CPF Contribution for Selfemployed & Employee

[undiscern]

Fellow Tax expert,

Need your input. I am an employee with an sme. My 2013 cpf is 17k (employee) & 13.6k (from employer). So both is $30.6k

As I have my own web business registered as sole-proprietorship (SP), my net revenue is $20k. (with blessings from my sme boss, so dont flame me).

Am I eligible to make contribution to my own CPF acct (OA+SA+MA) based on my SP business? So that I can get more IRAS CPF relief?

I read from IRAS and CPF that the annual CPF Contribution Cap is $30,600. Voluntary CPF = 30600 - Mandatory CPF

I wonder if Mandatory is Employee contribution (17k) or inclusive of employer (13.6k) too.

Anyone? Thanks!

 

[Bedokian]

Unless you want to get a property, have you considered SRS?

 

[undiscern]

Unless you want to get a property, have you considered SRS?

Thanks, already activated SRS. Just wanna see how to further reduce.

 

[anfielder]

Fellow Tax expert,

Need your input. I am an employee with an sme. My 2013 cpf is 17k (employee) & 13.6k (from employer). So both is $30.6k

As I have my own web business registered as sole-proprietorship (SP), my net revenue is $20k. (with blessings from my sme boss, so dont flame me).

Am I eligible to make contribution to my own CPF acct (OA+SA+MA) based on my SP business? So that I can get more IRAS CPF relief?

I read from IRAS and CPF that the annual CPF Contribution Cap is $30,600. Voluntary CPF = 30600 - Mandatory CPF

I wonder if Mandatory is Employee contribution (17k) or inclusive of employer (13.6k) too.

Anyone? Thanks!

The relief cap of $30600 is inclusive of employer and employee contribution.

But you can still do a $7k cash top-up to your SA.

But take note, it's already too late to offset this year's taxes.