Self Employed CPF MA liability

[OngHuatHuat]

Currently, I pay this using installments.
However, if I pay one shot, it seems like I will enjoy a slightly higher interest rate at the end. If no problem paying one shot, is it more advisable to just pay lump sum per annum(no matter what, this amount will be the same, the only difference is first case split into 12 payments, then the other case is one lump sum payment)

 

[shareholder]

Currently, I pay this using installments.
However, if I pay one shot, it seems like I will enjoy a slightly higher interest rate at the end. If no problem paying one shot, is it more advisable to just pay lump sum per annum(no matter what, this amount will be the same, the only difference is first case split into 12 payments, then the other case is one lump sum payment)

Recommend paying one shot, unless you are able to get better returns on the sum than cpf 4%.

 

[watsum]

Didn't know there's interest difference. I am using GIRO to do monthly installment so that can hit the 3 GIRO transaction criteria for UOB One goodies.

 

[mummy1234]

Actually I do not top up as I put my income under employee income and not trade income so IRAS does not bug me...

 

[henrylbh]

Actually I do not top up as I put my income under employee income and not trade income so IRAS does not bug me...

If you sole prop or partner, you can't be employee.

 

[OngHuatHuat]

I think I cannot. Coz I actually own the business myself.

Actually I do not top up as I put my income under employee income and not trade income so IRAS does not bug me...

 

[knightdreamer]

TS sorry huh hijack

For volunteer contribute to MA does it have tax rebate? Text in red? can advice

Voluntary Contributions to Medisave Account (VC-MA)

You may also make voluntary contributions to your Medisave account and claim tax reliefs to lower your taxes.
Tax Relief for Voluntary Contributions

You may claim tax relief for your voluntary Medisave contributions if:

You are a Singapore Citizen or Permanent Resident;
You have made voluntary contributions to your Medisave account in the previous year; and
You derived any source of income (e.g. from rental, director's fees, etc.) in the year you made the voluntary contributions.

Amount of Tax Relief VC-MA

The amount of tax relief given to the lowest of the following:

Voluntary cash contribution directed specifically to Medisave Account or
Annual CPF contribution cap for the year, less Mandatory Contribution (MC)* or
Prevailing Basic Healthcare Sum(BHS)^, less the balance in Medisave Account before the voluntary cash contribution.