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Tax reliefs for single earning parent

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PNGMK
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Postby PNGMK » Wed, 11 Sep 2013 5:40 pm

sundaymorningstaple wrote:And always keep it in the back of your mind that you could also be tossed out of the country if found trying to cheat on your taxes. That would be a b*tch for $300! :o


He'll get plenty of warnings and be able to fix it if he's messed it up- the IRAS is frankly the most reasonable tax dept I've ever dealt with and I've been dealing with QCR/PTA and tax rebate issues with them for some years now. Remember it's a 'self assessed' system and as such they have a fair bit of leeway in allowing mistakes to be corrected. I don't think you need to frighten the OP too badly.

beppi
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Postby beppi » Wed, 11 Sep 2013 9:33 pm

^^^I concur 100% - IRAS (as most government agencies in Singapore) is a joy to deal with, especially if you know its siblings in other countries!

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Fortan
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Postby Fortan » Thu, 12 Sep 2013 9:45 am

Wd40 wrote:Regarding claiming QCR for your step son, do note that the $4000 is rebate on the employment income and not on the tax amount. So the amount may be negligible depending on your tax slab.

Play with this tax calculator:

http://www.iras.gov.sg/irasHome/uploade ... 1_IRAS.xls


Enter $2000 for the spouse relief and $4000 per child for Qualifying child relief.

During the 1st iteration enter for just 1 child and then enter for 2 children and see if the difference makes sense.

In my case, I just save ~$300 in the final tax for every additional child.


I just tried doing the math and you are right, it isn't a whole lot of money. Especially not seen as I will only earn 5.5 month of wages this year. However next year when I do not have two kids but 3 and make a full years income, it comes up to in excess of 3,000 $. Worth taking what you can get I reckon :)


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