CPF question for self employed

[sighinguy]

I am self employed and if I max voluntary cpf contributions of 37,740, can I still make another 8k cash top up to cpf to enjoy further tax relief?

if yes, does this 8k go towards my OA only, or gets split automatically?

 

[Slowdown]

To enjoy that 8K tax relief for your own cpf acct, you have to do a cash top up to your SA and/or your MA, provided the limit is not reached. SA limit is FRS which is 198K for 2023. MA limit is BHS which is 68.5K for 2023.

If you do VC, then you will not get any tax relief.

 

[s0crates]

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To enjoy that 8K tax relief for your own cpf acct, you have to do a cash top up to your SA and/or your MA, provided the limit is not reached. SA limit is FRS which is 198K for 2023. MA limit is BHS which is 68.5K for 2023.

If you do VC, then you will not get any tax relief.

No. Voluntary contribution for self employed people, up to 37740 has tax relief.

 

[Slowdown]

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No. Voluntary contribution for self employed people, up to 37740 has tax relief.

TS already said if he has max out 37740 and he is asking how to get the additional tax relief.

 

[reddevil0728]

TS already said if he has max out 37740 and he is asking how to get the additional tax relief.

But why do VC wouldn’t get any tax relief?

 

[BBCWatcher]

I am self employed and if I max voluntary cpf contributions of 37,740, can I still make another 8k cash top up to cpf to enjoy further tax relief?

Yes, and another $8K (total per year) to the Special, Retirement, and/or MediSave Accounts of qualified family members if you wish. Total possible CPF-related tax relief per year is thus $53,740.(*)

if yes, does this 8k go towards my OA only, or gets split automatically?

The $8K/$8K tax relief opportunities are for SA, RA, and/or MA and have some other conditions attached. IRAS explains those rules here.

You’re asking at a good time since you have just a couple more days to decide whether and how you’d like to claim these tax reliefs by acting within 2023 for income tax savings in 2024.

(*) Potentially even more if you have 2 or more jobs in Singapore, but there’s an overall tax relief limit of $80,000 per individual.

 

[Slowdown]

But why do VC wouldn’t get any tax relief?

Self employed can VC up to 37740 for relief. No more relief beyond that amount.

 

[BBCWatcher]

Self employed can VC up to 37740 for relief. No more relief beyond that amount.

Self-employed individuals are not excluded from the other $8K/$8K CPF-related tax relief opportunities.

 

[reddevil0728]

Self employed can VC up to 37740 for relief. No more relief beyond that amount.

yes. but not so much about no more relief beyond that amount, but rather you just can't contribute more than that amount.

 

[Slowdown]

yes. but not so much about no more relief beyond that amount, but rather you just can't contribute more than that amount.

Valid point