Tax Rate in Singapore, Malaysia and Australia
February 2nd, 2008 | by winsonlee || Singapore Tax Rates | ||
| S$0 - S$20,000 | 0.0% | |
| S$20,000 - S$30,000 | 3.5% | |
| S$30,000 - S$40,000 | 5.5% | |
| S$40,000 - S$80,000 | 8.5% | |
| S$80,000 - S$160,000 | 14.0% | |
| S$160,000 - S$320,000 | 17.0% | |
| S$320,000 and above | 20.0% | |
| Australia Tax Rates | ||
| A$0 - A$6,000 | Nil | 0% |
| A$6,001 - A$30,000 | 15c for each $1 over $6,000 | 0% - 12% |
| A$30,001 - A$75,000 | $3,600 plus 30c for each $1 over $30,000 | 12% - 22.8% |
| A$75,001 - A$150,000 | $17,100 plus 40c for each $1 over $75,000 | 22.8% - 31.4% |
| A$150,000 and above | $47,850 plus 45c for each $1 over $150,000 | 31.4% - 45% |
| Malaysia Tax Rates | ||
| RM0 - RM5,000 | 1% for amount over RM2,500 | 0% - 0.5% |
| RM5,000 -RM20,000 | RM25 plus 3% for amount over RM5,000 | 0.5% - 2.375% |
| RM20,000 - RM35,000 | RM475 plus 7% for amount over RM20,000 | 2.375% - 4.357% |
| RM35,000 - RM50,000 | RM1,525 plus 13% for amount over RM35,000 | 4.357% - 6.95% |
| RM50,000 - RM70,000 | RM3,475 plus 19% for amount over RM50,000 | 6.95% - 10.39% |
| RM70,000 - RM100,000 | RM7,275 plus 24% for amount over RM70,000 | 10.39% - 14.48% |
| RM100,000 - RM150,000 | RM14,475 plus 27% for amount over RM100,000 | 14.48% - 18.65% |
| RM150,000 - RM250,000 | RM27,975 plus 27% for amount over RM150,000 | 18.65% - 22% |
| RM250,000 and above | RM54,975 plus 28% for amount over RM250,000 | 22% - 28% |
Before I graduate, I was considering if I should work in Malaysia, Singapore or Australia. Working in Malaysia definitely not a problem. Working in Singapore is a matter of applying for a working permit. To work in Australia, I will need to apply for PR. There are a few things that I took into consideration before I made up my mind. Three major factors that comes to my mind were :
a) Starting Pay
b) Tax Rates
c) Living Expenses
Why do I only take these three factor into consideration ? These three factors will determine the amount you will be saving in a month.
Will talk about the starting pay. For a graduate programmer, in Singapore, you will be expecting to get around S$21,600 a year. In Malaysia for the same position, you will be getting around RM21,600/year. In Australia you should be expecting around AU40,000/annum. At this point of time Australia seems to be a better place to work as the starting pay is higher. But we have not take tax into consideration.
In Singapore, earing for S$ 21,600 will be tax at the rate of 3.5% and the net income will be S$20,844. In Malaysia, earning for RM21,600 will be tax at the rate of RM475 + 7% for amount over RM20,000. The net income will be RM21,013. In Australia, earning for AU40,000 will be tax at the rate of $3,600 plus 30c for each $1 over $30,000. The net income will be AU33,400.
After taking tax into consideration, you will still save more by working in Australia. Will write about living expenses on my next entry.
