Singapore Budget 2024 - Pay less tax with more tax relief and more Personal income tax rebate
If your payable tax is $400, you get a rebate of 50% of the $400 (meaning $200 is rebated), you pay only $200. As a matter of fact, it was a better deal back in 2017. You get $500 tax rebate if your payable tax was $2,500 while you get at most $200 if your payable tax was $2,500 now.
Scottz Lip - The Snipe Investor
2/17/20242 min read
You may get a 50% personal income tax rebate for the Year of Assessment 2024, capped at $200. It was $500 back in 2017 (but based on 20% of personal income tax payable) and $500 for 2019 (50% similar to what we have now)
This means you have a payable tax of $1000, you get a rebate from 50% of the $1000 (meaning $500 only) but since it is capped at $200, you get only $200. (not too bad, you saved $200)
But if your payable tax is $400, you get a rebate of 50% of the $400 (meaning $200 is rebated), you pay only $200.
In fact, it was a better deal back in 2017. You get $500 tax rebate if your payable tax was $2,500 while you get at most $200 if your payable tax was $2,500 now.
Source: IRAS | Personal Tax Rebate
The income threshold for dependant-related relief claims raised to $8,000 from $4,000, effective from the year of assessment 2025.
Aimed at addressing cost-of-living concerns, allowing more Singaporeans to enjoy tax reliefs for providing for family members.
Increased income threshold to $8,000 a year for earnings in 2024 and later.
Currently, dependant or caregiver annual income cannot exceed $4,000 for claiming reliefs related to family care or support.
Relief extends to working mothers, those topping up CPF accounts for spouses or siblings.
Threshold for these categories last raised in 2010 from $2,000 to $4,000.
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