Anonymous
What are some ways to reduce taxes?
For example, I know I will get to pay lesser tax if I contribute to charity. What other ways?
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Brandan Chen
21 Nov 2018
Financial Planner at Manulife Singapore
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Andrew Fong
21 Nov 2018
Associate Partner at St. James's Place Wealth Management
The 2 most common ways are to top up your CPF Special Account & to contribute to the Supplementary Retirement Scheme. Both of which are geared towards funding your retirement years.
The out of the box way is to have children & lower your tax payable via the Parenthood Tax Rebate.
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It really depends on your income level and the current tax bracket that you are in.
Most tax reduction methods have a limit on it and the most common methods are:
Do note that the maximum relief per year is S$80,000.
You may refer to the IRAS and the article by Budgetbabe:
https://www.iras.gov.sg/irashome/Individuals/Lo...
http://www.sgbudgetbabe.com/2018/04/how-to-redu...