Vincent Ho

04 Feb 2020

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What strategies are you using to get tax rebate / deductions?

I'm in a bracket where I would pay $4k in taxes with no deductions.

What strategies would you suggest I implement to reduce my tax for 2020?

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Charles

04 Feb 2020

Are your parents working ? If they are not and you are solely supporting them, you would be able to claim tax relief from each of them.

Alternatively you can top up your CPF by up to 7k through a cash top up. That is egliable for tax relief too.

Lastly you can set up a SRS account for retirement investment. Each year you can contribute about up to 15k for tax relief as well.

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