Money Talks Podcast: Ways to reduce your personal income tax
Deductions, reliefs and rebates - here are some tips and strategies to reduce your upcoming tax bill.
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Tax season isn’t in a few months but with year-end bonuses coming, it’s time to plan how to maximise tax reliefs and deductions. What are the easiest and best-known ways to reduce personal income tax?
Josh Tan, financial adviser and host of YouTube channel The Astute Parent, guides Andrea Heng on this episode.
If you have spare cash, you like that 4 per cent on Medisave (interest) ... might as well pump it in. You get your tax relief, you get your 4 per cent compounding (interest) and that money will be there for you when you need it for medical needs.
Jump to these key moments:
- 4:27 What do you put in your tax form?
- 9:12 Difference between deductions, reliefs and rebates
- 11:53 Putting money in the Supplementary Retirement Scheme (SRS)
- 14:31 Tips for parents
- 18:11 Contributing to Medisave Account
- 20:30 Why donations matter
Source: CNA/ta
