Anonymous

23 Dec 2020

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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?

Should I top up cash to SA or OA in Dec 2020 or Jan 2021?

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Daniel Lim

23 Dec 2020

You can't top up once your SA has hit FRS. You can use SRS for tax relief though.

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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?

If my CPF SA account is already at FRS ($181k), can i deploy or invest some money from SA account so that the SA sum is below FRS amount and then top up $7k cash to qualify for tax exemption?

Whats your thoughts on transferring from OA to SA to let SA compound vs don't transfer but top up 7k to SA per year to enjoy tax relief 7% till FRS. Which option has more value?

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?

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Related Posts

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?

If my CPF SA account is already at FRS ($181k), can i deploy or invest some money from SA account so that the SA sum is below FRS amount and then top up $7k cash to qualify for tax exemption?

Whats your thoughts on transferring from OA to SA to let SA compound vs don't transfer but top up 7k to SA per year to enjoy tax relief 7% till FRS. Which option has more value?

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?

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?