My Income Tax Relief for 2023

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3rd anniversary for Tax Relief Video
Before the year ends, let me share how I have planned out my tax reliefs for the year so that you all can consider whether these strategies are suitable for you as well.
Earned income
NS-Men Relief
SRS Relief
Parent’s relief
CPF Relief
Let's see how these reliefs work together to reduce your overall income tax!
#Sponsoredby #Moomoo

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[@ralphou]

When u mentioned insurance has to be insurance related to medisave/CPF or other medical/accident insurance i purchased using CASH?

[@wanwall151]

Hi can you summarise which tax relief are automatically applied and which ones need to be declared? Also for charity donations where do I declare at?

[@ngohjlful]

Rem there's a capped relief @$80,000. So don't over contribute the relief. eg SRS.

[@HoneyMoneySG]

Yes!

[@simarai828]

So does it mean if u expanded the 80K relief even top up SRS doesn't help?

[@chrleliu]

Are all the non-cash and cash reliefs automatically applied?

[@royboon2128]

is just paying the tax and take the money to invest beter than tax relief?

[@Sedonapass]

Hi if i wanna top up CPF to pay lesser tax, when should i do it? Anytime ah

[@HoneyMoneySG]

Do before year end i.e. 2024 top-up for 2024 income

[@nicholastan2250]

For the parent's relief, is there any active step to do? Or would it be automatic like the earned income relief?
Thanks for the informative video as always!

[@HoneyMoneySG]

My first year so I will wait and see when I file for tax in 2024.

[@mdfauzi3039]

It's auto for me after filing the first few years ago

[@cynditan7100]

Is indeed an useful financial entertainment. Thanks for sharing.

[@HoneyMoneySG]

Glad you think so!

[@claricetay9015]

Is 20% mandatory CPF to all 3 accounts eligible for tax relief? I thought only MA or RA / SRS are eligible for relief.

[@cogelschan9764]

no. only topping up MA/SA are eligible for relief

[@user-kn9lj5kb8n]

Your 2nd VCMA of 1k, can u get tax relief if you contribute careshield premium without topup? Ie, just minus from existing MA accout

[@HoneyMoneySG]

No, the tax relief only applies to the top-up

[@junminghuang2938]

How would your taxes in Malaysia work since you are now working in Malaysia for your company?

[@BomBomm12345]

He will be liable for Msia corporate and or personal income tax assuming he is on aggregate more than 3 mths there

[@SuryaSurya-re3vn]

Thanks for the video My current employer is an AIS listed company. Is my income tax being paid by them on monthly basis? Does monthly salary transfer to my account already free of tax income?

[@HoneyMoneySG]

AIS just means you company reports your income to IRAS. You are still required to pay the tax bill yourself

[@SuryaSurya-re3vn]

@@HoneyMoneySG Thanks. So next year I will receive the tax bill for this year. Thank you!

[@kelvin5283]

Thanks for the useful sharing

[@HoneyMoneySG]

My pleasure!

[@lowkh76]

I though u are self employ. How u get earn income

[@HoneyMoneySG]

Employee of my own company as stated in video.

[@dohmincool]

Is mandatory MA contribution for self-employed part of the 8k VCMA cap? I thought it is separate?

[@HoneyMoneySG]

Good point, Mandatory MA should be separate since it is not Voluntary!

[@dohmincool]

@@KaiChen I thought that VCMA does not reduce the mandatory component though. Anyone tried?

[@heyzosim7771]

But u are taking out cold hard cash to enjoy a low relief

[@theonlyxem]

Rather spend on yourself than pay the garment right.