing to draw out,...somemore kiam them minimum sum...lols
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Originally posted by Davidww81:
so conclusion, while u have a full time job with cpf contribution, plus u r a hirer, we still need to top up medisave ?
CPF contribution divert into OA, SA and medisave. As long as u r employed, yr employer hv to contribute 16.5% of yr paid into CPF and you must contribute 20% So if u earn 1k, $200 go into CPF, employer will add another $165, total 365 into CPF, 365 is then distributed into OA, SA and medisave. With CPF, u r also cover under insurance, as for medisave, you are also cover under medishield and dunno smlj advance medishield...double shield, kiasee type. So now you must understand why employers is still reluctant to employ locals? because in a total wage package, an employer hv to paid out extra 16% -
Originally posted by IHopeSo:
bro Bowah, what you mean by top up medisave?
I owe medisave about $11,000 leh.. LOL :)
As such, u must go cpf board and ask them, at my age, what is the minimum requirement of medisave. You go to the taxi company, open a bank account with them, ask them to input medisave as part of the contract, meaning every month or day, the taxi company will hv the right to deduct a part of your bank $$ into medisave, just like they deduct rental, with this contract, taxi company will forward to CPF board. This is provided u hv a taxi licence -
Thanks for all ur reply . I thought as a hirer , I need to declare income tax for cdg on top of my current job.
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Originally posted by Davidww81:
Thanks for all ur reply . I thought as a hirer , I need to declare income tax for cdg on top of my current job.
so conclusion, relief no need?
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Originally posted by Davidww81:
Thanks for all ur reply . I thought as a hirer , I need to declare income tax for cdg on top of my current job.
Confirm no need. Cos I also employee and drive taxi full time also bo declare.
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Any amount you earn above $6000 need to contribute medisave
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As a self employed person.
Minimum sum is $42500 for medisave