Tax filing season is here.

Below are few things you should know if you are filing tax as self-employed in Singapore, especially for working mothers.

Firstly, what is considered taxable income?  For Singapore tax purposes, taxable income refers to:

• Gains or profits from any trade or business
• Income from investment such as dividends, interest and rental
• Royalties, premiums and any other profits from property
• Other gains that are revenue in nature

(Taken from IRAS)

‍Below deductions that you can claim to reduce your taxable income:

• Business expenses defined as cost you have incurred in the course of running your business,
• Capital allowances for wear and tear of fixed assets,
• Reliefs.
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What are the reliefs that you can get in Singapore?

1) Earned income relief:

• Below age 55: $1,000
• 55 to 59: $6,000
• 60 and above $8,000

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2) NSMan wife relief of $750

3) Qualifying child relief of $4,000 per child

4) Working Mother Child Relief

For children born BEFORE 1 Jan 2024

• 1st child 15% of income
• 2nd child 20% of income
• 3rd child 25% of income

For children born AFTER 1 Jan 2024

• 1st child $8,000
• 2nd child $10,000
• 3rd child $12,000

5) Parent relief

• if you are staying with parent, $9,000 per parent
• if you are not staying with parent, $5,500 per parent

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6) Grandparent caregiver relief of $3,000

7) Sibling with disability relief of $5,500

8) CPF relief for your voluntary CPF contribution, capped at $37,740

9) Compulsory Medisave contribution relief up to the amount you paid

10) SRS relief, capped at $15,300

11) Course fee relief, capped at $5,500

12) Life insurance relief, capped at $5,000; provided your CPF voluntary and compulsory Medisave contribution combined is less than $5,000.

DO NOTE that personal income tax relief is capped at $80,000

What has changed since YA 2024?

1) There is no more Foreign Worker Domestic Levy Relief for YA 2025 onwards

2) Changes in Working Mother Child Relief

For children born AFTER 1 Jan 2024

• 1st child $8,000
• 2nd child $10,000
• 3rd child $12,000

As mentioned in SG60 Budget, personal income tax rebate capped at $200 will be given to offset your tax for YA2025

HAPPY FILING!!

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