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I'm looking for maximum tax relief by cash top-up to MA or/and SA but I'm still a little confused.
1) Is the maximum top up cap either to MA or SA $7k for every year of assessment?
2) Possible to top up $3.5k to MA and $3.5k to SA and still able to get maximum tax relief?
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Elijah Lee
20 Nov 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
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Leslie Koh
20 Nov 2019
Associate Financial Services Manager at Prudential Assurance Company Singapore
Hi Furball, the total tax relief of voluntary top-up to self is $7,000, so both ways that you have mentioned are applicable.
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Gabriel Tham
20 Nov 2019
Tag Team Member at Kenichi Tag Team
Total Tax relief of voluntary top up to Self is 7k.
So yes, you can do it in any combi to get that...
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Furball,
Max tax relief for RSTU to SA/RA is $14K, comprising of
Provided that
For MA top up (voluntary contribution), your tax relief is given to the lowest of the following:
You'll need to do your sums for the MA-VC as it is far trickier than RSTU.
These two tax relief caps are seperate.
Hope it helps.
A lengthy discussion with some comments on some examples (maths included) can be found here:
https://seedly.sg/questions/income-tax-question...