NOTE To Clarify" Voluntary contribution for self employed is Tax deductible to $37740 or 37% of income - www.iras.gov.sg/taxes/individual-income-tax/self-employed/deductions-for-individuals/personal-reliefs-and-tax-rebates/cpf-provident-fund-relief-for-self-employed-employee-who-is-also-self-employed If you are employed, VC to all 3 accounts is NON deductible: www.iras.gov.sg/taxes/individual-income-tax/employees/deductions-for-individuals/personal-reliefs-and-tax-rebates/central-provident-fund(cpf)-relief-for-employees. As of this year, aim to add in via VC to MA if its still under BHS
Big thanks for this video. My wife never claimed WMCR and after watching this I urged her to write to IRAS and they promptly refunded the last 4 years excess tax . I owe you a coffee or dinner if you have time .
Great video once again. I like the fact that you are succint and to the point, unlike some who will drag their videos unnecessarily. Look forward to the next video.
Perhaps you can check how much remaining CPF you can contribute by using "Contribute to my 3 CPF accounts (not taxable)". The $37,740 limit should apply to both taxable and non-taxable CPF contributions.
SMASH is a word I learnt from the best =) Always looking to improve. I think as of now its still 62. The statutory age is due to change this year, not sure when. But double check when u create your srs account safest. IT will be stated on statement
i watched your 1m65 video be4. in my opinion, don bother too much abt haters frm 1m65. i feel they are arrogant and closed to alternative opinions. i rather you be yourself and share with us more valuable contents. cheers.
Annual VC limit is made of BOTH. But if you are employed, Voluntary contribution (VC) is non deductible. If you are under self employed then its lower of that or 37% of income. Hope it answers
Njoyed yr sharing... Always very informative n ez to understand. But the cpf vc cld hv bn a bit clearer like saying upfront tat it applies to only self employed... Coz u gotten many employed ppl excited about maxing with to pay less tax lol
only top-ups made under the Voluntary Contributions specifically to the MediSave Account are tax-deductible. This means that Voluntary Contributions made to all three CPF accounts do not qualify for tax reliefs. Isn’t it?
Yes. Sorry for the confusion. Im under self employed and its lower of 37740 or 37% of income as there is no employer contribution. What can still be done is voluntary medisave contribution. Once there is insurance premium deduction, you can top up before employment medisave comes in. Or at start of year when Basic healthcare sum is increased to top up. Hope its useful
Hi Josh, i don't get the part on how cpf calculates interest on a lower amount and what that has to do with topping up nearer to the end of the month? Could you elaborate, thanks!
quite hard for me to game this to hit 80k relief. My SA is over FRS, My MA is always max out so i dun think i can top up even if i want to and i contribute 15300 max to srs yearly.
Thanks Josh again for the great video. Just want to clarify again on the below scenario: If someone had contributed CPF $37740 and RSTU 7k, can he continue to contribute to Medisave to BHS to get the extra tax relief? Thanks
For 2021 cannot. Coz MA VC is under $37740 limit. Next year can coz the MA giving is separated out. Hope it answers and share it with any friend with the same query
Hi Josh, thanks to you & your team for all the informative video. Continuing this query, what if we twig the scenario a bit, employer had contributed 20k & employee contributed 17.74k (i.e. total 37.74k) would he entitle extra tax relief by performing VC to BHS into his MA?
Hi Josh, thanks for the great informative video. Can I know if my understanding is correct that I will eligible for tax relief for FY21 if top up SA or Medisave anytime before 31 Dec 2021?
