CPF contribution after Specical Account hits min sum

Jazzbie

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I have just received my Notice of Assessment from IRAS for 2014. Plan to do CPF / SRS contributions to reduce taxable income after reading this thread.

Will I still be able to contribute and amend my reliefs now or will the contributions after today just be effected in next year's income tax filing?
 

knightdreamer

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I have just received my Notice of Assessment from IRAS for 2014. Plan to do CPF / SRS contributions to reduce taxable income after reading this thread.

Will I still be able to contribute and amend my reliefs now or will the contributions after today just be effected in next year's income tax filing?

Yup. Topup your cpf sa or srs will reduce your tax relief for next year.
 

dork32

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But since most of the forumners are saying SA contribution will still go to SA even SA is maxed out, then I will not do the transfer. Thanks for the help everyone.

this statement not very true leh. my sa is now exactly 155 000.00. cannot be such a nice number one right? all the other money went into my oa.
 

djchris

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this statement not very true leh. my sa is now exactly 155 000.00. cannot be such a nice number one right? all the other money went into my oa.
Why don't you give CPF a call for the answer? Would love to know what they say.
 

ocs_woodlands

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this statement not very true leh. my sa is now exactly 155 000.00. cannot be such a nice number one right? all the other money went into my oa.

Yes, I ca confirm that when your SA goes above the minimum sum, it continues to grow without a ceiling limit. I have crossed the minimum sum in SA sometime ago.
 

henrylbh

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this statement not very true leh. my sa is now exactly 155 000.00. cannot be such a nice number one right? all the other money went into my oa.

Not true. No ceiling for OA and SA. Only MA and RA got ceiling. Note you cant transfer OA to SA if SA already reached the ceiling although SA can continue to grow from mandatory monthly contributions.
 
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rayleigh

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:o When you only have 5 digits in your OA, it take a few hundreds percent of gain to get to a million...:s13:

Go for the proven method of buying ETF using the method of DCA. As long as you are ready to withdraw from SRS after 62 then i see no reason why you shouldn't go for it.

Having stumbled into this thread, I realised that I be hitting MS in about 2 years time. So which is better, to let the power of compounding be the effector or to divest into ETF?
 

djchris

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If the CPF interest rates are sufficient to grow your CPF to hit MS, then I won't touch it anymore. I'd just focus on post-tax investments to grow a retirement nest to retire before 65.
 

dork32

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yup, you people are right. my sa is now above the 155k. Last month contribution is in.

confirm sa contribution goes to sa. ma and oa contribution go to oa.

Anyway, my sawas at exactly 155k for 1 month.
 

ramlee

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yup, you people are right. my sa is now above the 155k. Last month contribution is in.

confirm sa contribution goes to sa. ma and oa contribution go to oa.

Anyway, my sawas at exactly 155k for 1 month.

Elite spotted :(
 

MikeZhang

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So even sa hit the minimum sum, cpf contribution will still goes to sa? Or can we still top up more into sa after hitting minimum sum?
 

greddy88

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So even sa hit the minimum sum, cpf contribution will still goes to sa? Or can we still top up more into sa after hitting minimum sum?

Yes, it will still go there. Mine is well over 155k now.
Only thing won't is for you to manually transfer or top it up.. Want to also cannot.
 

djchris

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Yes, it will still go there. Mine is well over 155k now.
Only thing won't is for you to manually transfer or top it up.. Want to also cannot.
So you can't top up your SA (with OA or cash) anymore once it hit the max?
 
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