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Anonymous
Let me know thank you :)
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Rais M
06 Mar 2020
Accountant at SME
Unfortunately, transfering from OA to SA does not have any impact on your income tax. You will need to top up your SA using cash. The maximum CPF Cash Top-up Relief per Year of Assessment (YA) is $14,000 (maximum $7,000 for self, and maximum $7,000 for family members).
And yes, January is the best time to do it so that you can maximise the interest of 4% you can earn for the year.
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Kelly Trinh
23 Nov 2019
Backoffice technical at financial services firm
As mentioned elsewhere - there is no tax relief for shuffling around CPF balances between OA and SA ...
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I would recommend to do OA-SA transfers only if you will not need those funds for education or housing in the near future since it's irreversible. If you want to qualify for income tax relief you should be considering RSTU to your SA or VC to your MA instead.