For their first child, parents may be eligible for a $5,000 Parenthood Tax Rebate; for their second, $10,000; and for their third and subsequent children, a $20,000 rebate. Citizenship in Singapore must be obtained within 12 months of birth.
Check out the specifics for the Parenthood Tax Rebate 2024: How much is the rebate? Who may claim it? Everything we know is here. The government has launched the Parenthood Tax Rebate to assist young and working parents around the country. This article discusses all of the details of the rebate.
Parenthood Tax Rebate
If you are a parent, you may be eligible for the $5,000 Parenthood Tax Rebate for your first child, $10,000 for your second child, and $20,000 for each subsequent child. The child must be a Singaporean citizen at the time of birth or within a year after birth.
To decrease your individual income tax liabilities, you and your spouse can split the Parenthood Tax Rebate for each qualified child. Any unused Parenthood Tax refund may be allocated to lower the amount of income tax you owe in subsequent years until it is fully utilized.
Who Can Claim Parenthood Tax Rebate?
To be eligible to receive the sum, there are a few prerequisites. This section covers the prerequisites that must be met in order to get the money.
- The parents ought to live in the nation permanently. To demonstrate their residency, they need have residential documentation such as fuel, water, and electricity bills.
- The infant ought to be born within the nation. Children who were born outside of the nation must present a birth certificate along with any necessary paperwork.
- The child’s parents ought to be their primary guardians.
- You should give the youngster getting education information about the schools and the costs associated with them.
- The guardians or the adoptive parents should file the PTR for the adopted children. The adoption documents are required in order to receive their reimbursement.
Amount of Parenthood Tax Rebate
You may divide the PTR if you and your spouse reach an agreement on an allocation. If neither of you can agree on how to divide the PTR or if your claimed fraction does not equal 100%, we will divide it equally between the two of you.