It’s income tax season again, and like every good Singaporean, I’ve been looking at my tax reliefs closely. This year, I managed to shave off around $4,000 in taxes by making smart use of government-approved relief schemes, all while growing my savings.
Here’s a quick breakdown of how I did it.
1. Child Relief – $12,000
All my 3 kids (Yes I have 3 kids….) are under 16 years old, which qualifies me for the Qualifying Child Relief (QCR). For QCR, I’m entitled to $4,000 per child, so that’s $12,000 off my taxable income straight away.
This is absolutely a bitter sweet tax relief to have for a parent. I understand that the Child Relief is not something anyone can just choose to have. Its ok, there’s still option 2 and 3 below.
2. CPF Top-Ups – $11,000
I made two voluntary CPF top-ups last
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