Anonymous
If I have topped up 7k for RSTU early this Jan and then after I do a transfer from OA to SA to reach FRS, will there still be a tax relief of 7k next year, 2022?
Will there still be a tax relief of 7k next year, 2022?
Queries: When SA has reached FRS,
1) the monthly contribution into SA will remain in SA?
2) interest of SA will flow into OA at end of year?
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Elijah Lee
19 Apr 2021
Senior Financial Services Manager at Phillip Securities (Jurong East)
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JeffreyLeeZQ
19 Apr 2021
Writer at Jeffreyleezq.com
Under the RSTU scheme, you would get $7k of tax relief for this year's assessment, which is also the max tax relief per year you can get for topping up your own SA/RA account.
As for your OA to SA transfer, it won't have any tax relief unfortunately.
Cheers!
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Tan Choong Hwee
18 Apr 2021
Solutions Specialist at Providend
If you RSTU $7k to SA, you get $7k tax relief next year for this year assessment. OA to SA has no be...
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Hi anon
Yes, you did the RSTU already via cash, so that will count towards your relief.
As for your other queries:
1) Yes. SA has no ceiling unlike MA.
2) No, SA interest is still credited to SA even if you are already beyond FRS. MA interest would now be credited to OA if you have reached BHS and FRS.