CPF annual limit

[TabascoSauce]

Understand there's the 37,740 annual limit, but not quite sure wat is counted towards it.

My employer and employee cpf contribution this year is $37,738
On top of that, my employer gives me extra $2386 medisave. I also did a medisave top up of $2142. Additionally, i have hit the 5th ict milestone and is awarded a total of $5000 to CPF OA and SA.

So in total, $47,266 went into my CPF in 2017. would i get any refund? or the annual limit only applies to the cpf contribution from work (exclude additional medisave from employers)?

 

[kehyi4]

Understand there's the 37,740 annual limit, but not quite sure wat is counted towards it.

My employer and employee cpf contribution this year is $37,738
On top of that, my employer gives me extra $2386 medisave. I also did a medisave top up of $2142. Additionally, i have hit the 5th ict milestone and is awarded a total of $5000 to CPF OA and SA.

So in total, $47,266 went into my CPF in 2017. would i get any refund? or the annual limit only applies to the cpf contribution from work (exclude additional medisave from employers)?

I'm in a similar situation. As far as I can understand it, it goes something like this:

Contribution from employment (ie just your salary and bonus) is subject to the $37740 limit

Additional contributions from employment (such as the extra medisave) is treated separately from the 37740, *but* counts towards the 37740 if you want to do Voluntary Contribution (I found this out in 2016 when my VC went over limit and kenna refunded without interest )

In your case, that $2142 VC MA you did? It'll probably be refunded, sometime in Feb... and CPF will clawback the interest as well. They ain't kidding when they said "no interest for you"

Other top ups such as the ICT milestone thing, govt grants etc, do not affect the 37740 at all, they are completely separate

What this means is that your CPF contributions from employment *can* go above the Annual Limit, strange though it may sound

 

[bazingaman]

Yes but no "tax" benefits..

 

[TabascoSauce]

Thanks for the reply

Was about to ask the tax part. Understand no tax relief on the extra Medisave from employer.

Wat about the Medisave TOP up I did?

 

[kehyi4]

Thanks for the reply

Was about to ask the tax part. Understand no tax relief on the extra Medisave from employer.

Wat about the Medisave TOP up I did?

If your Top Up is returned to you, without interest, because you exceeded CPF AL, do you think gahmen will let you claim tax relief?