A ‘single’ property owner’s wishlist for Singapore Budget

In every year’s Singapore Budget or National Day Rally, the media will feature a low-income or middle-class family, highlighting “what he and his family will get” or “how she and her family will be benefited”.

But no one bothers to interview singles like us. Because we don’t get anything anyway.

Why do they have to penalize singles when it comes to income tax? We are not eligible for the spouse and parent tax reliefs, but get restrictions instead when buying HDB flats. We don’t take any cash bonus, baby gift, marriage benefit, childcare leave or insurance coverage for dependents. Still, we pay the highest tax among taxpayers in the same income group.

I guess this is the price to pay for being single. It happens in any country.

As a single who is neither a low-income worker nor an elderly, I don’t look at what is there for me, I look for what more I have to pay.

CPF salary ceiling raised from $5,000 to $6,000? Need to contribute $200 more for monthly CPF.

Road tax rebate is one-off but increased petrol duty is permanent? Need to budget more for pumping.

Higher taxes for top-income earners? Need to talk to the boss about my promotion and raise so that my new salary won’t go up the next income bracket.

Almost forget that my rental return and company dividends are adding their way to my chargeable income. What? Only get $1,000 earned income relief?

I’m seriously considering getting hitched ASAP and having a baby in time for Year of Assessment 2016 – just for the change of fate for this annual Pay-And-Pay budget. No kidding!

No cash payout for everyone signals that election will not happen this year. And all property cooling measures and borrowing restrictions are here to stay.

2015 will be a tough year, with higher housing loan interest for property owners and lower rental income for landlords, especially those who bought quite recently for investment.

In my dream budget for next year, I have a wishlist that can benefit all, especially for humble property owners like me.

1. To ease the financial burdens of property owners, a 50 percent property tax rebates for private residential properties, capped at $2,000.

2. Property owners can claim for refund of property tax for an unoccupied property (same as before 1 Jan 2014).

3. Non-owner occupied private property owners can apply for VacantShield, a government low cost basic rental protection scheme to insure against prolonged period of vacancy for rental properties.

4. Property owners bought before the date of 29 June 2013 can apply for InterestShield, a government low cost interest protection scheme to insure against borrowing rates to increase more than xx percent in 12 months’ time.

5. Exemption from Seller Stamp Duty for private properties sold within four years of purchase if outstanding loan exceeds the selling price (when sales proceeds are insufficient to cover the outstanding loan from the financial institution).

6. Equal CPF contribution rates for workers by both employers and employees. A one-off payout by the government to cover increased CPF contribution in the first year.

7. According to the new IRSS (IR Revenue Sharing Scheme), all citizens 21-year-old and above who pay no visit to the casinos in Year of Assessment 2017 will receive a one-off bonus of $xxxx.