How do you save on your taxes?

cjacky

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For the CPF cash top up relief for spouse, is it applicable only after one year of marriage? Eg if got married in 2020, can top up wife's CPF in 2020 or have to wait for 2021 to be eligible for the tax relief?
 

BBCWatcher

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For the CPF cash top up relief for spouse, is it applicable only after one year of marriage? Eg if got married in 2020, can top up wife's CPF in 2020 or have to wait for 2021 to be eligible for the tax relief?
I don’t see any such restriction in the rules that IRAS and the CPF Board publish. Where are you seeing that?
 

cjacky

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I don’t see any such restriction in the rules that IRAS and the CPF Board publish. Where are you seeing that?
https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/CPF-Cash-Top-up-Relief/

In the example 1:
The tax relief for contribution in 2019 is based on wife's income in 2018.

If I contribute to her CPF this year (2020), then I suppose the relief should be based on her income in 2019. But then I was not married yet in 2019.
 

DChng1971

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https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/CPF-Cash-Top-up-Relief/

In the example 1:
The tax relief for contribution in 2019 is based on wife's income in 2018.

If I contribute to her CPF this year (2020), then I suppose the relief should be based on her income in 2019. But then I was not married yet in 2019.

Need to take note of this :
To claim tax relief for cash top-ups for your spouse or siblings, the spouse or siblings must not have an annual income exceeding $4,000 in the year preceding the year of top-up.
 

sunbox

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What is max CPF amount on which relief is granted?

Is the relief granted only on employee contributed funds?
 

reddevil0728

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What is max CPF amount on which relief is granted?

Is the relief granted only on employee contributed funds?
Special Account top up, up to 14k
Medisave top-up (subject to the various constraints)
 

BBCWatcher

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is it too late to top up cpf for this upcoming income tax relief?
Too late for Year of Assessment 2021 (and income tax you pay — or start paying if you’re on GIRO payments, which you should be — in 2021 based on 2020 inclme), yes. That deadline was December 31, 2020.

Too late for Year of Assessment 2022, no. That deadline is December 31, 2021, although if you can make your top up(s) for tax relief on March 30, 2021, via PayNow QR then you’ll start earning CPF interest from April 1, 2021. Earlier in the year is better so you can get more CPF interest. However, add cash at the end of a calendar month since there’s zero CPF interest for a partial month, but there is a tiny bit of daily bank interest.
 

CyberMew

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i am only seeing a lump sum under Donations and Zakat Expenses", how do i see the breakdown? i want to see if the donations i did on giving.sg was registered or not.

also, regarding work from home, they say can claim for increase if paying more for internet and utility bill, how do i do that? and for utility bill it fluctuates up and down, how do we go about claiming that for the past year?

first time filer here..
 

reddevil0728

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hi just want to check: if i invest in VOO, are my returns taxable?
No capital gains tax if that’s what you are asking.

but there is dividend withholding tax which should be automatically taken before the net paid to you
 

bullshitregister

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Is there a difference in contributing for medisave in terms of being a member or being a self-employed person (SEP)? Under member it says tax deductible, but there is also a note that if you contribute as an SEP there are different benefits (tax being one of them).

Does it matter whether how the medisave contribution is done?
 

Trazora

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Value.Matrix

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Is there a difference in contributing for medisave in terms of being a member or being a self-employed person (SEP)? Under member it says tax deductible, but there is also a note that if you contribute as an SEP there are different benefits (tax being one of them).

Does it matter whether how the medisave contribution is done?
Self employed tax relief must be under trade/professional/business income and up to 37% of income or $37,740, whichever is lower

Meaning if you earn $50,000 assessable income under trade/professional/business, you can only contribute $18,500 for tax relief (which includes the mandatory medisave component)

If you have $150,000 assessable income, you can only contribute max $37,740 (which also includes the mandatory contribution for medisave) for tax relief (and not $55,500)
 

leiakira

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What I do:
- Contribute to CPF (own and parents') in Jan
- Contribute to SRS in Dec
- Donate on giving.sg (main purpose is to give back but tax deduction is a benefit nonetheless)
 

sunbox

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OCBC Team - It's frustrating to learn that despite being a priority customer of the bank, it takes many follow-ups to receive a response from the OCBC pricing team. Even the RM is unable to assist and has not responded to my questions, leaving me with no choice except to transfer my business to another bank.
 
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