CPF Questions

[aamaterasu]

Hi,

1) Is there anyway to transfer OA from my spouse to myself or vice versa? This allows for some flexibility in property payment if we own two properties.

2) Is there anyway to maximise cpf tax relief (eg me doing a 8k cash top up to self + 8k to spouse for a 16k relief on my assessable income). Aim is to obtain tax relief for the higher income earner compared to each of us topping up 8k to our own respective account.
I saw a caveat that the spouse receiving the top up should not have a annual income of i think >5k in the preceding year.


Thank you.

 

[reddevil0728]

Hi,

1) Is there anyway to transfer OA from my spouse to myself or vice versa? This allows for some flexibility in property payment if we own two properties.

2) Is there anyway to maximise cpf tax relief (eg me doing a 8k cash top up to self + 8k to spouse for a 16k relief on my assessable income). Aim is to obtain tax relief for the higher income earner compared to each of us topping up 8k to our own respective account.
I saw a caveat that the spouse receiving the top up should not have a annual income of i think >5k in the preceding year.


Thank you.

1) you can’t find via google? https://www.cpf.gov.sg/member/growi...s/top-ups-for-loved-ones-employees-and-others

2) you answered your own qns. But can do parents

 

[sohguanh]

Hi,

2) Is there anyway to maximise cpf tax relief (eg me doing a 8k cash top up to self + 8k to spouse for a 16k relief on my assessable income). Aim is to obtain tax relief for the higher income earner compared to each of us topping up 8k to our own respective account.
I saw a caveat that the spouse receiving the top up should not have a annual income of i think >5k in the preceding year.

Just inform the top up to get tax relief also depend if it is allowed. If you reach the FRS (this amount also factor in any CPF investment you withdraw out. I found this out recently as my dashboard show < 192k but don't allow me to top) cannot be topped up. So wait for next year when they raise 192k to say 200k for e.g you faster do the top up becuz if working your monthly employer contribution come in to fill up.

 

[fr33d0m]

Just inform the top up to get tax relief also depend if it is allowed. If you reach the FRS (this amount also factor in any CPF investment you withdraw out. I found this out recently as my dashboard show < 192k but don't allow me to top) cannot be topped up. So wait for next year when they raise 192k to say 200k for e.g you faster do the top up becuz if working your monthly employer contribution come in to fill up.

Unlikely for CPF SA. Interest on SA still goes to SA unlike MA.

 

[sohguanh]

Unlikely for CPF SA. Interest on SA still goes to SA unlike MA.

I am just sharing my own case. I cannot top up already even though the cpf dashboard show is < 192k then I write in and they told me the amount 192k include any CPF that you withdraw for investment. The CPF investment is net amount so if you lose monies then lesser and vice versa.

 

[BBCWatcher]

1) Is there anyway to transfer OA from my spouse to myself or vice versa? This allows for some flexibility in property payment if we own two properties.

Not really, not generally.

Sometimes there's a way to boost your spouse's rate of OA accumulation. If your spouse is under age 55 and has a Special Account below the Full Retirement Sum then you are generally able to transfer OA dollars into your spouse's SA. Then, if your spouse's MA has reached the Basic Healthcare Sum and your spouse's SA has reached the Full Retirement Sum, the portion of his/her compulsory CPF contributions ordinarily allocated to his/her MediSave Account will instead flow into his/her OA.

Of course all the ways you can withdraw OA dollars from age 55 onward can work because that's cash. Cash works for housing.

2) Is there anyway to maximise cpf tax relief (eg me doing a 8k cash top up to self + 8k to spouse for a 16k relief on my assessable income). Aim is to obtain tax relief for the higher income earner compared to each of us topping up 8k to our own respective account. I saw a caveat that the spouse receiving the top up should not have a annual income of i think >5k in the preceding year.

That's basically correct. If your spouse's annual income the preceding year exceeded S$4,000 then you are ineligible for tax relief when you add funds to your spouse's MA and/or SA. That's worldwide annual income, not only Singapore source or Singapore taxable income.

However, there's a potential "trick" available for the $8,000 of tax relief you still have depending on your and your spouse's MA and SA balances. If the spouse in the higher tax bracket has a MediSave Account that's hit the Basic Healthcare Sum then that spouse should probably assume MediSave payable insurance premiums for the entire household. Then that spouse can swoop in with Voluntary Contributions to MediSave for tax relief, to push MA back to the BHS (typically), within the $8,000 tax relief limit. You also have potential options for the other $8,000 of tax relief among parents and other qualified family members.