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Anonymous

Edited 07 Jan 2025

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Should I top up 8k to my CPF and another 8k to my loved ones CPF to reduce income tax if my taxable income is at 240k? How about topping up 15.3k to SRS account to further reduce taxes? Please advise!

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YOC

24d ago

I would do both... but thats because im not a very savvy investor.

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1M45

Edited 07 Jan 2025

Tax = $28750
Tax= $25710 with $16k cpf top up
Tax= $22803 with cpf + srs

U need to decide if it is worth locking your money to save on tax VS just pay off the tax then just invest $31300 into the market.

If you dont use relief u pay $28750. If u use relief $22803+ 31300 (locked) = $54103

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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?

Does cash top-ups to one another's CPF accounts for loved ones also qualify for a tax rebate?

Hi, will appreciate some advise Earn: 130k/yr NSMen Married with no child Rent Unit I been paying about 10k in income tax, if there any way to further reduce it? should I top up SRS and then CPF?

Hi! For a self employed person (property agent), is the max top up eligible for reducing taxable income $8k (own cpf top up) + $8k (top up family member’s cpf) ? Total $16k, or can be more? Thanks!

If one is earning S$250,000 income a year, will topping up S$7,000 to my cpf help to reduce the taxable income? Or is there a cap? Got abit confused.. thank you!

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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?

Does cash top-ups to one another's CPF accounts for loved ones also qualify for a tax rebate?

Hi, will appreciate some advise Earn: 130k/yr NSMen Married with no child Rent Unit I been paying about 10k in income tax, if there any way to further reduce it? should I top up SRS and then CPF?

Hi! For a self employed person (property agent), is the max top up eligible for reducing taxable income $8k (own cpf top up) + $8k (top up family member’s cpf) ? Total $16k, or can be more? Thanks!

If one is earning S$250,000 income a year, will topping up S$7,000 to my cpf help to reduce the taxable income? Or is there a cap? Got abit confused.. thank you!

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