SA yes via RSTU and cap at FRS $186k. MA yes if lower than BRS $63k and if you havent hit $37740 total CPF contribution for the year. Should be accurate but as always safer to double check with IRAS hotline k
Hi Josh, saw that your deductions under Provident Fund/ Life Insurance amounts to $21,470 but I read that the cap is $20,400 (which is 20% of the total wage cap of $102,000), am I missing something? thanks in advance
Hi Kenny and CK, not missing anything. Sorry for the confusion. Im under self employed and its lower of 37740 or 37% of income as there is no employer contribution. What can still be done is voluntary medisave contribution. Once there is insurance premium deduction, you can top up before employment medisave comes in. Or at start of year when Basic healthcare sum is increased to top up. Hope its useful
Hi Josh, thanks for your reply. For someone who has hit the 37740 ($20,400 from self and $17,340 from employer) and medisave has just deducted $1,000 for MediShield premiums, can we still do voluntary medisave contribution of $1,000 and the $1,000 will be eligible for tax relief ? Thanks.
NOTE To Clarify" Voluntary contribution for self employed is Tax deductible to $37740 or 37% of income - www.iras.gov.sg/taxes/individual-income-tax/self-employed/deductions-for-individuals/personal-reliefs-and-tax-rebates/cpf-provident-fund-relief-for-self-employed-employee-who-is-also-self-employed If you are employed, VC to all 3 accounts is NON deductible: www.iras.gov.sg/taxes/individual-income-tax/employees/deductions-for-individuals/personal-reliefs-and-tax-rebates/central-provident-fund(cpf)-relief-for-employees. As of this year, aim to add in via VC to MA if its still under BHS
Big thanks for this video. My wife never claimed WMCR and after watching this I urged her to write to IRAS and they promptly refunded the last 4 years excess tax . I owe you a coffee or dinner if you have time .
No worries on it! Happy for you =)
Great video once again. I like the fact that you are succint and to the point, unlike some who will drag their videos unnecessarily. Look forward to the next video.
Thanks. Share with a friend who may be planning tax relief yr end
Perhaps you can check how much remaining CPF you can contribute by using "Contribute to my 3 CPF accounts (not taxable)". The $37,740 limit should apply to both taxable and non-taxable CPF contributions.
Im under self employed. Limit is flat $37740. For employed yes VC is non deductible
just donate(approved charities). 250% reduction.
Ya donated more this year already =)
my like button is smashed and destroyed everytime listening to you, thanks Josh!
the SRS at 62 year old... is over right?
SMASH is a word I learnt from the best =) Always looking to improve. I think as of now its still 62. The statutory age is due to change this year, not sure when. But double check when u create your srs account safest. IT will be stated on statement
QCR + WMCR there is a cap of $50,000.
WMCR cap is per child
i watched your 1m65 video be4. in my opinion, don bother too much abt haters frm 1m65. i feel they are arrogant and closed to alternative opinions. i rather you be yourself and share with us more valuable contents. cheers.
Thanks Jason, appreciated
The more i watch, the more I realise I don’t know a thing. LOL
When I got money, I’ll ask shifu out for kopi.
Hi! The $37,740 limit is made up of only employee's contribution or both the employee and employer contributions. Thank you!
Annual VC limit is made of BOTH. But if you are employed, Voluntary contribution (VC) is non deductible. If you are under self employed then its lower of that or 37% of income. Hope it answers
@@joshconsultancy thanks for the time to reply.🙂
The reits will lag the financial and other sectors given the momentum of the stock market. The interest rate will be another factor next year.
Financial sector benefits. REITs i used to think will suffer... until i did that research for that video REITS and inflation
Njoyed yr sharing... Always very informative n ez to understand. But the cpf vc cld hv bn a bit clearer like saying upfront tat it applies to only self employed... Coz u gotten many employed ppl excited about maxing with to pay less tax lol
Ya that part I acknowledge
only top-ups made under the Voluntary Contributions specifically to the MediSave Account are tax-deductible. This means that Voluntary Contributions made to all three CPF accounts do not qualify for tax reliefs. Isn’t it?
Yes. Sorry for the confusion. Im under self employed and its lower of 37740 or 37% of income as there is no employer contribution. What can still be done is voluntary medisave contribution. Once there is insurance premium deduction, you can top up before employment medisave comes in. Or at start of year when Basic healthcare sum is increased to top up. Hope its useful
Hi Josh, i don't get the part on how cpf calculates interest on a lower amount and what that has to do with topping up nearer to the end of the month? Could you elaborate, thanks!
