Parenthood Tax Rebate 2024 – Know Amount, Eligibility, How To Claim?

The Parenthood Tax Rebate 2024 is the amount to reduce the financial burden of the parents and to encourage family planning. The PTR is available to the citizens of Singapore and this reduces the taxable income of the eligible parents. To qualify for the payment, the child shall be a citizen of Singapore of age less than 16 years. The amount of the rebate is dependent upon the number of children you have and you need to check the Singapore Parenthood Tax Rebate Eligibility 2024 to know if you could get the amount. The process to claim for the PTR has been mentioned in the proper steps in the article below. You must check the complete post to get the complete updates on the tax rebate.

Parenthood Tax Rebate 2024

The Parenthood Tax Rebate is available to the eligible citizens of Singapore so that they can easily raise their children. Raising a child is not an easy task and citizens have been seen facing financial trouble due to this fact. The tax relief scheme has been designed to reduce the financial burden of the parents and to encourage family planning. The Singapore Parenthood Tax Rebate 2024 is to reduce the taxable income of the parents and the parents can only qualify for the payment if they have one child under the age of 16 years and is a resident of Singapore. The PTR definitely aims to reduce the financial burden and you can focus on what matters the most and you can then give your child the best start. The rebate will be given to the parents, guardians, divorced or widowed parents is the mandatory Singapore Parenthood Tax Rebate Eligibility 2024 to get the payment. The amount of the payment is dependent upon the total number of children in the household and each child will be given a specific amount of rebate. 

If the parents are sharing the child’s custody, they shall apply for the joint rebate and the amount will be based on the time you have spended with your child. This rebate will help all the young parents who have been worried about their finances and raising the child. The amount of the rebate will be $5000 for the first child, $10000 for the second child and $20000 for the third child and then the amount will be distributed subsequently. In order to check the detailed Singapore Parenthood Tax Rebate Eligibility 2024 shall read this complete post and shall get to know the rebate amount they will get for their child.

Parenthood Tax Rebate 2024

iras.gov.sg Parenthood Tax Rebate 2024

Article TitleParenthood Tax Rebate
Organization NameInland Revenue Authority of Singapore 
Country Singapore 
Rebate Name Parenthood Tax Rebate 
Given to Parents having a child who is resident of Singapore 
Child’s AgeUnder 16 years 
Parenthood Tax Rebate Payment Amount 2024As per number of children
Application Mode Online 
Post TypeFinance 
Website iras.gov.sg

The Inland Revenue Authority of Singapore has started the Parenthood Tax Rebate to help provide the finances in order to raise the children. The beneficiaries can share the tax rebate with the spouse to offset the payment. The children in the family becomes the basis for the Parenthood Tax Rebate Payment Amount 2024

Singapore Parenthood Tax Rebate 2024

  • The Inland Revenue Authority of Singapore has aimed to provide the benefit in the form of tax rebate to the eligible recipients whose child is a citizen of the Country.
  • The Parenthood Tax Rebate 2024 is issued to the child care of all the dependent children and the parents or guardians can get the amount.
  • The rebate is dependent upon the number of children in the household and their age also decides the amount which they can get.
  • In case the parents are jointly sharing the child’s custody, they will be given the rebate only if they apply jointly.
  • Raising a child is not easy and many young parents are often in a dilemma either to see their finances or look after their child so for them, this payment is to reduce their financial burden.

Who Can Get Parenthood Tax Rebate 2024?

  • The working mother in Singapore whose child is below 16 years of age can get the Tax Rebate as the Working Mother’s Child Relief.
  • You have to live in Singapore and shall be a resident having a dependent child.
  • The child shall be born in Singapore and shall not be above 16 years.
  • The parents have to be the carer for the dependent child.
  • The PTR will be given if you employ a Foreign Domestic Worker for your child’s care.
  • The income tax returns shall be duly filed for the tax year. 

Parenthood Tax Rebate Payment Amount 2024

Order Of ChildChild Born Between 2004 and 2008Child Born After 2008
1st child$0$5000
2nd child$10000$10000
3rd child$20000$20000
4th child$20000$20000
5th child and subsequent $0$20000 per child

How To Claim Parenthood Tax Rebate 2024?

  • Firstly you shall login with the Singapore Foreign User Account
  • Then click on Individuals Tab and later File Income Tax Return
  • You can select on Edit the Tax Form
  • You can then click on Parenthood Tax Rebate 
  • Later click on Update and then fill in your claim.
  • Using the above said steps, you can easily claim the tax rebate in Singapore. 
  • Any unutilized PTR will get carried forward towards the payment of next income tax. The remaining balance can’t be refunded.

Links To Check Parenthood Tax Rebate 2024

Parenthood Tax Rebate 2024Parenthood Tax Rebate

FAQS On Parenthood Tax Rebate 2024

What is the Singapore Parenthood Tax Rebate 2024?

The Singapore Parenthood Rebate 2024 is the reduction in the financial burden in raising the children.

What is the amount under the iras.gov.sg Parenthood Tax Rebate 2024?

The beneficiaries will be given $5000 for the first child, $10000 for second and the amount of $20000 for the third one and then subsequent amounts will be given.

Who can get the Singapore Parenthood Tax Rebate 2024?

The Tax Rebate can be claimed by the parents having a child below 16 years and is a resident of the Country.

How can you claim the Singapore Parenthood Tax Rebate 2024?

The beneficiaries can claim the Singapore Parenthood Rebate 2024 using the above stated steps.

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