{"id":11778,"date":"2023-04-25T09:48:49","date_gmt":"2023-04-25T01:48:49","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/?p=11778"},"modified":"2023-08-03T18:44:57","modified_gmt":"2023-08-03T10:44:57","slug":"8-legal-ways-to-reduce-your-personal-income-tax","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/8-legal-ways-to-reduce-your-personal-income-tax\/","title":{"rendered":"8 Legal Ways to Reduce Your Personal Income Tax"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11778\" class=\"elementor elementor-11778\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-80da7f7 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"80da7f7\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a0860d8\" data-id=\"a0860d8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-020f751 elementor-widget elementor-widget-image\" data-id=\"020f751\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Personal-Tax-Income-1024x512.png\" class=\"attachment-large size-large wp-image-11822\" alt=\"\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Personal-Tax-Income-1024x512.png 1024w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Personal-Tax-Income-300x150.png 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Personal-Tax-Income-768x384.png 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Personal-Tax-Income-1536x768.png 1536w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Personal-Tax-Income-2048x1024.png 2048w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Personal-Tax-Income.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-02a7f97 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"02a7f97\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-119bb90\" data-id=\"119bb90\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7322d1 elementor-widget elementor-widget-text-editor\" data-id=\"e7322d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Hello Business Owners and Friends!<\/strong><\/p><p>Are you tired of seeing a significant portion of your hard-earned income being deducted as personal income tax every year?<\/p><p>We know that filing of personal tax in Singapore can be daunting, but did you know that there are several ways to legally reduce your <b>personal income tax<\/b> burden?<\/p><p>Our team has identified several legal and ethical strategies that can significantly reduce your tax liability and put more money back in your pocket. Without further ado, here\u2019s all you need to know about how to reduce your personal income tax for the Year of Assessment (YA) 2024.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-42bcc21 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"42bcc21\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d2a2f78\" data-id=\"d2a2f78\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8bc63f1 elementor-widget elementor-widget-heading\" data-id=\"8bc63f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1. Deductions on work from home expenses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0542ec2 elementor-widget elementor-widget-image\" data-id=\"0542ec2\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"554\" height=\"443\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture2.png\" class=\"attachment-large size-large wp-image-11781\" alt=\"h2-1\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture2.png 554w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture2-300x240.png 300w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8bc70bf elementor-widget elementor-widget-text-editor\" data-id=\"8bc70bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If you are working remotely due to your employer&#8217;s mandate and not being reimbursed for the additional expenses incurred at your home office, you can claim them as a tax deduction. Do note that you need to keep and submit supporting documents upon request.<\/p><p>Note that for most of these expenses, you can only claim the difference in the bill amount before and after working from home. You may also claim deductions for your Wi-Fi monthly subscription fees if the Wi-Fi was installed solely for work purposes.<\/p><p>If you continue to subscribe to the service after you no longer work from home, the subscription fees you incur thereafter will not be deductible.<\/p><p>In households where more than one person is working from home, the IRAS will allow an equal apportionment basis to calculate the shared expenses among all working individuals in the same household.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fbb04a3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fbb04a3\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-205c358\" data-id=\"205c358\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-38e051c elementor-widget elementor-widget-heading\" data-id=\"38e051c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2. Deductions on rental expenses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3ca693c elementor-widget elementor-widget-text-editor\" data-id=\"3ca693c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>As a property owner who rents out their property for income, you are entitled to claim the costs incurred from renting it out. This includes <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/bank-mortgage-loan-vs-hdb-loan\/\" target=\"_blank\" rel=\"noopener\">mortgage interest<\/a>, fire <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/misconceptions-about-insurance-agent\/\">insurance premiums<\/a>, and out-of-pockets expenses for repairs and maintenance.<\/p><p>If you have outstanding repairs such as peeling paint on walls, or require furniture replacement, it may be worthwhile to complete these tasks before the year ends. This could be a great way to kickstart the new year with a fresh start.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-49d6ba0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"49d6ba0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d6f5d4\" data-id=\"7d6f5d4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0132fa6 elementor-widget elementor-widget-heading\" data-id=\"0132fa6\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3. Deductions on work from home expenses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-61c82c3 elementor-widget elementor-widget-image\" data-id=\"61c82c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"750\" height=\"420\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture3.png\" class=\"attachment-large size-large wp-image-11782\" alt=\"\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture3.png 750w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture3-300x168.