Baby Bonus, Parenthood Tax Rebate - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Baby Bonus, Parenthood Tax Rebate

Reply
 
Thread Tools
  #1 (permalink)  
Old 11-05-2007, 10:47 PM
Salary.sg
Guest
 
Posts: n/a
Default Baby Bonus, Parenthood Tax Rebate

It's good to have babies - enjoying the cute little ones, having family life, experiencing unconditional love, passing down your genes...

In Singapore, you even get financially rewarded for having babies. As the country is facing a dearth of babies, the government encourages procreation by giving baby bonuses and parenthood tax rebates.

If you have 1 baby, you'll be given a cash bonus of $3,000, paid out in 4 installments.

It gets better. For your 2nd baby, you'll be given another bonus of the same amount, and you and your spouse get to share a $10,000 tax rebate. If both of your taxes are assessed to be $2k a year, you don't have to pay any tax for the next 5 years! To top it off, you get to open a Child Development Account for your baby (essentially a savings account), and the government will match whatever amount you deposit, up to $6,000. You put in $6,000; the government puts in $6,000.

More to come. For your 3rd baby, the numbers are doubled - $6,000 cash bonus, $20,000 additional tax rebate, and $12,000 matching deposit.

Your 4th child also gets $6,000 bonus and $12,000 matching deposit. Tax rebate is an additional $20,000, on top of the $10,000 + $20,000 already given for your 2nd & 3rd children.

To summarize, if you have:

- 1 child, total monetary rewards from government = $3k
- 2 children, cumulative total = $3k + $3k + $10k + $6k = $22k
- 3 children, cumulative total = $22k + $6k + $20k + $12k = $60k
- 4 children, cumulative total = $60k + $6k + $20k + $12k = $98k

Wow, this is good money. So why is the birth rate still shamefully low?

http://www.salary.sg/2007/baby-bonus...od-tax-rebate/

Reply With Quote
  #2 (permalink)  
Old 22-07-2007, 01:36 PM
Jenny---
Guest
 
Posts: n/a
Default 316

Just want to know if this baby bunos only applicable for Singaporeans? Hows about for PR's?

Reply With Quote
  #3 (permalink)  
Old 22-07-2007, 03:47 PM
admin---
Guest
 
Posts: n/a
Default 317

Jenny, baby bonus is applicable as long as the baby is registered as a Singapore citizen. See www.babybonus.gov.sg , particularly this page.

Reply With Quote
  #4 (permalink)  
Old 01-08-2007, 11:08 PM
sun---
Guest
 
Posts: n/a
Default 330

because, many singaporeans think the money is NOT attractive enough. Singaporeans are so use to get everything for free / subsidised. (health, tax, childbirth, housing, cpf topups and etc).
Reply With Quote
  #5 (permalink)  
Old 12-11-2007, 02:18 AM
at82---
Guest
 
Posts: n/a
Default 538

Because most S'poreans do not pay income tax after existing rebates...
Reply With Quote
  #6 (permalink)  
Old 01-04-2008, 11:35 AM
Parenthood Tax Rebate---
Guest
 
Posts: n/a
Default 1259

The Parenthood Tax Rebate is not capped as mentioned in your article. If I have 4 children, I will get 10k + 20k + 20K = 50k in total.
See:
http://www.mof.gov.sg/taxation/reliefs_rebates_table.html
http://www.iras.gov.sg/irasHome/page03.aspx?id=6054
Reply With Quote

  #7 (permalink)  
Old 03-04-2008, 12:58 AM
admin---
Guest
 
Posts: n/a
Default 1275

To #8: Yes, thanks for clarifying. The mistake in the post has been rectified.
Reply With Quote
  #8 (permalink)  
Old 01-08-2008, 07:01 PM
Serene--
Guest
 
Posts: n/a
Default 2338

IRAS website stated that we do not need to submit any parenthood tax rebate during annual income filing if we have claimed it before. What does that mean? They will know that we have a new born 3rd or 4th child in the family?
Reply With Quote
  #9 (permalink)  
Old 04-08-2008, 10:59 AM
admin--
Guest
 
Posts: n/a
Default 2356

Serene, I believe you need to submit a new claim for your new child - it is additional rebate on top of your existing rebate.
Reply With Quote
  #10 (permalink)  
Old 19-08-2008, 11:56 PM
mac--
Guest
 
Posts: n/a
Default 2444

Apart from $ and c, other reasons would be social reasons such as perceived lack of time, hindrance to achieving your dreams or career goal and even lack of security between husband and wife (given relatively higher divorce rate with each passing year)...
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Baby Bonus CDA Account Salary.sg Investments and Net Worth 15 31-03-2011 01:11 AM
Income Tax Rebate of 20% for YA2008 Salary.sg Investments and Net Worth 1 09-03-2008 03:11 AM

» 30 Recent Threads
Is getting a PMP worth it ?
4 Replies, 7,062 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,309 Replies, 4,983,264 Views
Lawyer Salary ( 1 2 3... Last Page)
21,014 Replies, 10,329,157 Views
GovTech ( 1 2 3... Last Page)
5,161 Replies, 2,163,525 Views
Career as Teacher ( 1 2 3... Last Page)
10,833 Replies, 6,665,997 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,801 Replies, 1,044,019 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
679 Replies, 388,346 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
207 Replies, 134,573 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,922 Replies, 2,902,620 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,455 Replies, 784,413 Views
Nparks ( 1 2 3... Last Page)
39 Replies, 34,371 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,828 Replies, 4,656,773 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
309 Replies, 369,015 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,338 Replies, 4,770,313 Views
Compare civil service salary ( 1 2 3... Last Page)
16,342 Replies, 12,455,133 Views
Civil Service Current Estimated... ( 1 2 3... Last Page)
169 Replies, 309,126 Views
Constituency Manager (People... ( 1 2 3... Last Page)
989 Replies, 813,918 Views
Julius Baer Graduate Program 2023 ( 1 2 3)
21 Replies, 14,805 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,385 Replies, 2,324,130 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
752 Replies, 358,407 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,049 Replies, 440,560 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,464 Replies, 1,375,205 Views
ST Electronics ( 1 2 3... Last Page)
3,767 Replies, 1,544,502 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,260 Replies, 613,575 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,123 Replies, 3,738,495 Views
MX12 reappointed at MX11
8 Replies, 813 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
749 Replies, 405,522 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,329 Replies, 1,142,091 Views
MFA- Foreign Service... ( 1 2 3... Last Page)
54 Replies, 84,968 Views
Cybersecurity/Info security career ( 1 2 3... Last Page)
511 Replies, 268,594 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 03:49 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2