[NEW] How to save tax: Maximising your Tax Reliefs 2024
Tax season is around the corner. Here are some ways to maximize your Tax Reliefs:
Part 1: Upon Tax Reporting in March / April (FY2024)
1. Course fee tax relief: $5,500
You may claim the actual course fees incurred by yourself, up to a maximum of $5,500 each year
2. Life Insurance tax relief: $5,000
If your CPF contribution is < $5,000 last year, you may claim the lower of:
a. the difference between $5,000 and your CPF contribution; or
b. up to 7% of the insured value of your own/your wife's life, or the amount of insurance premiums paid
New! The voluntary cash contribution to your Medisave account is not considered for the $5,000 limit for the total CPF contribution for YA 2023 onwards.
3. Parents relief: $9,000
You may claim this relief if you have supported the following dependants:
• Parents / Parents-in-law / Grandparents / Grandparents-in-law
• Stay with dependent $9,000 / Don’t stay with dependent $5,500
You may also discuss with your siblings on how to share the parents relief.
4. Qualifying Child Relief: $4,000
For parents, you may claim tax relief of $4,000 per child.
Tip! Depending on your income, it may be better for QCR to be claimed under fathers, as mothers have Working Mother Child Relief
5. Working Mother Child Relief: 60% income
For working mothers, you may claim up to 60% of your income depending on the number of children as below, and your child did not have an annual income exceeding $4,000.
Tip! If your child worked part-time before tertiary education, your WMCR will be automatically removed.
But you may write to IRAS to request to re-instate the WMCR once your child is back to full-time studies.
Update to Working Mother Child Relief (wef FY2025)
Budget 2023: Child relief for working mothers to be fixed from 2024
Check your tax relief eligibility here
Do note that there is an overall tax reliefs cap at $80,000
Tip! When claiming reliefs, if you are aware that you have exceeded the relief cap of $80,000, you may consider giving up certain reliefs (e.g. Qualifying Child Relief, Parent Relief and Grandparent Caregiver Relief) and let others (e.g. your spouse, your siblings) claim the reliefs
Part 2: By end of the year (FY2025)
Other Reliefs & Deductions to reduce tax for 2024 income (to be done before 31/12/2024)
6. Donations: 2.5x tax relief
Donations to approved Institution of a Public Character (IPC) enjoy tax deductions of 2.5 times the qualifying donation amount.
7. CPF contribution
For employees: Yearly CPF top-up $8,000
You can enjoy tax relief of up to $16,000 for cash top-ups made in each calendar year. Get up to $8,000 tax relief when you top up for yourself and up to $8,000 when you help your loved ones build their retirement savings.
For self-employed: Max contribution $37,740
You may contribute the maximum CPF contribution of $37,740 to reduce your taxable income
Tip!
You should top up as early as possible to benefit from the power of compound interest over the years.
You can also earn more interest if you top up earlier in the year. For example, if you top up in January each year instead of in December, you can earn up to 20% more interest on your top-ups in 10 years!
8. Supplementary Retirement Scheme: $15,300 / $35,700
Similarly, contributions to SRS can be made in the earlier part of the year, so that the funds can be invested earlier in the year to participate in equity markets or other insurance plans.
Maximum tax relief: $15,300 (Singaporeans/PR) & $35,700 (foreigners)
Read more on IRAS tax relief & deductions here!
Hope that the above information is useful!
If you are still unsure about the tax reliefs or have any queries, do email me at winniechan@fapl.sg and we can have a chat to see how best to reduce your tax payable.
Meanwhile, you can watch my latest video on Tiktok @ SquirrelFinance on How to Save Tax
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Published By:
Chan Wen Li Winnie
Winnie Chan is a Certified Financial Planner (CFP) and MDRT Court of the Table qualifier (top 5% of advisers) with 15 years of experience in financial advisory services.
She specialises in helping doctors and high-income professionals build sustainable passive income, protect what they’ve worked for, and create a financial legacy for the people they love. Working across different insurers and investment platforms, Winnie focuses on finding the right fit for each client — not the other way around.
Her experience supporting clients through insurance claims has helped families access the financial protection they planned for, providing peace of mind during life’s most challenging moments.
Winnie was recognised as a Top 5 Weighted Premium producer at Financial Alliance in 2025 — out of close to 500 advisers — and received industry-level recognition for Top 3 Single Premium category Insurer award.
She has also brought financial education to organisations including Carousell Group, Singapore National Eye Centre, and Singtel.
Outside of work, Winnie stays active through regular gym workouts and is an accomplished pianist — recently attaining ABRSM Piano Performance Grade 6 (Merit).
She believes balance matters in finances, and in life.
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