CPF MA interest 2019

[juelim]

i'm actually referring to why i top up this month instead of dec 2020

Because if you are employed, the Mandatory Contributions (MC) to the Medisave in the following months would result in the 60K ceiling hit, after which you will not be able to top up already. I am assuming you are already at the 2019 ceiling of $57200.

And if you top up now instead of in Dec, the $2800 starts earning the higher interest earlier.

 

[nautilus]

I just checked and the MA interest has been transferred to SA.

Wierd that the interest crediting is faster than the transfer though.

 

[aoptionwriter]

Top up,is this because of tax relief for those hit FRS?

Sent from OnePlus ONEPLUS A6000 using GAGT

 

[hwmook]

Top up,is this because of tax relief for those hit FRS?

Sent from OnePlus ONEPLUS A6000 using GAGT

Yes they are all trying to get tax relief, all high income earners.

 

[swathe]

There is still a CPfF contribution cap of $28k for tax relief.

 

[lifeafter41]

There is still a CPfF contribution cap of $28k for tax relief.

Is there this cap for CPF of 28k for tax relief?
Does this include the regular contribution (thru employment) or excludes?

 

[Thoreldan]

Hmm what's this 28k about ?

 

[Value.Matrix]

There is still a CPfF contribution cap of $28k for tax relief.

Please check source and let us know.

I only know The annual limit for CPF tax relief is currently $37,740.00.

RSTU is another 14,000k.

These two is also inclusive and counted towards the total $80,000 personal tax relief.

 

[swathe]

Yes typo. $38k ($37,740 if exact as mentioned by value.matrix in his post).

So if you have $30k bonus including AWS, then runs a risk of no relief.

 

[swathe]

Is there this cap for CPF of 28k for tax relief?
Does this include the regular contribution (thru employment) or excludes?

$38k includes regular contribution from your monthly salary. Sorry for the typo. It is $38k not $28k

 

[nautilus]

The way to find out is to login to your CPF and list the contribution history for the whole of 2019 from Jan to dec. If it exceeds $37740, all your VC with the exception of RSTU to SA, will be refunded in feb/mar2020.

So if assuming you max out the annual limit in June, then you lose around 9 months of interest on the excess VC.

 

[henrylbh]

$38k includes regular contribution from your monthly salary. Sorry for the typo. It is $38k not $28k

Still you are changing the limit for tax relief.

 

[badsector]

The way to find out is to login to your CPF and list the contribution history for the whole of 2019 from Jan to dec. If it exceeds $37740, all your VC with the exception of RSTU to SA, will be refunded in feb/mar2020.

So if assuming you max out the annual limit in June, then you lose around 9 months of interest on the excess VC.

i make the same mistake..
it's Feb 2019 to Jan 2020. the refund always on Feb

now i calc advance and make Mandatory VC every late Jan if AL not exceeded

 

[Thoreldan]

37740 is roughly about how much salary/mths of bonus ?

I will never hit it

 

[cal3135]

6000 x 37% x 17mths = 37,740

37740 is roughly about how much salary/mths of bonus ?I will never hit it

🍎xsmax HardwareZone Forums app

 

[hwmook]

37740 is roughly about how much salary/mths of bonus ?

I will never hit it

17 months salary, $30000 of bonus. I never hit the limit also.

 

[nautilus]

i make the same mistake..
it's Feb 2019 to Jan 2020. the refund always on Feb

now i calc advance and make Mandatory VC every late Jan if AL not exceeded

Thanks for the clarification. Didn’t realize it was feb to Jan and not Jan to Dec.

 

[badsector]

17 months salary, $30000 of bonus. I never hit the limit also.

base the Additional Wage (AW) Ceiling.

some examples