facebookI'm in my mid-20, and didn't declare that I am freelancing. My strategy is to contribute up to the $20k limit of CPF OA to get the 3.5% ASAP by putting in a lot monthly, and empty it for housing. Any advice? - Seedly
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Anonymous

Posted on 30 Sep 2018

I'm in my mid-20, and didn't declare that I am freelancing. My strategy is to contribute up to the $20k limit of CPF OA to get the 3.5% ASAP by putting in a lot monthly, and empty it for housing. Any advice?

My income averages between 5-7k mthly. I contribute CPF up to 40% of my income, 25% in STIETF, the rest in CIMB.

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4 answers

Discussion (4)

if you did not declare to IRAS and still contribute to CPF voluntarily, then IRAS will be knocking on your door to ask where you get the money from?

Unless you have a very good explaination....I suggest you better declare to avoid running into trouble with the law.

8

6 more comments

Question Poster

02 Oct 2018

Thanks to each and everyone of you here. I didn’t know know that’s considered tax evasion, will definitely file for taxes next year. With that, how would hdb calculate the amount of grants when I apply for bto?

Gabriel Tham

Gabriel Tham

02 Oct 2018

The amount of subsidies and loan quantum you can take depends on your declared income for freelancer. If you declared $0 income, CPF or banks cannot loan you any money because you earn $0 (as declared). Because these are institutions that lend money, they will need proof of income hence, the Tax statement for freelancers or for regular salaried employee is just payslips For regular salaried people, it is all automated.

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Question Poster

02 Oct 2018

Thank you for the informative video! Really appreciate it. Another question, do I have to register as a sole proprietor in order to declare myself as a freelancer?

Kok Koon

Kok Koon

02 Oct 2018

I'm not sure about this but i highly recommend that u do. Adds professionalism to your image. for example, your will have a business bank account with cheques paid to your business name, like ' Lim Trading/Services' vs to your name. With registration, u can get UEN number for .com.sg websites and corpass for government services to fulfil your legal and compliance matters.

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Joash Chua

Joash Chua

Level 5. Wonderkid

Posted on 20 Nov 2018

Ok there is some misconception that needs to be addressed.

Firstly, your CPFOA will NOT compound a...

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