Is it income tax filing time already? You have until April 18 to file your income tax if your e-filing – in fact, this year, you can even do it via your smartphone. The deadline for paper returns is April 15.
But make sure you apply for these pro-family tax savings before you submit your form:
Qualifying Child Relief Up to a maximum of $4,000 per child, which can be shared between husband and wife.
Parenthood Tax Rebate This is a one-off claim you must make the year after your kid is born. It ranges from $5,000 to $20,000 depending on the child’s birth order, and can be split between parents. Any unutilised rebate balance remaining will be used to offset the parent’s future tax liabilities.
Working Mother’s Child Relief This ranges from 15 to 25 per cent of your earned income, depending on how many kids you have. You can claim up to a maximum of $50,000 per child if you claim both the Working Mother’s Child Relief and Qualifying Child Relief.
Grandparent Caregiver Relief If your parents or grandparents (in-laws included) don’t work and take care of your kids, you can claim $3,000 on only one caregiver. This is only for working mums.
Check out the interactive personal relief tool to confirm your relief eligibility. Visit www.iras.gov.sg/irashome/TaxSeason2016/ for more details and take a look at this infographic from the Inland Revenue Authority of Singapore (IRAS):
Click here to read about other enhancements IRAS has made to filing this year.