6 Ways You Can Save On Your Taxes In Singapore 2021! 👍

Find out how these tax relief methods could save you income tax in Singapore!
These are legal methods to reduce your chargeable income tax amount and save you money.

0:00 introduction

0:52 Topping up to a family member's CPF Special account or Retirement account.
*Edit1 - MRSS benefit will only start in 2021!
*Edit2 - from feedback, only parent top up to FRS has tax relief NOT ERS (view comments)

3:16 Topping up to your own medisave account. Do note there are caps due to BHS and MC.

3:57 Topping up to your own Special account via Retirement sum topping up scheme RSTU.
Tax relief of $7,000.

4:32 Contributing to your own Supplementary retirement scheme (SRS). Cap at $15,300 for Singaporeans/PR and $35,700 for foreigners.
You may open an SRS account with DBS/OCBC/UOB.

7:20 Making donations to organizations which qualify. Personally, I donated to NKF =)

8:14 Going for approved courses. Limit for tax deduction of $5,500

Final point, there is a $80,000 #taxrelief cap also. If you are a working mother, you have working mother child relief WMCR so do especially take note of it.

#savetax #incometax

This video was sponsored by Skillshare.

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Recommended articles
1) Self Employed Citizens (Why Contribute To SRS OVER CPF!) https://www.theastuteparent.com/2020/03/self-employed-srs-cpf-contribution/

2) Save Taxes With Parents Retirement Account Top Up- Plus What’s MRSS! https://www.theastuteparent.com/2020/12/save-taxes-by-topping-up-your-parents-retirement-account/

3) SRS contribution vs CPFSA top up and voluntary cpf contribution summary! https://www.theastuteparent.com/2017/10/tips-on-relief-using-srs-contribution-cpfsa-top-up-and-voluntary-cpf-contribution/

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We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material.

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About Josh:
Josh holds a degree in Accounting from NTU.

In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips to help you kickstart your journey towards financial freedom.

As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video. No products were advertised.

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Видео 6 Ways You Can Save On Your Taxes In Singapore 2021! 👍 канала Josh Tan - TheAstuteParent