If you are a first-time parent, it is common to find that the new-born takes centre stage in every aspect of your life. Filing for taxes would be placed at the backburner even during the income tax reporting season. Unfortunately, as the saying goes, nothing in this world is as certain as death and taxes. Therefore, why not take advantage of your upgraded status as a working parent to lower your tax bill? As newly-minted parents, you will find that the Singapore government has conferred you a slew of tax incentives. To save you the hassle of combing through various sources, this article targets to be a comprehensive guide on the various tax reliefs unique only to working parents.
1. Qualifying Child Relief (‘QCR’)
This is an income tax relief for working parents in recognition of their efforts of having supported and maintained an unmarried child during the …