Sunday, September 1, 2013

Income group breakdown for year of assessment 2012

The Annual Report 2012/2013 for IRAS was released last week. Like the past few years, I lookout for the breakdown of the various income groups.


The breakdown is as follows:

Based on the data above, we can see that:
1) Most tax payers fall into the range of the 30k-40k annual income band. The tax residents pay earn an average annual income of 34.8k and pay $165 in taxes

2) 4220 tax residents fall into the range of the highest band (more than 1M in assessable income). In the previous year, there was only 3870 tax residents in this band. For YA2012, they earn an average annual income of 1.9M and pay $354,213 in taxes.

Based on an analysis done by
A $100k per-annum income will now place you at the 78.2th percentile, compared to 79.3th in the previous version of this tool (which uses last year’s IRAS data). This is a drop of almost 1 percentile.

Last year’s median income was $52,300. This year, it is $53,000.

If you make more than $91,500, you are in the top quartile (i.e. top 25%) of all resident taxpayers.

To be among the top 10% earners, you need an annual income of $171,000 or more.

To be at the 95th percentile (i.e. top 5%), you need to make at least $265,000 a year.

Other notes:
If you are interested to know how high or low our income is as compared to other tax payers, you can use the calculator (link above) to check which percentile you belong to. 
Do note the following:
1) The statistics are based on IRAS year of assessment 2012 data. The income and taxes information are based on your 2011 income.
2) The statistics above do not take into account of individuals earning less than 20k per year as the first 20k of income is not taxable.

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1 comment:

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