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Find out what personal reliefs and rebates you are eligible for if you are a Singapore Tax Resident. Learn about the $80,000 personal income tax relief cap and how it affects your claims.
- Earned Income Relief
Please email us the completed Handicapped-Related Tax Relief...
- Parent/ Handicapped Parent Relief
Parent Relief/Handicapped Parent Relief may be shared with...
- Earned Income Relief
- Wait, What’s The Process For Filing and Paying Personal Income Tax?
- What Kind of Income Is Taxable?
- So What’s My Chargeable Income then?
- Why Is It Too Late to Get Tax Relief For Ya 2024?
- What Are The Singapore Income Tax Rates in 2024?
- 10 Tax Relief Schemes to Reduce Your Personal Income Tax in Singapore
- Tax Relief #3: Move in with Parents / Grandparents—Parent Relief
- Tax Relief #4: Upgrading Your Skills—Course Fee Relief
- Tax Relief #5: Claiming Expenses Incurred in The Course of Earning Your Income
- Tax Relief #6: Donations—Money, Shares, Artefacts Or Artworks
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We only do it once a year and it’s easy to forget how to go about doing it especially if your company was previously on the auto inclusion scheme and you’ve never had to do it before, and suddenly you have to. From Feb to March, you get a notification from IRAS to file your tax. From 1 March to 18 April, you have this window of time to file your in...
You probably know that personal income tax applies to your salary. Here’s a summary of what is included and excluded from your taxable income: There are, however, some areas that are not quite clear cut. For instance, if you make money from selling a house, that’s not taxable unless “you buy and sell property with a profit-seeking motive or deemed ...
Wait, what? There’s chargeable income? This is the actual amount that you’ll be taxed on, after tax reliefs are subtracted from your taxable income. Tax reliefs are like a discount on your taxable income. After deducting tax reliefs from your table income, the balance amount is your chargeable income. Basically, [Chargeable income] = [Taxable incom...
Your income tax for YA 2024 is calculated based on what you did and what you earned in 2023. So just like how your taxable income is based on your earnings in 2023, your tax relief eligibility also depends on your actions in 2023—whether you saved for retirement, had a kid, donated money, etc from 1 Jan 2023 to 31 Dec 2023. While it’s too late to d...
Here are the current income tax ratesfor YA 2024 on your chargeable income: As you can see, your income tax rises quite sharply once your chargeable income rises above $40,000. So if you’re there, you might want to find out what tax reliefs you can get to lower your chargeable income. Here, you can see that your income tax suddenly becomes quite hi...
Note that the maximum tax relief you can get is $80,000. Always keep in mind that income tax relief ceiling of $80,000, which is the maximum relief possible to obtain. You can also check on what reliefs you’re eligible for with the IRAS Tax Relief Checker. Bear in mind that some of these are automatically calculated when you file your income tax. N...
Miss your parents/grandparents or need to provide them with care? If you move in with them, you get a parent relief tax break. Though it’s called “Parent Relief”, this also applies to in-laws, grandparents, and grandparents-in-law—as long as they don’t earn more than $8,000 a year. However, you can only claim for 2 dependents, and you and your spou...
Still got those SkillsFuture credits to use? If you sign up for a course that’s relevant to your current employment, you’ll be eligible for Planning to upgrade your skills in 2023? Good for you—you’ll qualify for tax reliefs of up to $5,500 in YA 2024. The Course Fees Reliefis for you if you took a course relevant to your current employment. You ca...
Boss told you to entertain clients over drinks but didn’t reimburse you after? You can get that hefty bill deducted from your chargeable income. There are some employment expensesthat you can claim for if they’ve been incurred during the course of your work.
Do some good for the sake of doing good, and if you do, you get some goodwill in the form of being able to claim for tax relief! Donations to Institutions of a Public Character (IPC)come with a juicy 250% tax deduction. Meaning if you donate $10,000, you get 250% x $10,000 = $25,000 taken off your chargeable income. Choose an IPC you feel strongly ...
Learn about the taxable income, chargeable income, tax rates and 10 tax relief schemes for filing your income tax in Singapore. Find out how to claim tax deductions or reliefs for having kids, retirement savings, courses, donations and more.
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- Save up for retirement. One of the best ways to qualify for tax reliefs is by essentially saving up for you or your loved one’s retirement, by either making a CPF or SRS top-up.
- Take care of your children. If you have a child, you are also eligible for several tax reliefs. If you’re a working mother, there are even more reliefs you can qualify for to get the maximum tax deductions.
- Care for your dependants. Though filial piety is usually the main reason for taking care of your parents or grandparents especially as they get older, the additional perk of a tax relief makes it a whole lot sweeter.
- Purchase life Insurance. Who knew that protecting your life could also help in tax reductions? Under the Life Insurance Relief, anyone who has paid annual insurance premiums on their own life insurance policies will be able to claim for tax reductions.
Feb 16, 2024 · Singapore residents will get a 50 per cent tax rebate for income earned in the past year, capped at $200. The measure is part of the Government's way of sharing revenue surpluses and alleviating the rising cost of living.
Learn about the Personal Income Tax regime in Singapore, including the rates, reliefs, rebates and deductions. Find out how the tax system is competitive, progressive and supportive of social objectives.
There is a personal income tax relief cap of $80,000, which applies to all tax reliefs, including tax relief on cash top-ups made to your CPF accounts. The tax relief cap will be shared for cash top-ups to Special Account (SA)/Retirement Account (RA) and/or cash top-ups to MediSave Account (MA) *.
Mar 18, 2024 · Maximising your personal income tax relief of $80,000 a year can help to reduce your tax bill. The CPF relief for employees and the CPF cash top-up relief are two types of CPF-related tax reliefs that you can tap into. The latter allows you to increase your CPF savings in your Special or Retirement account while also reducing your tax bill.
