Anonymous

20 Dec 2019

∙

Can someone help me check my Voluntary CPF contributions and tax relief?

Trying to understand if my maths is right:

Total CPF contributions for 2019 (Employer + employee) : 3,240
Annual CPF contribution limit: 37,740

This means that I can voluntarily contribute a total of 34,500 to CPF for tax relief, including:
CPF top up SA 7,000
Medisave top up 27,500

SRS top up cap at 15,300 is not included in the Annual CPF contribution limit.

All 3 top ups total 49,800, under the personal relief cap of 80,000

Does that look right?

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Loh Tat Tian

20 Dec 2019

Founder at PolicyWoke (We Buy Insurance Policies)

Not Exactly. You missed something.

(1) The annual CPF limit does not cover the 7k RSTU CPF SA TOP UP.

So you can contribute $34,500 with

Medisave Top $34,500

CPF SA Top up of SA (BY RSTU) is allowed on top of the annual limit.

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If today you’re a self employed and have $20k set aside for tax reduction, which would you choose and why? CPF voluntary contribution VS CPF Cash Top up relief VS SRS contribution?

I have top up 6k for CPF medisave voluntary contribution in Jan 2020 but it does not reflect tax relief in my income tax year of assessment 2020?

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