My Confirmed Income Tax Relief for YA2024 NOA

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6 months ago, I did my annual income tax relief video to forecast the total amount of tax reliefs that I will get for 2023 income. Therefore, let’s update my actual tax relief from my finalised tax bill received from Inland Revenue Authority of Singapore (IRAS) recently.
- Earned income Relief
- NS-Men Relief
- SRS Relief
- Parent relief
- CPF Tax Reliefs
#Sponsoredby #Webull

[@HoneyMoneySG]

Sponsor: 🐂 Webull Singapore hmsg.link/sgwebull (Exclusive link✅)
Get up to 8.4%*p.a. with Moneybull Interest Booster! *T&Cs apply.
⭐️ 1:1 Business Consulting hmsg.link/shop
For freelancers/self-employed who are considering to convert from Sole proprietor to a Company for tax advantages. I’ll walk you through step by step with my personal experience.
📙 Advanced Credit Card Mastery Course: hmsg.link/accm
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[@Brightyization]

It isn't right to say that you don't need to file your taxes if your employer is on AIS. There are cases where even if your employer is AIS, IRAS still inform you to file your taxes. You are not required to file your taxes if you have been selected for No-Filing Service (NFS). If your employer is on AIS, and you are informed to file your taxes, you are still required to log in, review your income information and press submit otherwise you might be subject to a composition fine.

[@Xamael666]

Hmm but does topping up to a maximum of $37,740 to all 3 CPF accounts incur more income tax? For both employed & self-employed?

[@danielchong1881]

Corporate tax rate is a flat 17%, so if your individual tax rate is lower, it is still better to be self-employed. Business expenses can be deducted in both cases. Of course, if your company employs other people, then it makes sense to go that route. Please correct me if I’m missing anything.

[@HoneyMoneySG]

www.iras.gov.sg/taxes/corporate-income-tax/basics-of-corporate-income-tax/corporate-income-tax-rate-rebates-and-tax-exemption-schemes#tax-exemption-scheme-for-new-start-up-companies

[@Brightyization]

Corporate tax still got full/partial exemption before applying the 17% hence you just need to compare which gives you a better position.

[@Ehtizan-Editor-001]

Hey Chris, I just watched your video and I must say that it was really informative and well-made.
I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel

[@tayjeeyew6718]

What is non cpf tax relief?

[@cynditan7100]

Thanks for sharing 😊

[@wzc8886]

Can do one for your wife also