Hi Josh, did you have a video that discussed that or will there be other means to read up about it? Thanks
The 'Provident Fund/Life Insurance' is just the CPF contributions? It does not include our term or whole life insurance?
If CPF contribution is more than $6k (from memory), cannot claim insurance premium for tax relief
Bro. I just check with CPF today and they say that VC does not gives us tax relief.
Just saw your explanation on why u have text relief for VC. Pai seh…
Explore more on medisave top up at start of year and when there is insurance deduction to add on to your VC under employed status
@Josh Tan - TheAstuteParent but next yr tax rebate is max $8k summing SA and Medisave cash top up.
Can housing repayment in OA CPF be use for tax relief?
not considered
My ex-colleague damn shiok, she has 3 kids and her annual income is on average $800k-900k pa. Sibei song ah.
Total relief capped at 80k now. Last time ya, song. But 3kids and she did well in corporate, thats very commendable
My annual income is equals to your tax relief in 2020😂
It will grow in coming years dun worry
quite hard for me to game this to hit 80k relief. My SA is over FRS, My MA is always max out so i dun think i can top up even if i want to and i contribute 15300 max to srs yearly.
Noted. Ya it will hit at ceiling at some time
Thanks Josh again for the great video. Just want to clarify again on the below scenario:
If someone had contributed CPF $37740 and RSTU 7k, can he continue to contribute to Medisave to BHS to get the extra tax relief?
Thanks
For 2021 cannot. Coz MA VC is under $37740 limit. Next year can coz the MA giving is separated out. Hope it answers and share it with any friend with the same query
Hi Josh, thanks to you & your team for all the informative video. Continuing this query, what if we twig the scenario a bit, employer had contributed 20k & employee contributed 17.74k (i.e. total 37.74k) would he entitle extra tax relief by performing VC to BHS into his MA?
Hi Josh, thanks for the great informative video. Can I know if my understanding is correct that I will eligible for tax relief for FY21 if top up SA or Medisave anytime before 31 Dec 2021?
SA yes via RSTU and cap at FRS $186k. MA yes if lower than BRS $63k and if you havent hit $37740 total CPF contribution for the year. Should be accurate but as always safer to double check with IRAS hotline k
Would you please share how can 55+ year singaporean reduce tax payable amount by contributing CPF other than contributing to SRS
If under employed and if SA and MA is filled, there may be little options left. Hope it answers
Thanks
Donate more……
Yup, more than triple already this year
@@joshconsultancy why are u able to get more than $20,400 for ur CPF
'Provident Fund/Life Insurance'......So getting more personal insurance can help too?
If CPF contribution is more than $6k (from memory), cannot claim insurance premium for tax relief
If both SA and MA has reached to the max cap, will all the voluntary contributions go to OA?
Not 100% sure. I think SA limit only applies for retirement sum topping up. IF you VC, it should still go there.
Hi Josh, saw that your deductions under Provident Fund/ Life Insurance amounts to $21,470 but I read that the cap is $20,400 (which is 20% of the total wage cap of $102,000), am I missing something? thanks in advance
I am keen to know how to increase beyond $20,400 too.
Hi Kenny and CK, not missing anything. Sorry for the confusion. Im under self employed and its lower of 37740 or 37% of income as there is no employer contribution. What can still be done is voluntary medisave contribution. Once there is insurance premium deduction, you can top up before employment medisave comes in. Or at start of year when Basic healthcare sum is increased to top up. Hope its useful
Hi Josh, thanks for your reply. For someone who has hit the 37740 ($20,400 from self and $17,340 from employer) and medisave has just deducted $1,000 for MediShield premiums, can we still do voluntary medisave contribution of $1,000 and the $1,000 will be eligible for tax relief ? Thanks.
@@ckang3450 in my understand cannot. Total cap is $37,740