💰Take advantage of CPF cash top-up relief and enjoy up to $16,000 in tax reliefs.
🎁Claim tax reliefs for your children, including Qualifying Child Relief and Grandparent Caregiver Relief.
🏡If you work from home, you can claim employment expenses such as increased electric bills and telco bills.
🎗️Get a 250% tax deduction on charitable donations to approved institutions.
📚Claim up to $5,500 in course fee reliefs for approved courses relevant to your employment or vocation.
Can I claim tax relief for topping up my own CPF account?
—Yes, you can claim CPF cash top-up relief for topping up your own CPF SA, MA, or RA, up to $8,000.
Can I claim more than one tax relief for my child?
—Yes, you can claim multiple tax reliefs for your child, such as Qualifying Child Relief and Grandparent Caregiver Relief.
What expenses can I claim as employment expenses?
—You can claim expenses such as increased electric bills, telco bills, and wifi bills, but avoid including personal expenses.
How much tax relief can I get for charitable donations?
—You can enjoy a 250% tax deduction on your donation amount, so a $500 donation will give you a $1,250 tax relief.
Are all courses eligible for course fee reliefs?
—No, only courses that are relevant to your employment or vocation are eligible for course fee reliefs.
00:00The video introduces the importance of tax planning and saving money on income tax in Singapore.
00:38The speaker explains the Singapore tax system and the tax rates for different income brackets.
03:22The first key insight is introduced, focusing on CPF cash top-up relief and the maximum tax reliefs available.
05:22The second key insight highlights the tax reliefs available for parents, including qualifying child relief and grandparent caregiver relief.
09:12The speaker discusses the third key insight, which is about claiming employment expenses for those who work from home.
11:57The fourth key insight explains the tax deductions available for charitable donations to approved institutions.
09:17The speaker introduces the fifth key insight, which is about course fee reliefs for approved courses relevant to employment or vocation.
10:50The video explains the best way to pay income tax, including setting up installment payments and using specific accounts and services to maximize savings.
