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Chapter 16: - Coggle Diagram

- - - - Chargeable Income
        
        Assessable income less
        
        Reliefs
        
        Life insurance
        
        Relief cannot exceed 7% of SA
        
        Suitable for
        
        Self-employed individuals who
        do not make CPF contributions
        
        Policy on life of taxpayer or wife,
        or if female taxpayer, on her life only
        
        Not eligible if total CPF
        contribution is $5000 or more
        
        For a company
        
        assessable income = chargeable income
      - Aggregate income less
        
        Deductible
        
        Capital allowances
        
        Trade losses
        
        Donations
        
        Deductible at 2.5 times
        amount donated