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Anonymous

18 Nov 2019

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After MA and SA FRS had reached, do you guys still topped up to OA?

If my spouse earned more than 4k in annual income, will I get tax relief if I top up 7k into her SA?

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Elijah Lee

18 Nov 2019

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

You can never voluntarily top up OA. It's either to MA, or SA, or all 3 accounts. However, if BHS and FRS are reached, then the MA portion from a 3 account contribution will spill over to OA, so the net effect does seem like you are topping up OA. If I was at BHS and FRS, I would still top up as I'm self employed and will have tax relief. If you are employed, then you might not get any relief as you already have mandatory contributions which attract relief. Do note that there is an overall limit of $37740 of contributions per year, excluding MA VC topup or RSTU topups.

No, you will not get tax relief if your spouse earns more than $4K in annual income, unless your spouse is handicapped.

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