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| Investments and Net Worth Talk all about money making exploits, shares, property and building net worth |
Topic Review (Newest First)
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| 25-03-2009 06:01 PM | |
| Salary.sg |
Qualifying Child Relief & Working Mother Child Relief 2009 o taxpayers with kids: Do you know that the Qualifying Child Relief has been doubled to $4,000 this year? The Working Mother Child Relief has also been significantly increased - it's tripled for the first child! More importantly, do you know what's the best way to split the QCR? As stated in the IRAS web page "QCR... may be shared with your spouse based on the apportionment agreed by both parties." This means both you and your spouse can share the relief. So what's the optimum way to share QCR? I've talked about this previously. Let me summarize: Give the QCR(s) to the one who has the higher chargeable income (after all reliefs are taken into account - use this tax calculator). Since the person is in the higher tax bracket, he/she stands to gain the most from the relief. In many cases, you'll reap the maximum benefit if the husband gets all the QCRs. As for WMCR, it only goes to the mother. References: IRAS web pages on QCR and WMCR (see the excellent examples there) So which of you will get the QCR? http://www.salary.sg/2009/qualifying...d-relief-2009/ |
