• news-banner

    Expert Insights

Available in other languages:

Your 2019 Geneva Tax Declaration : 5 Tips

Within the context of the Covid-19 health crisis, the cantonal tax authorities have adopted certain measures. One of these includes an extension of the deadline for filing your 2019 tax return. For the record, the first deadline was 31 March 2020, however this has been postponed to 31 May  2020.

What if the extra time spent at home during this self-isolation period was used to prepare and file the tax return on time? Here are 5 tips to help lighten your tax burden.

1. Childcare costs

This is big news for 2019! It is now possible for working parents to deduct up to CHF 25,000 per child (at cantonal and municipal level) from costs such as crèche and “day care”. Please note, however, that if the amount of these costs is below this threshold, only the costs actually paid are deductible. At federal level, the deductible amount for 2019 remains at CHF 10,100 per child.   Nevertheless discussions are underway to increase this threshold.

2. LPP buybacks and pillar 3A contributions

The buyback of pension contributions as well as contributions to Pillar 3a (banking or insurance) constitutes one of the best measures for taxpayers who receive income from gainful employment. Buyback and contributions are deducted at source from taxable income and can therefore considerably reduce the annual tax burden.

If you do not  currently contribute to Pillar 3a, there is always time to start as you can deduct the contributions for the tax year 2020. For LPP buyback, you can ask your Pension Fund for a certificate showing the possible redemption amount and thus make payments by the end of the year.

3. Renovation and maintenance costs

For taxpayers who own real estate, the costs incurred for the maintenance or renovation of their property may be deductible. These may include costs such as boiler maintenance, chimney sweep, paint repair work, or even replacing the dishwasher. The Geneva administration has published a precise list of deductible costs (https://www.ge.ch/document/301/annexe/0).

It is necessary to clearly distinguish between the costs which make it possible to maintain the value of the property (deductible) and those which increase its value (non-deductible capital gain). The latter will not be deductible and must be declared in your tax declaration. They will increase the value of the property but can be postponed until the event of a sale, in order to bump up the  declared purchase price in the calculation of the taxable capital gain.

4. Training Fees

Expenses for training, retraining or reintegration during the 2019 year are deductible from your income up to  a limit of CHF 11,942 at cantonal and municipal level and CHF 12,000 at federal level. These may include continuing education costs necessary for gainful employment, professional training costs (CAS, DAS, MAS, patent or federal diploma) or even retraining costs (new higher education) in order to start a lucrative professional activity in a new field.

Please note that if training costs are paid by the employer, they cannot therefore be declared and deducted by the employee.

5. Tax Debt

If as of 31 December  2019, you have not paid all of your estimated 2019 tax, the unpaid tax can be declared as a tax debt in order to decrease your taxable wealth. Do not forget to declare any credit card debts, these are overlooked far too often.

If during 2019, you received a tax decision for aprevious year and interest was charged to you (default interest, negative compensatory interest), you can declare it in your 2019 return; this will then be deducted from your taxable income.

Our thinking

  • IBA Annual Conference 2023

    Charlotte Ford

    Events

  • Charles Russell Speechlys expands presence in Greater China with the arrival of Litigation and Dispute Resolution Partner Stephen Chan

    Stephen Chan

    News

  • A Labour government: what might be in store for personal taxation?

    Sarah Wray

    Quick Reads

  • China Daily, and other titles, quote Silvia On on trends affecting Chinese HNWIs

    Silvia On

    In the Press

  • New Hong Kong crypto regime: trading platforms falling foul already?

    Patrick Chan

    Insights

  • Spears quotes Piers Master on the potential exodus of UHNW non-doms from the UK ahead of a potential Labour government

    Piers Master

    In the Press

  • Investment Week quotes Julia Cox on the proposed scrapping of inheritance tax

    Julia Cox

    In the Press

  • Heritage property and conditional exemption

    Sarah Wray

    Insights

  • Vanessa Duff writes for Wealth Briefing on how the Bank of Mum and Dad can help young people get on the property ladder

    Vanessa Duff

    In the Press

  • Sarah Higgins and David Wells-Cole write for Wealth Briefing on the pitfalls of using unregulated legal services

    Sarah Higgins

    In the Press

  • 5 top tips to make estate administration easier for your executor

    Jessica Dawkins

    Quick Reads

  • Case analysis: URS Corporation Ltd V BDW Trading Ltd

    James Worthington

    Insights

  • Financial Reporter quotes Rhys Novak on a new FCA review into the treatment of PEPs

    Rhys Novak

    In the Press

  • South China Morning Post quotes Lisa Wong on Hong Kong's surrogacy rules

    Lisa Wong

    In the Press

  • First time buyers relief and trusts

    Sarah Wray

    Insights

  • The Financial Times quotes Julia Cox on tax planning under a potential Labour government

    Julia Cox

    In the Press

  • The Times quotes Suzanne Marriott on the legal ramifications of stolen artefacts

    Suzanne Marriott

    In the Press

  • The Family Fund: Bank of Mum & Dad 2.0

    Vanessa Duff

    Quick Reads

  • The Financial Times quotes James Riby on London’s reputation as ‘divorce capital’ of the world

    James Riby

    In the Press

  • Inside Britney and Sam’s $10m prenup

    Shivi Rajput

    Quick Reads

  • The i quotes Katie Talbot on the merits of putting a life insurance policy into a trust

    Katie Talbot

    In the Press

  • Oops!....I did it again - Britney's third divorce

    Charlotte Posnansky

    Quick Reads

  • NSPCC urges Government to protect children from domestic abuse during holidays

    Shivi Rajput

    Quick Reads

  • A brief look at HMRC v A Taxpayer [2023] UKUT 00182 (TCC)

    Dominic Lawrance

    Quick Reads

  • An exceptionally harsh judgment? Exceptional circumstances revisited

    Dominic Lawrance

    Insights

  • Record success for Charles Russell Speechlys in Chambers High Net Worth 2023 directory

    Piers Master

    News

  • ATED and the farmhouse

    Sarah Wray

    Quick Reads

  • Recognising financial abuse in a relationship

    Vanessa Duff

    Quick Reads

  • Million Dollar Footballer With No Assets?

    David Carver

    Quick Reads

  • eprivateclient quotes Sarah Higgins and David Wells-Cole on the CMA’s investigation into will-writing and quickie divorce legal services

    Sarah Higgins

    In the Press

  • Are Parental Rights Equal for All Families?

    Vanessa Duff

    Quick Reads

  • Atonement and post separation endeavour: wife keeps £1m gift from husband after his affair and will receive a share of his business’ future profits

    Sophia Leeder

    Quick Reads

  • Pensions: change is in the air once again

    Sarah Wray

    Quick Reads

  • Pre-Settled Status to be automatically extended by two years

    Paul McCarthy

    Quick Reads

  • Don’t push it… Quincecare duty clarified

    Caroline Greenwell

    Quick Reads

  • Pandora Papers: HMRC nudge taxpayers to come out of their box

    Hugh Gunson

    Quick Reads

  • Making BitCoin a BitClearer

    Charlotte Posnansky

    Quick Reads

  • Can a financial claim in divorce proceed after the death of either party?

    Sarah Higgins

    Quick Reads

  • Second Time Weddings - Family Law (I) dos and don’ts

    Miranda Fisher

    Quick Reads

  • Tina Turner: an inspiration praised for turning the tables on domestic violence

    Matt Foster

    Quick Reads

Back to top