Singapore Tax Reliefs for Individuals

Singapore offers various tax reliefs and rebates designed to reduce individual tax burdens, encourage savings, and support families. Understanding these reliefs can help you lower your taxable income and optimize tax savings.

Why Utilize Tax Reliefs in Singapore?

• Support dependents financially.
• Contribute to retirement savings.
• Invest in education and self-development.

Key Tax Reliefs for Individuals

1. CPF Relief

Tax deduction for mandatory CPF contributions.

2. Earned Income Relief

Up to S$8,000 for individuals below 55, with higher reliefs for older individuals.

3. Parent Relief

Support for parents or grandparents residing in Singapore, up to S$9,000 per dependent.

4. Spouse Relief

S$2,000 relief for taxpayers supporting a dependent spouse earning S$4,000 or less.

5. Qualifying Child Relief (QCR)

S$4,000 per child below 16 years or in full-time education.

6. Handicapped Dependent Relief

Up to S$14,000 for dependents with disabilities.

7. Course Fees Relief

Up to S$5,500 for courses enhancing professional skills.

8. Life Insurance Relief

Tax relief for life insurance premiums if CPF contributions are below the cap.

9. Supplementary Retirement Scheme (SRS)

Tax-deductible contributions of up to S$15,300 for Singaporeans and S$35,700 for foreigners.

10. NSman Relief

Up to S$5,000 for operationally ready National Servicemen (NSmen).

11. Foreign Maid Levy Relief

Relief for married women employing foreign domestic workers, up to twice the maid levy paid.

How to Claim Tax Reliefs

• Review Eligibility: Ensure you meet the criteria.
• Maintain Documentation: Keep CPF statements, receipts, and other supporting records.
• File Your Tax Return: Declare reliefs via the IRAS myTax Portal.
• Verify Pre-Filled Data: Check that all eligible reliefs are correctly recorded.

Common Mistakes to Avoid

• Over-claiming reliefs beyond allowable limits.
• Missing filing deadlines (April 15).
• Inadequate documentation to support claims.

How Apexia Corporate Advisory Can Help

• Tax Planning: Customized strategies to optimize tax reliefs.
• Tax Filing Assistance: Ensure accurate and timely submission of claims.
• Compliance Review: Maintain proper records and prepare for audits.