Anonymous

25 Dec 2020

∙

Will they lower my tax if I deposit $1k every month into my VC CPF all three accounts if I am self employed?

Hi, I’ve been depositing $1k every month into my VC CPF all three accounts. I’m a self employed. Will they lower my tax? Thank you!

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Wrong Sean

25 Dec 2020

https://www.iras.gov.sg/irashome/Individuals/Lo...

There should be relief on the CPF contributions if it not over the cap. You can refer to the section on CPF contributions relief. The relief is deducted from the assessable income.

Depending on the final assessable income level and tax bracket, the tax payable may be lower. Please check with your tax advisor.

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If I have been self contributing to my CPF as a self employed to all three accounts monthly, will it offset my mandatory MA for self employed?

Would it be better to pay HDB repayment using CPF OA through a monthly recurring voluntary contributions (VC) to your three CPF accounts (non-tax deductible)?

I am a freelancer earning ~1k a month, I did not file tax nor contribute CPF, will I be eligible for the self-employed relief scheme? Is it too late for me?

What are the possible ways in 2023 to a) reduce income tax thru VC to CPF and 2) max out CPF VC for self and family (without income tax reduction)?

As a self-employed, would it be better to contribute to CPF or a CPF-like instrument with more liquidity, such as a separate savings account?