Being a parent is the most rewarding job in the world, but it comes with a “price”. We all know how expensive raising kids can be – which explains the tax deductions parents are entitled to. Pay close attention to the list and tax breaks that can make a significant difference on the amount of tax you pay in the end!
A few important things to take note of below:
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No deduction can be claimed if the child is in receipt of their OWN INCOME and their total income (not including scholarships/grants) EXCEEDS the amount of deduction that would otherwise be allowed.
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For spouses who have opted for separate assessment, it is advisable for the parent with the HIGHER INCOME to claim the child relief in order to minimise their tax liability.
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Spouses LIVING TOGETHER cannot claim 50% each.
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If the husband and wife are SEPARATED and both spend on the child’s maintenance, then they can claim 50% each.
If you need help with tax filing, reach out to us via WhatsApp https://wa.me/60143248237 and our team of professionals will be happy to assist.
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