facebookHelp to maximize personal income tax relief. Is there anything else I can do to maximize the $80k tax relief? - Seedly

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Mr. Raverse

25 Aug 2020

Random

Help to maximize personal income tax relief. Is there anything else I can do to maximize the $80k tax relief?

I currently have $50,700 in tax relief, as below. Wondering if there's anything else I might be able to claim to reach the $80k cap?

1) Earned income = $1,000
2) NSmen (self) = $1,500
3) Provident Fund / Life Insurance = $20,400
4) Course Fee = $5,500
5) CPF cash top-up relief = $7,000
6) SRS relief = $15,300

(Background info: My wife and I are salaried employees with no kids. Both of our parents are working and have reached the CPF FRS cap)

Thank you!

Discussion (1)

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In addition to the list:

  1. CPF MA top up (up to $7000)

  2. CPF SA top up (up to $7000)

  3. Topping up parents' CPF (up to $7000)

  4. Donation (2.5x deductible in taxable income)

  5. Parent Relief (up to $9000)

  6. Angel Investors Tax Deduction Scheme

  7. Life Insurance Relief

You can check out IRAS for more information. ​​​

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