Tying the knot in 2024 doesn’t just change your relationship status – it can also impact your tax obligations in Singapore. From personal relief adjustments to changes in how certain deductions are applied, newlyweds should be aware of the financial benefits and considerations that come with marriage. This guide breaks down what you need to know about Singapore tax changes for married couples.
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💍 The Basics: How Marriage Impacts Taxation in Singapore
Singapore’s tax system is individual-based, meaning spouses are taxed separately. However, marriage can still affect your eligibility for certain tax reliefs and deductions. Key changes may include qualifying for Spouse Relief or adjusting how you claim Parent Relief if children are involved.
👫 Spouse Relief – When You Can Claim It
You can claim Spouse Relief (up to SGD 2,000) if your legally married spouse in 2024:
- Has annual income of not more than SGD 4,000 in the preceding year.
- Is living in Singapore or is a Singapore tax resident.
This relief can help lower your taxable income and reduce your overall tax payable.
👶 Parenthood Tax Rebate & Child Reliefs
If you get married and have children in 2024, you may qualify for:
- Parenthood Tax Rebate (PTR): A one-time, non-refundable rebate of up to SGD 5,000–20,000 depending on the number of children.
- Qualifying Child Relief (QCR) / Handicapped Child Relief (HCR): Annual relief to help offset the cost of raising children.
👩💼 Working Mother’s Child Relief (WMCR)
If the wife is a working mother, WMCR offers 15%–25% of earned income per child as a relief, subject to a combined cap with other child reliefs.
🏡 Property Ownership & Stamp Duty
If you purchase a property after getting married, be aware of:
- Buyer’s Stamp Duty (BSD): Applies to property purchases, calculated on the purchase price or market value, whichever is higher.
- Additional Buyer’s Stamp Duty (ABSD): If one spouse already owns a residential property, ABSD rates may apply unless exemptions are met.
📝 Filing Your Tax Return as a Married Couple
Even after marriage, each spouse must file their own individual income tax return. However, the IRAS may pre-fill your tax form with spouse-related details if you update your marital status in MyTax Portal.
📊 Strategic Tax Planning for Newlyweds
- Determine who should claim shared reliefs for maximum benefit.
- Consider timing of CPF top-ups to maximise personal relief caps.
- Plan property purchases to minimise ABSD exposure.
⚠️ Avoiding Mistakes & Penalties
Failure to update your marital status or claiming ineligible reliefs may result in penalties. Always keep documentation to support your claims.
✅ Final Takeaway
Getting married in 2024 offers more than just emotional benefits—it can open the door to valuable tax savings in Singapore. By understanding reliefs, planning your claims, and coordinating financial decisions with your spouse, you can optimise your tax position and keep more of your income.
