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Disclaimer: Information provided in the video are not meant to be taken as professional financial advice and are strictly for entertainment purposes only. The content shared is based on the creator’s personal experience and results may vary from each individual’s personal finance situation i.e. DYOR
2nd 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 $1000 (Below age 55) Donations Relief $60 NS-Men Relief: $3000, if attended ICT as Non-KAH. If no ICT you get $1500 , KAH get $2000 more, Wife/Parents get $750 SRS Relief: $15,300 (50% in POEMS Cash+ S27, 50% in SSB)
TOTAL NON-CPF TAX RELIEF = $19,360
Combined CPF Voluntary Contribution Relief: $8000 VCMA: $3922 - $3000 BHS increase 1 Jan 2022 - $164 CareShield Life - $523 Integrated Shield Plan - $235 Refund of VCMA 2021 RSTU-SA: $4000 (1 Jan 2022)
Utilised $7922 out of $8000
VC3A - Voluntary Contributions to 3 Accounts for Self-Employed Person
Up to $37,740 limit, combined with normal employment CPF Annual Limit Earned over $102,000 Annual income combined but still subjected to CPF annual Limit - Not what I assumed to have 2x Annual limit. - Limited to employment income only, not Self-Employed income
