e-file personal income tax

[MMM]

Canvas:

Will you also share how to increase the tax relief for DH? Last year he paid a lot because it was my first year staying at home (we filed separately all along) and he did not get much tax relief. What are the areas that can offer relief aside from insurance policies: spousal?

Yes the men just don't get it.... I mean the tax relief. My dh has been :stompfeet: why my tax payable is so much lower than his and why are they so unfair to working fathers.

Some considerations :
* Joint assessment if you are no longer earning a income. So that he is entitled to claim for spouse relief. Note that there is a cap, eg. my impression is that wife income cannot exceed $4k (this includes dividend income). But pls verify the details on IRAS website.
* Where applicable, let your spouse claim all the parents and qualifying child relief. But note that only 1 person can claim for parents relief (Eg. if you are supportng your parents and have siblings, need to align who is claiming. In addition, the parents cannot have income (including dividend) more than $4k. I am the only child and given that 60% of my income is exempted (3 kids), I let my hubby claim the parents and qualifying child relief.
* If one's chargeable income is less than 20k per annum, let your spouse claim all the relief (where applicable). No point hogging it.
* The 30% tax rebate is capped at $1500 only. But it's better than nothing.
* Donation - Considering the tax bracket and some? of the donations offer 2.5 times tax rebate. It might be worth considering doing more donation to organisations that provides tax exemption.
* SRS - Have not seriously explored this. But my impression is that you can park your income in SRS and it is non-taxable but there are alot of restrictions behind that.
* Expenses related to employment. My impression is that some of these may be claimable. Eg. he is a professional and he needs to subscribe to certain bodies to carry out his profession. This subscription is potentially claimable.

[MMM]

cherrygal:

And if you guys have rental income, you can deduct any maintenance expenses such as repainting, aircon repair etc from the declared rental income.

For rental income, another potential area is to look at the potential income split if it is for jointly owned property.

[Sun_2010]

MMM and cherrygal,

Thanks for sharing the pointers.
I did not know about transfering the Qualifying Child Relief to DH. I took a couple of years break a few years ago :slapshead: . Anyway, wiser now.

[atrecord]

MMM:

cherrygal:

And if you guys have rental income, you can deduct any maintenance expenses such as repainting, aircon repair etc from the declared rental income.

For rental income, another potential area is to look at the potential income split if it is for jointly owned property.

I thought that property that are jointly owned will automatically be 50% each?

[starlight1968sg]

Just received an sms from IRAS that I do not need to file income tax.


Claiming those reliefs, topping up etc are out for me.
Besides contributing to SRS, what other ways to reduce my tax payable?

[GiftedGem]

atrecord:

MMM:

[quote=\"cherrygal\"] And if you guys have rental income, you can deduct any maintenance expenses such as repainting, aircon repair etc from the declared rental income.

For rental income, another potential area is to look at the potential income split if it is for jointly owned property.

I thought that property that are jointly owned will automatically be 50% each?[/quote]The split will be 50% each if jointly owned which we did this for past few yrs alrdy. Cant find any way to transfer higher income split to lesser income earner.

[ngl2010]

starlight1968sg:

Just received an sms from IRAS that I do not need to file income tax.


Claiming those reliefs, topping up etc are out for me.
Besides contributing to SRS, what other ways to reduce my tax payable?

Topping up parents' CPF account. We did that as part of our allowance for parents.

[starlight1968sg]

ngl2010:

starlight1968sg:

Just received an sms from IRAS that I do not need to file income tax.


Claiming those reliefs, topping up etc are out for me.
Besides contributing to SRS, what other ways to reduce my tax payable?

Topping up parents' CPF account. We did that as part of our allowance for parents.

Hmm... they have income...
I dont have to top up grandparents, siblings or spouse.
I wonder if I can top up my child's CPF to get some tax relief.

[ngl2010]

starlight1968sg:

ngl2010:

[quote=\"starlight1968sg\"]Just received an sms from IRAS that I do not need to file income tax.


Claiming those reliefs, topping up etc are out for me.
Besides contributing to SRS, what other ways to reduce my tax payable?

Topping up parents' CPF account. We did that as part of our allowance for parents.

Hmm... they have income...
I dont have to top up grandparents, siblings or spouse.
I wonder if I can top up my child's CPF to get some tax relief.[/quote] Cannot lah...

[ngl2010]

Starlight, I think the tax relief for parents is regarless their income. I am not sure. You can check CPF website. Maximum is 7k though.