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:
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.
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.
Spouses LIVING TOGETHER cannot claim 50% each.
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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