Job Discussion Forums

Dallas · Joined: 17 May 2004 Posts: 5

Kia ora.

I am getting out of the NET race at the end of this contract (August, 2004).

Any clever ideas about reducing my taxation to as little as possible so that my well-deserved gratuity doesn't get gobbled up too much?

I know schools are supposed to keep one months salary until IRD give you a clearance i.e payment letter: I want to give IRD as little as possible first!

Everything considered.

dandan · Joined: 25 Jun 2003 Posts: 183 Location: Hong Kong

You've been well paid, pay your taxes and quit whinging.

Here's a link which contains a list of Hong Kong charities should you wish to make a donation to help the less privileged before you leave.

http://www.ho-sum.org/eng/frontend/indx_adviceVolunteer.jsp

once again · Joined: 27 Jan 2003 Posts: 815

Well said Dan Dan, and don't forget that charitable contributions can be tax deductable!!!

Scott in HK · Joined: 11 Jan 2003 Posts: 148

It is my understanding that the IRD will tell the school how much you owe...after you meet with them and do all the forms...and then your school deducts your taxes from your gratuity...so it is going to be hard to find a way to hide money...

you can get married...your wife is worth a big tax credit...as are kids...and you can deduct tuition as well...

Dallas · Joined: 17 May 2004 Posts: 5

No one is whinging here.

However, as in all countries where taxation exists, there are many ways and means of reducing it - all, quintessentially, above board.

All I want are any tips so as to reduce my taxation bill to its nadir.

We all do the same wherever we are and if someone says that they do not, they are either fools or liars.

I am married but all of my children are well and truly adults now. I know about and have claimed for the self-study option.

Any other bright ideas?

Freddie_Unbelievable · Joined: 06 Jun 2003 Posts: 288

Dalas,

Are you insain? I mean, really, what are you talking about? I seriously ask you to seek medical advice!

Ludwig · Posted: Tue May 25, 2004 5:03 pm Post subject:

Face facts; your end of contract bonus pays your tax. In short, your salary is tax free.

I take it this is your first contract. The tax is deducted at source.

Champion...the wonderdog · Joined: 26 Mar 2004 Posts: 25

The tax is not deducted at source.

You have to go down to the IRD in Wan Chai a month before your expected departure date. You need a 'Letter of Release' from them before you can get your gratuity, then it takes the EMB approx. one month to process your claim. A large part (sorry have to check your contract) of the gratuity will be paid to you 4 working days before the start of the school holidays. The remainder with your final pay check.

Before you go to the IRD, check that your school has prepared all the forms you will need including a statement of your earnings. When you go to the IRD, you'll need to pay your tax at the post office, who will then issue you with a receipt to take back to the IRD before your letter of release is issued. This letter goes to your school.

I"m leaving too, so I'm going on what other NETs have said.

Apparently the final bill should be a little over a month's pay.

Remember that the gratuity is taxable.

Dallas · Joined: 17 May 2004 Posts: 5

Freddie you are a clown. If anyone is 'insain' it's you. You obviously need immediate NET tuition re: spelling.

Ludwig - no this is not my first contract.

Champion - thank you for your points. I guess I should initially have asked this:

Does anyone know a good tax accountant/professional? (I'm trying to reduce the amount of tax payable. I know all the other bureaucratic procedures involved here.)

Thank you very much.

Ludwig · Posted: Wed May 26, 2004 4:52 am Post subject:

Freddie_Unbelievable · Joined: 06 Jun 2003 Posts: 288

Look, I'm well aware how to spell 'insane' but I spelt in 'insain' so that might rile you up as to actually push you over the brink of insanity. I highly suspect, your on the line looking down.

Do you understand now?

Dallas · Joined: 17 May 2004 Posts: 5

Hey Freddie you clown, you're is how it is spelled!

Get a life man!

Freddie_Unbelievable · Joined: 06 Jun 2003 Posts: 288

Now, look Dallas with a name like that I'm beginning to think you're really off your rocker.

Now, I know you're the grammar police, but will you pay your taxes like a man. Quit trying to cheat. Tsk Tsk Tsk.

Juan Alias · Joined: 23 Mar 2004 Posts: 25

I'm with Dallas on this one. I have no qualms about paying taxes to school and house and transport people, but TV ads that tell me to take my parents to the dentist? Funding the brains trust at the EMB?
And the fellow is looking for support from a group of people who, posturing and moralising aside, have all been minimising their tax bills for some time. And does anyone think that there is a single local Hong Konger who would willing pay more than the minimum amount of tax?

Juan Alias · Joined: 23 Mar 2004 Posts: 25

Also, Freddie, your after-the-fact corrections of your spelling mistakes do little to hide the fact of your poor English. The syntax in your posts is the really telling factor - people with ordered language skills and a good grasp of English not only spell correctly, they also combine words correctly to form purposeful sentences.
None of us are perfect, but you might do well to admit that one area of relative deficiency and carry on with whatever else you aim to achieve here. There are plenty of other forums were you would be well-received as the character you play here.