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

Tips on how to pay less tax in Singapore.
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[@youronlycow]

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]

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]

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]

Let's always do alot of good 🔥

[@wongmungian5553]

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]

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.

[@burburchacha]

cost of living high, income tax high, life is tough

[@gabrielchan4420]

Jialat sia.. now CNA have to ask SG Budget Babe for advice… 😅

[@takanna]

my exact same thoughts...low quality

[@BeachBoi1000]

How? Earn less…

[@bigno1900]

i stop working to stop paying income tax!

[@exploringapis4495]

Singapore income tax already so low still need reduce Simi?

[@M43782]

Instead of thinking how to pay less income tax think about how to pay it more.