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3046dca table-1 elementor-widget elementor-widget-text-editor\" data-id=\"3046dca\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Singapore government provides Parent Relief as a means of fostering filial piety and acknowledging those who care for their parents, grandparents, parents-in-law, or grandparents-in-law.<\/p><p>Do note that you must satisfy <strong>all<\/strong> the conditions below to claim Parent Relief \/ Handicapped Parent Relief for YA 2023:<\/p><table><tbody><tr><th class=\"row1\">Qualifying Conditions<\/th><th class=\"row2\">Parent Relief<\/th><th class=\"row3\">Handicapped Parent Relief<\/th><\/tr><tr><td>The dependant was living in your household in Singapore 2022. If the dependent lived in a separate household in Singapore, you must have incurred $2,000 or more in supporting him\/her in 2022.<\/td><td class=\"row2\">Yes<\/td><td class=\"row3\">Yes<\/td><\/tr><tr><td>The dependent was 55 years of age or above in 2022.<\/td><td class=\"row2\">Yes<\/td><td class=\"row3\">Not applicable<\/td><\/tr><tr><td>The dependent is physically or mentally disabled.<\/td><td class=\"row2\">Not applicable<\/td><td class=\"row3\">Yes<\/td><\/tr><tr><td>The dependent did not have an annual income exceeding $4,000 in 2022.<\/td><td class=\"row2\">Yes<\/td><td class=\"row3\">Not applicable<\/td><\/tr><\/tbody><\/table><p><strong>Amount of relief<\/strong><\/p><table><tbody><tr><th class=\"row1\">Type of Parent Relief<\/th><th class=\"row2\">Parent Relief<\/th><th class=\"row3\">Handicapped Parent Relief<\/th><\/tr><tr><td>Taxpayer stays with dependent<\/td><td class=\"row2\">$9,000 per dependent<\/td><td class=\"row3\">$14,000 per dependent<\/td><\/tr><tr><td>Taxpayer does not stay with dependent<\/td><td class=\"row2\">$5,500 per dependent<\/td><td class=\"row3\">$10,000 per dependent<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1a4c8e3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1a4c8e3\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cfb62d8\" data-id=\"cfb62d8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72dfb94 elementor-widget elementor-widget-heading\" data-id=\"72dfb94\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4.\tWorking Mother\u2019s Child Relief (WMCR) <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5039f7d elementor-widget elementor-widget-image\" data-id=\"5039f7d\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"499\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture4.png\" class=\"attachment-large size-large wp-image-11807\" alt=\"\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture4.png 750w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture4-300x200.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e5d507 elementor-widget elementor-widget-text-editor\" data-id=\"1e5d507\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Tax relief claims are also available for working mothers who have hired a domestic helper or enlisted the help of their parents or in-laws for childcare duties in the previous year.<\/p><p>If you want to claim WMCR in YA 2023, you have to satisfy these conditions in 2022:<\/p><ol><li>You must be a working mother who is married, divorced, or widowed.<\/li><li>You must have a taxable earned income from employment, pensions, trade, business, or profession.<\/li><li>You must have provided care for a Singapore Citizen child who meets the requirements of Qualifying Child Relief (QCR) or Handicapped Child Relief (HCR) as of December 31, 2022.<\/li><\/ol><p>Aside from that, if you\u2019re a working mother in Singapore with school-going children, you can claim relief for the foreign domestic worker levy paid in the previous year.<\/p><p>You\u2019re allowed to claim twice the total foreign domestic worker levy paid in the year 2022 on one foreign domestic worker.<\/p><p>Lastly, there is also Grandparent Caregiver Relief (GCR) which is a tax relief that can be claimed by working mothers who seek assistance from their parents, grandparents, parents-in-law, or grandparents-in-law to take care of their children.<\/p><p>This relief allows you to claim up to $3,000 in tax deductions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f980798 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f980798\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1b0a773\" data-id=\"1b0a773\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f73bb22 elementor-widget elementor-widget-heading\" data-id=\"f73bb22\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">5. Top up your CPF Special Account (SA)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1758f3f elementor-widget elementor-widget-text-editor\" data-id=\"1758f3f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If you want to reduce your taxable income while also preparing for your retirement, consider making voluntary top-ups to your CPF Special Account (SA).<\/p><p>Previously, the tax relief for CPF SA top-ups was capped at S$7,000 for yourself and another S$7,000 for your loved one.<\/p><p>However, the tax relief has been revised and now you can enjoy up to S$8,000 in tax relief for yourself and an additional S$8,000 for your family, bringing the total tax relief S$16,000.<\/p><p>Furthermore, your money in CPF SA also earns a competitive interest of 4% p.a.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6ed5176 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6ed5176\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d44b43d\" data-id=\"d44b43d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8732aa7 elementor-widget elementor-widget-heading\" data-id=\"8732aa7\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">6. Contribute to your Medisave account<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc227fd elementor-widget elementor-widget-text-editor\" data-id=\"bc227fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tYou can enjoy tax relief by voluntarily contributing to your Medisave account, if you \thave not reached your Basic Healthcare Sum (BHS). These funds can be used to cover \tmedical expenses and they also earn a competitive interest rate of 4% p.a.