CPF Top up questions

[ah_cheng1882]

Guys, what happens once we hit FRS?

 

[Gamma~]

I topped up $11k to my MA to hit BHS in Jan 2019. However, it was too close to my employee contribution date, hence a small part of my $11k spilled to SA.

Question: In terms of tax relief, do I get the full tax relief for $11k or ($11k - amount spilled to SA)?

 

[Thoreldan]

Guys, what happens once we hit FRS?

you cant transfer cash to sa
you cant transfer oa to sa
your MA contribution/interest will go to oa (if BHS met)
your regular monthly sa contribution will continue to go into sa
your interest earned for sa will continue to go into sa

 

[Thoreldan]

To me, it is always better to grow SA as big as possible, as early as possible, so u can a have bigger SA after exploiting the SA hack at 54+

So if u dun need the OA for housing, transfer OA to SA to hit FRS by 31 Dec 2019 so the interest to be credited on 31 Dec 2019 will not eat into your available limit for transfers. Once u hit 176k, with interest credited on 31 Dec 2019, your SA would have exceeded FRS 2020 of 181k. Bingo, all your work contributions will be above FRS, big big and grow faster!

Most important your transfers from OA to SA will earn 4% in Dec 2019!

U want tax relief, there are other ways to get it!

To each his own! Dun procrastinate!

very good advice here
exactly what i did

 

[vectorguru]

you cant transfer cash to sa
you cant transfer oa to sa
your MA contribution/interest will go to oa (if BHS met)
your regular monthly sa contribution will continue to go into sa
your interest earned for sa will continue to go into sa

so in this case, how does one still use CPF Top Up to get tax relief? only left with the max 7K cash top up for others right? and SRS right?

 

[Value.Matrix]

so in this case, how does one still use CPF Top Up to get tax relief? only left with the max 7K cash top up for others right? and SRS right?

Yes exactly. Left SA top up to parents (most worth coz liquid can draw and top again).

Children 1 bo tax relief , but have 5% for first 60k.

 

[BBCWatcher]

Guys, what happens once we hit FRS?

you cant transfer cash to sa
you cant transfer oa to sa
your MA contribution/interest will go to oa (if BHS met)
your regular monthly sa contribution will continue to go into sa
your interest earned for sa will continue to go into sa

You're also invited into the exclusive "FRS Club."

In all seriousness, it is a fairly exclusive club. At last report only a minority of Singaporeans reach the FRS.

so in this case, how does one still use CPF Top Up to get tax relief? only left with the max 7K cash top up for others right? and SRS right?

Yes exactly. Left SA top up to parents (most worth coz liquid can draw and top again).

Children 1 bo tax relief , but have 5% for first 60k.

Don't forget your spouse/partner who may qualify for his/her own tax relief. If you're married (as Singapore recognizes it), and if your spouse has limited worldwide income, you may qualify for tax relief when you top up your spouse's Special Account or Retirement Account.

You also have potential MediSave Account top up opportunities for tax relief if you have room below the CPF Annual Limit and at least as the Basic Healthcare Sum (BHS) is raised annually and/or as you spend dollars from your MA.

 

[undiscern]

Those in FRS club, am I right to say these few days good time to topup MA to BHS before employer contributions come in? This MA topup will qualify for tax relief?

You're also invited into the exclusive "FRS Club."

In all seriousness, it is a fairly exclusive club. At last report only a minority of Singaporeans reach the FRS.




Don't forget your spouse/partner who may qualify for his/her own tax relief. If you're married (as Singapore recognizes it), and if your spouse has limited worldwide income, you may qualify for tax relief when you top up your spouse's Special Account or Retirement Account.

You also have potential MediSave Account top up opportunities for tax relief if you have room below the CPF Annual Limit and at least as the Basic Healthcare Sum (BHS) is raised annually and/or as you spend dollars from your MA.

 

[SkyNinja]

Those in FRS club, am I right to say these few days good time to topup MA to BHS before employer contributions come in? This MA topup will qualify for tax relief?

Topup by 1st week of Jan 2020 to be safe.

 

[Tiger9119]

I was told by Standard Chartered Bank that the daily limit for PayNow QR is $1000, but when I tried to VC into 3 CPF accounts, the SC Mobile app prompted me the limit is $10,000. So, I VC 10k into my cpf accounts and it went thru. The amount was reflected in my CPF statement immediately.

I think there is an error in SCB system.

 

[articland05]

You're also invited into the exclusive "FRS Club."

In all seriousness, it is a fairly exclusive club. At last report only a minority of Singaporeans reach the FRS.

actually it wasn't that difficult to reach FRS if one throws everything from OA to SA...

 

[havetheveryfun]

actually it wasn't that difficult to reach FRS if one throws everything from OA to SA...

shld be, it is not difficult to reach FRS if one doesnt overcommit to a house or if they dont need to buy a house at all..

 

[lls0101]

I think I read somewhere in this thread or another thread about OA to MA. Is that possible?

Wanted to top up to max BHS since the limit increase again on 1st Jan. If not possible, I will have to use cash which I prefer not to...

Thanks for the help.

Edit : found my answer through an older post. Only possible if we are 55 and above...


Sent from somewhere out there using GAGT

 

[juelim]

Those in FRS club, am I right to say these few days good time to topup MA to BHS before employer contributions come in? This MA topup will qualify for tax relief?

Yes, provided your MC in 2020 will not hit the MC ceiling of $37,400, else come Jan 2021, the $2800 will be refunded to you, interest earned deducted from the MS account, and no additional tax relief in 2021.

 

[AvatarViper]

anybody knows what's the FRS for 2021?

 

[adi75]

anybody knows what's the FRS for 2021?

186000.........

 

[BBCWatcher]

anybody knows what's the FRS for 2021?

186000.........

Nobody knows at this point in time except perhaps the government. S$186,000 is a reasonable guess, but it's only a guess...or a violation of the Official Secrets Act.

 

[addict951]

Yes, provided your MC in 2020 will not hit the MC ceiling of $37,400, else come Jan 2021, the $2800 will be refunded to you, interest earned deducted from the MS account, and no additional tax relief in 2021.

So if I knew my MA will hit 60K by June via monthly MC, then now better dun waste time throw in $2800 liao? Cos in Jan 2021, CPF will refund me the $2800?

Btw, specifically when will CPF refund the 2800?
Last year Jan hor, I threw $1000 into my MA. And the MA reached $57200 some time in July. I can expect CPF to refund me the $1K this month?


On the annual limit subject of $37740.
I’m a salaried employee and monthly MC is made.
Say by July, I hit AL alrdy, what happens to my monthly MC that the employer transfers to CPF board?? Thank you.

 

[articland05]

So if I knew my MA will hit 60K by June via monthly MC, then now better dun waste time throw in $2800 liao? Cos in Jan 2021, CPF will refund me the $2800?

Btw, specifically when will CPF refund the 2800?
Last year Jan hor, I threw $1000 into my MA. And the MA reached $57200 some time in July. I can expect CPF to refund me the $1K this month?


On the annual limit subject of $37740.
I’m a salaried employee and monthly MC is made.
Say by July, I hit AL alrdy, what happens to my monthly MC that the employer transfers to CPF board?? Thank you.

I tot the purpose of doing cash topup to MA is to let mthly contribution overflow to SA? the refund is only valid for cash topup, the usual mthly contributions dun have refund de, it will auto go into SA....

Sent from LGE LG-H990 using GAGT

 

[cal3135]

We may make a guess based on last few years statistics which +2.5k/year BRS

anybody knows what's the FRS for 2021?

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