Jeremiah

01 Apr 2020

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If I contributed to my CPF or SRS account today, it would apply to my 2021 income tax right? It's too late to influence my 2020 income tax?

Can I still influence my 2020 income tax?

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Hariz Arthur Maloy

01 Apr 2020

Independent Financial Advisor at Promiseland Independent

Yup! This is for reliefs.

But for Self-Employed individuals you can adjust your assesable income by deducting costs of doing business during your tax filing.

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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?

Would like to check if I top up $7K to my CPF SA account, does it mean that I could only top up to $8.3K in SRS so that I max out $15.3K maximum contribution per SRS limit for tax deduction?

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?

I’ll be bringing in an annual income of arnd 60+k this year and realised I’ll have to pay quite abit of income tax. Would like to know how I can utilise CPF & SRS effectively to minimise tax payable?

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