CPF Voluntary Top Up Issues: Plse Help

[ivancen]

Hi all,

I offered to help my relative do some income tax savings by topping up his SA (since he is still below 55 this year) online. However I came across this error which made my initial 15 min time offer to extend 2 hours and still not sure what is the problem. Basically he had not done any top up yet this year but somehow the error message is that he has exceeded the top up amount. Even when I key in $1000 instead of $7000 (max allowed) the same error message appeared. Couldn't understand what is happening even after trying to scan through the FAQ and googling online. Eventually though I clicked on his profile which says:

You are not eligible to receive top-up to your Special Account under the Minimum Sum Topping-Up Scheme.

I'm not sure why and I also have exceeded the amount of time I could offer to help him. But I felt bad and also curious why it cannot be done cos I actually did it for myself successfully earlier.

Can some one advise? Thanks!

 

[kehyi4]

Hi all,

I offered to help my relative do some income tax savings by topping up his SA (since he is still below 55 this year) online. However I came across this error which made my initial 15 min time offer to extend 2 hours and still not sure what is the problem. Basically he had not done any top up yet this year but somehow the error message is that he has exceeded the top up amount. Even when I key in $1000 instead of $7000 (max allowed) the same error message appeared. Couldn't understand what is happening even after trying to scan through the FAQ and googling online. Eventually though I clicked on his profile which says:

You are not eligible to receive top-up to your Special Account under the Minimum Sum Topping-Up Scheme.

I'm not sure why and I also have exceeded the amount of time I could offer to help him. But I felt bad and also curious why it cannot be done cos I actually did it for myself successfully earlier.

Can some one advise? Thanks!

Maybe his SA is already over the FRS (currently $161k)? That would make him ineligible for top up ...

 

[ykgoh]

imo, check directly with CPF Board better. They have full access to all the information pertaining to your relative's account, and will be able to give you an accurate answer.

 

[Perisher]

Recently CPF website online is down... maybe it's their error?
Calling them is still the best.

 

[ivancen]

Maybe his SA is already over the FRS (currently $161k)? That would make him ineligible for top up ...

OMG kehyi4, u r spot on. I just checked, SA is $165k. I didn't know there is a limit to topping up CPF money. But wouldn't that mean it's not that great a deal to transfer all OA to SA to enjoy higher interest rates cos later in life when salaries go up, cannot lower by topping up own SA?

So can I confirm, for his case, he cannot top up own SA, only can top up wife SA and SRS that's all right? So he will lie lie lose out the $7k tax rebate.

 

[kzonexx]

for Cash top to CPF-SA to qualify for the tax relief up to $7K, it states only up to current FRS. Does the FRS refers to ur account balance only in your SA or OA+SA or OA+SA+OA utilised including accrued interest?

 

[kehyi4]

for Cash top to CPF-SA to qualify for the tax relief up to $7K, it states only up to current FRS. Does the FRS refers to ur account balance only in your SA or OA+SA or OA+SA+OA utilised including accrued interest?

It's SA only. But it includes any amount in SA withdrawn for investment.

From CPF FAQ
Q: How much cash top-up or CPF transfer can my recipient receive?
A: If your recipient is below 55, this amount is the current FRS less net SA balance and amounts withdrawn from SA for investments.

 

[kzonexx]

It's SA only. But it includes any amount in SA withdrawn for investment.

From CPF FAQ
Q: How much cash top-up or CPF transfer can my recipient receive?
A: If your recipient is below 55, this amount is the current FRS less net SA balance and amounts withdrawn from SA for investments.

thanks! I was flipping looking thru CPF website but guess I didn't know where to look.

 

[kidu83]

Tax saving is avaliable only on Top up of MA for people below age of 55.

Sent from Sony E2353 using GAGT

 

[The_Davis]

Rich man problem

 

[SBC]

If you BB resident & seek ah Mu, may be got chance.

 

[elnewbie]

Even for topup of MA, the tax relief is subject to CPF annual limit. What this means is that if u making $6k per month and getting 3 months variable bonus, you would have exceeded the CPF AL and no tax relief will be accrued to you. I found this out the hard way when I tried this. Luckily I appealed to CPF and they gave me a refund on this topup on the basis that I was unfamiliar with the rules.

Tax saving is avaliable only on Top up of MA for people below age of 55.

Sent from Sony E2353 using GAGT

 

[doody_]

Even for topup of MA, the tax relief is subject to CPF annual limit. What this means is that if u making $6k per month and getting 3 months variable bonus, you would have exceeded the CPF AL and no tax relief will be accrued to you. I found this out the hard way when I tried this. Luckily I appealed to CPF and they gave me a refund on this topup on the basis that I was unfamiliar with the rules.

Not true. The annual limit is 17 months x 6k, so you need to get 5 months bonus based on your example.