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Anonymous

06 Mar 2020

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Income year assessment is from 1 Jan 2019 to 31 Dec 2019 right? Means i must faster top up $7k to my SA if i want the tax relief for financial year 2019 is it?

Does anyone know if i can split the top up? Eg, 5k today and 2k tmr?

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Geraldo L.

06 Mar 2020

Yes, the funds have to reach CPF by the end of the calender year and the fastest you can do so is via PayNow QR.

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Rais M

06 Mar 2020

Accountant at SME

Yes. You must top up before the end of the financial year. In fact, it is recommended you top up the $7k early in the year so as to maximise the interest of 4% you can earn throughout the year.

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Just Being Ernest

23 Dec 2019

Content Creator at www.youtube.com/c/JustBeingErnest

Yes, you have until next week deadline to do it.

Did my in the past week also.

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If my SA account has reached FRS balance (181k for this year). For tax relief next year, should I top up cash $7K to SA or OA by Dec 2020 or Jan 2021?

If my taxable income is at 40k, and by topping up my SA account with $x (up to 7k), does it mean that my Returns is effectively 3.5% (from tax relief) + 4% (from SA)?

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?

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?

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