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e5969de elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e5969de\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c2877ad\" data-id=\"c2877ad\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a0d36d0 elementor-widget elementor-widget-heading\" data-id=\"a0d36d0\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">7. Donate to approved institutions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3225eca elementor-widget elementor-widget-image\" data-id=\"3225eca\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"499\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture5.png\" class=\"attachment-large size-large wp-image-11808\" alt=\"\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture5.png 750w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/wp-content\/uploads\/2023\/04\/Picture5-300x200.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-db0f909 elementor-widget elementor-widget-text-editor\" data-id=\"db0f909\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Did you know that donations to Institutions of a Public Character (IPC) come with juicy 250% tax deduction? This means, if you donate $10,000, you can claim a tax deduction of 250% x $10,000 = $25,000, which will be deducted from your chargeable income.<\/p><p>Currently, there are 674 IPCs listed on the charities.gov.sg portal, for example, Art Retreat Limited, 365 Cancer Prevention Society, Climate Governance Singapore Limited, Causes for Animals, and many more.<\/p><p>Besides cash donations, other tax-deductible contributions include SGX-listed shares, units in unit trusts, artefacts (to National Heritage Board), sculptures or artworks (to National Heritage Board), land, and buildings.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-210bfde elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"210bfde\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-012282e\" data-id=\"012282e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-89907f5 elementor-widget elementor-widget-heading\" data-id=\"89907f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">8. Sign up for courses<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08b3250 elementor-widget elementor-widget-text-editor\" data-id=\"08b3250\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBy enrolling in an eligible course, not only can you enhance your skills and \t\temployability, but you can also benefit from course fee relief up to $5,500 annually. No doubt, this is a win-win situation!\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f177eea elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f177eea\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f1428f6\" data-id=\"f1428f6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e52dc5c elementor-widget elementor-widget-text-editor\" data-id=\"e52dc5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The deadline to file your tax is on the <strong>18<sup>th<\/sup> of April 2023<\/strong>, so remember to file your tax before that date.<\/p><p>If you are struggling or too busy with your business and work to file your NOA for 2023, don\u2019t worry, Bizsquare has got your back!<\/p><p>Our team of experts is here to answer any queries you may have regarding your NOA filling process.<\/p><p>Contact us today to get the help you need and ensure that your NOA for 2023 is filed correctly and on time!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ce9d232 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ce9d232\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;ekit_has_onepagescroll_dot&quot;:&quot;yes&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59ddd48\" data-id=\"59ddd48\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ce5fbeb elementor-widget elementor-widget-text-editor\" data-id=\"ce5fbeb\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;ekit_we_effect_on&quot;:&quot;none&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 style=\"font-size: 1.11111rem; font-style: normal;\"><span style=\"color: #000080;\"><u>For more articles, hesitate no longer and check out our socials!<\/u><\/span><\/h4><p>\u00a0<\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">Website:\u00a0<a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/<\/a><\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">Website:\u00a0<a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/\" rel=\"nofollow\">https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/<\/a><\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">Facebook:\u00a0<a href=\"https:\/\/www.facebook.com\/bizsquaremc\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.facebook.com\/bizsquaremc<\/a><\/p><p style=\"font-size: 18px; font-style: normal; font-weight: 400;\">Instagram:\u00a0<a href=\"https:\/\/www.instagram.com\/bizsquaremc\/\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.instagram.com\/bizsquaremc\/<\/a><\/p><p style=\"font-size: 18px; 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font-style: normal; font-weight: 400;\"><i>For more info, please visit\u00a0Bizsquare\u00a0Group at\u202f\u00a0<\/i><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.bizsquare.com.sg\/\" target=\"_blank\" rel=\"nofollow noopener\"><i>www.bizsquare.com.sg<\/i><\/a><i>\u202f<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Are you tired of seeing a significant portion of your hard-earned income being deducted as personal income tax every year? We know that filing of personal tax in Singapore can be daunting, but did you know that there are several ways to legally reduce your personal income tax burden?<\/p>\n","protected":false},"author":1,"featured_media":11822,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[26],"tags":[366,367,368],"class_list":["post-11778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-sec-accounting","tag-income-tax-at-singapore","tag-income-tax-singapore-relief","tag-income-tax-singapore-when"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>8 Legal Ways to Reduce Your Personal Income Tax -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/8-legal-ways-to-reduce-your-personal-income-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"8 Legal Ways to Reduce Your Personal Income Tax\" \/>\n<meta property=\"og:description\" content=\"Are you tired of seeing a significant portion of your hard-earned income being deducted as personal income tax every year? 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