CPF Accounts Value Thread 2021

[Dividends]

Is it just me or....the new PDF statement format is many steps back from the previous years'?!

Yeah the previous years' statements were so much better than this simplified information.

 

[Dividends]

can i make a VC to MA now to get tax relief for YA2021?

Nope, the cut-off date was 31 Dec 2020. Any VCs now will count towards YA2022's tax relief.

 

[decibel.]

I topped up from OA to SA very early in my career despite in the lower income tax bracket. The idea back then was to ride on the compounding of 4% over 3 decades. I might have been too hasty back then as when I was in my 30s and moved up the tax brackets, I can't top up anymore and enjoy any tax relief

That's fine right since the compound interest over the years would have made up for the tax relief?

Sent from HUAWEI VOG-L29 using GAGT

 

[highsulphur]

That's fine right since the compound interest over the years would have made up for the tax relief?

Sent from HUAWEI VOG-L29 using GAGT

I think so. Some things you just can't optimise fully

 

[lordofthering]

The first thing i did when i made money in the past is to fund my wife and myself cpf till max. At least i can ensure after 65 i can have a okay life even if i lose everything now

 

[endlssorrow]

Bro u so young and so rich liao
Can retire in peace liao

 

[Gaigai]

Yea I’m aware of that. For simplicity, I believe my scenario still holds since I haven’t hit FRS means I can get 10k tax reliefs for topping up 3k to hit BHS in my MA and 7k to SA under RSTU for 2021

Pretty sure max is 7k for self tax relief

 

[RoLanTo]

hi.. whats the benefit to VC all 3 account, if my employment by end of year also will be able to clock 37740?

i tot cpf will refund all VC if that is the case?

 

[highsulphur]

hi.. whats the benefit to VC all 3 account, if my employment by end of year also will be able to clock 37740?

i tot cpf will refund all VC if that is the case?

No benefits at all if you can hit limit from salary and bonus

 

[Gambler.]

hi.. whats the benefit to VC all 3 account, if my employment by end of year also will be able to clock 37740?

i tot cpf will refund all VC if that is the case?

per month max contribution is $2220, due to cap.

so 1 year = $26,640. If your bonus quite thicc then bo bian.

otherwise got 37740 - 26640 = 11,100 for VC (excluding bonus)

 

[RoLanTo]

Thanks for clarifying

 

[Okenba]

per month max contribution is $2220, due to cap.

so 1 year = $26,640. If your bonus quite thicc then bo bian.

otherwise got 37740 - 26640 = 11,100 for VC (excluding bonus)

Ordinary Wage Ceiling (How much of your salary is subject to CPF contributions) is $6k. Monthly salary above $6k does not contribute to CPF.

Additional Wage Ceiling (How much of your bonus is subject to CPF contributions) is ($102k - OWC). So if your monthly wage is $6k or above, ($102k - 12x$6k) = $30k of your bonus is subject to CPF contributions.

So, if your basic salary is above $6k, and your total bonus for the year is above $30k, then you have no room to VC.

 

[badsector]

Ordinary Wage Ceiling (How much of your salary is subject to CPF contributions) is $6k. Monthly salary above $6k does not contribute to CPF.

Additional Wage Ceiling (How much of your bonus is subject to CPF contributions) is ($102k - OWC). So if your monthly wage is $6k or above, ($102k - 12x$6k) = $30k of your bonus is subject to CPF contributions.

So, if your basic salary is above $6k, and your total bonus for the year is above $30k, then you have no room to VC.

besides ur annual bonus, u need to include AWS as well

 

[Okenba]

besides ur annual bonus, u need to include AWS as well

yes, 13th mth bonus is considered bonus, not salary.

 

[henrylbh]

Ordinary Wage Ceiling (How much of your salary is subject to CPF contributions) is $6k. Monthly salary above $6k does not contribute to CPF.

Additional Wage Ceiling (How much of your bonus is subject to CPF contributions) is ($102k - OWC). So if your monthly wage is $6k or above, ($102k - 12x$6k) = $30k of your bonus is subject to CPF contributions.

So, if your basic salary is above $6k, and your total bonus for the year is above $30k, then you have no room to VC.

My friend's bonus less than 15k can also hits annual limit

 

[highsulphur]

My friend's bonus less than 15k can also hits annual limit

Because of aws?

 

[Dividends]

Because of aws?

Or maybe received income from multiple companies.