Like Tree4Likes

Is Rental Reimbursement Scheme actual housing allowance?

Reply
Page 2 of 2 FirstFirst 1 2
  1. #11

    Join Date
    Sep 2015
    Posts
    16

    From Google Maps:



    But even greater if 970 goes directly to Cyberport. 30 mins from Austin to Cyberport accurate?


  2. #12

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    3,989
    Quote Originally Posted by willylee
    Hi Katherine,

    Thank you for your reply. This is going to sound crazy but I'm allocating only HK$6,000 for rent. I'm a mega saver and I'm looking for this time in my career to learn and save as much for the future. After my search, Kennedy town seems out of the question.

    In Singapore, buses are good too and I use a combination of bus and trains. From what I see on Google Maps, I can either

    1) take a 30 min bus ride, 970 and 973, to Pok Fu Lam, and walk 12 min to Cyberport.
    Or
    2) 7 min train from Jordan to Central, from Pottinger Street 16 min bus ride to Cyberport Bus Terminal and then walk 3 min to Cyberport.

    Comments on either? Given my lifestyle now, 2 seems to be suited for me.
    Your best option might be a flat share then. Also if you are only using $6,000 of a $12,000 housing allowance then the other $6,000 is going to be taxable as part of your salary.

  3. #13

    Join Date
    Dec 2002
    Location
    Hong Kong
    Posts
    4,523

    there are a couple of employee tenant buses to cyberport.

    https://www.cyberport.hk/files/getti...Service_en.pdf

    HK_Katherine likes this.

  4. #14

    Join Date
    Oct 2006
    Location
    Sarcasm - because beating the crap out of people is illegal
    Posts
    14,645
    Quote Originally Posted by Trebor
    Your best option might be a flat share then. Also if you are only using $6,000 of a $12,000 housing allowance then the other $6,000 is going to be taxable as part of your salary.
    Quite, you have to show receipts and stamped leases (or you used to).

  5. #15

    Join Date
    Feb 2015
    Location
    Central, Hong Kong
    Posts
    63
    Quote Originally Posted by willylee
    allocating only HK$6,000 for rent. .
    That will only get you a room in an apartment share or a very small studio in a cheaper neighbourhood.
    Check out Wing Kong holdings, they have many rooms at 5k-6k. Good as a starter since you can rent a month at a time and move when you get a better place.

  6. #16

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    3,989
    Quote Originally Posted by Claire ex-ax
    Quite, you have to show receipts and stamped leases (or you used to).
    Yea which means a flat share might be out of the equation.

  7. #17
    bdw
    bdw is offline

    Join Date
    Feb 2009
    Posts
    5,515

    Why would your company cap the rental reimbursement scheme at $12k? I mean if you personally preferred to do 25 + 15 instead of 28 + 12, its no skin of their nose. These RRS schemes are usually to help lower the tax for the employee, at no cost to the employer, and doesn't make any sense for the employer to cap. Vice versa, if you prefer 34 + 6, you can do that too and take home more money each month but then have less tax benefit.


  8. #18

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    9,593

    I wouldn't use Google Maps for Hong Kong. The hketrasport site is better. (or citymapper app as suggested).

    http://hketransport.gov.hk/?l=1


  9. #19

    Join Date
    May 2008
    Location
    DB
    Posts
    3,638
    Quote Originally Posted by bdw
    Why would your company cap the rental reimbursement scheme at $12k? I mean if you personally preferred to do 25 + 15 instead of 28 + 12, its no skin of their nose. These RRS schemes are usually to help lower the tax for the employee, at no cost to the employer, and doesn't make any sense for the employer to cap. Vice versa, if you prefer 34 + 6, you can do that too and take home more money each month but then have less tax benefit.
    There's a limit to how much of the monthly income IRD will allow to be used under an RRS (we currently have a maximum of 40% so technically there is still some stretch in OP's package). Mind you this doesn't matter as OP has declared he only wants to use about 50% of the RRS amount)

    As per Claire's comment yes, you do need to produce a stamped tenancy agreement and original rental receipts to the employer as the IRD Assessor has the right to ask for these to prove that the RRS is being used according to their terms.
    bdw likes this.

Reply
Page 2 of 2 FirstFirst 1 2