Help on Income Tax

• Arena

  24 Jul 05, 01:34

  I'm sorry but can someone help me on income tax as this is my first year getting it.
  I earnt $34120 for 2004.
  They deducted donations of $48, personal relief of $1000 and CPF of $5000++...
  
  They did not include insurance, I pay about $350 monthly for insurance with AIA and AVIVA.
  Do insurance can be claim and deducted from taxable income?
• SMAPLionHeart

  24 Jul 05, 01:41

  Relief for Life Insurance Premiums
  
  You can claim relief on the insurance premium paid on your own or your wife's life assurance policy.
  
  Please note that:
  
  No relief will be allowable to the wife for premiums paid on her husband's life policies.
  Premiums paid on children's life policies do not qualify for relief.
  For policies taken by you on or after 10 Aug 1973, the insurance company must have an office or branch in Singapore.
  The relief you can claim is up to 7% of the capital sum assured. However, if your total CPF contributions exceed $5,000, you will not get any relief for the insurance premium paid.
  
• SMAPLionHeart

  24 Jul 05, 01:41

  http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.6.7+provident+fund+life+insurance+relief.asp
• Arena

  24 Jul 05, 01:43

  oh... so as my cpf contribution exceeds $5000, so I won't get claims on insurance lah??
  
  
• I-like-flings(m)

  24 Jul 05, 01:45

  Originally posted by Arena:

  oh... so as my cpf contribution exceeds $5000, so I won't get claims on insurance lah??
  
  

  ya.. pay tax ba..... hahaha got non working parent to claim parent relief??
• stellazio

  24 Jul 05, 01:47

  You'll be charge 4% for the next 10000 after 20k..
• Arena

  24 Jul 05, 01:48

  btw our tax rate is very low among developed countries like australia and us right?