What is the increase in tax relief income threshold in 2024?
You can enjoy tax relief of up to $8,000 on your cash top-ups ups made to your loved ones. As announced on 16 February 2024, the income threshold for you to enjoy tax relief for your cash top-ups to your spouse or sibling has increased:
Before 2024
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From 1 January 2024
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You will be eligible for the tax relief if your spouse’s or sibling’s income1 in the previous year does not exceed $4,000 or if the recipient is handicapped2
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You will be eligible for the tax relief if your spouse’s or sibling’s income1 in the previous year does not exceed $8,000 (up from $4,000) or if the recipient is handicapped2
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1. Income would include income from bank interest, dividend and pension, investment income/rental income/directorship income.
2. This refers to people who are incapacitated because of physical or mental infirmity. An example of a handicapped person is someone with visual-impairment, loss of hearing, loss of limb or dementia.
Other conditions to enjoy tax relief remain unchanged.
Find out how to claim tax relief on your top-ups
If you wish to amend your instructions to claim tax relief for top-ups made between 1 January to 16 February 2024, please refer to this FAQ.
