Yup, I know recently was the income tax payable period. And like all Singaporeans, i am liable to pay income tax if i fit the bill. Seems that for this time round for financial year 2008, I do not need to pay income tax yet... but once i become a property owner, i will need to start paying.
Now I was reading 'New Man' a magazine i borrowed from the national library and there is an article on the 6 ways to get tax breaks (legally). In fact some of them I already tried them and is still on it.
1) Update myself
Can claim up to $3,500 in course fees relief if the course, seminar or conference leads to a approved professional qualification as long as it is relevant to my current vocation. From 2009 (Financial year), can also claim this relief event if not related to job. The school has to provided the documents for such a relief since it is an individual thing
2) Support your wife
If wife is not working or earning less then $2,000 the previous year, can cliam up to max $2,000 in wife relief. Will have to submit details to IRAS or file up appendix 2 of the tax form. (Single at the moment so do not know if it works)
3) Kindness begets kindness: Make a donation
I have been making monthly donations since 2004 and it works. Just have to make sure the charity is in the list of approved institutions. IRAS has the details automatcially so no need to inform them.
4) Topup your (or youre family's) CPF with cash
Under the CPF Minimum sum scheme, can cliam up to $7,000 in tax relief if top up in cash to own retirement account of that of spouses', parents', grandparents' and silbings' retirement accounts. Recipients have to be aged 55 and above and/or not earning more than $2,000 or no income
5) Make contributions to medisave account
Self explanatory
6) Have another kid
Not advisable just for the tax relief as children is a 'long term' investment. The government is very generous recently (national day rally 2009) for couples who are having kids. The package is more for mothers than dads but money is still money, no matter whose pockets is it going to if in a family example.
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