How To Reduce Your Income Tax Bill In Singapore | Money Mind

How To Reduce Your Income Tax Bill In Singapore | Money Mind | Tax

Рет қаралды 41,150

9 ай бұрын

Tips on how to pay less tax in Singapore.
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Пікірлер: 13

@youronlycow 9 ай бұрын

Using the example above, If my chargable income is 100K, my tax payable is $5650. If I donated 10K, I would enjoy 2.5X tax relief so my chargable income is now 75K. Base of 75K, my taxpayable is now 3K. I save $2650 in payable tax but I spent 10K in donations. I'm reducing my overall tax payble but increasing my cash outflow. That should not be used as a "how to reduce income tax bill" strategy. It should be "assuming you have donations" which majority of average income singaporeans would not! This donation tip as a "how to reduce income tax bill" may cause the less informed who follows blindly more harm than good. A donation may bring you down a bracket to save on tax depending on how much you donated but you still end up "spending" more. Please be careful...

@cs2007new 9 ай бұрын

Exactly i might as well use the money to top up my CPF to reduce my taxable income. Donation doesnt seem right since you give out more money to reduce the tax you need to pay.

@daryllee244 9 ай бұрын

One very important comment is ChildCare relief of $4000 that have not revised for more than 20 years. With rising cost of living to raise children, GOV should do something to help easing parent tax relief particularly Father.

@Mari_Selalu_Berbuat_Kebaikan 4 ай бұрын

Let's always do alot of good 🔥

@wongmungian5553 9 ай бұрын

Can ones top up money into own or spouse's cfp account if the spouse is working or hitting FRS to enjoy tax relief ?

@draxuan 9 ай бұрын

For you to get tax relief for spouse top up, their annual income must be 4K and below before you can get tax relief for top up to their SA prevailing FRS amount. You can transfer your OA to your spouse's SA if it is below the prevailing FRS amount however there will not be tax relief for this.