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?

Discussion (4)

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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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Ernest Yeam Wee Leong

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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Write your thoughts

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?

I did a cash top up to my CPF Medisave early this year in Jan 2020. However, my income tax statement for 2020 did not reflect the tax relief for my cash top up. Am i missing something?

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?

I did a cash top up to my CPF Medisave early this year in Jan 2020. However, my income tax statement for 2020 did not reflect the tax relief for my cash top up. Am i missing something?