How to save $50,000 on your income tax bill: tax filing tips for parents

Stephanie Yeo

Is it income tax filing time already? You have until April 18 to file your income tax if your e-filing – in fact, this year, you can even do it via your smartphone. The deadline for paper returns is April 15.

But make sure you apply for these pro-family tax savings before you submit your form:

Qualifying Child Relief Up to a maximum of $4,000 per child, which can be shared between husband and wife.

Parenthood Tax Rebate This is a one-off claim you must make the year after your kid is born. It ranges from $5,000 to $20,000 depending on the child’s birth order, and can be split between parents. Any unutilised rebate balance remaining will be used to offset the parent’s future tax liabilities.  

Working Mother’s Child Relief This ranges from…

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