Should I top up CPF SA or MA for tax relief?

Hi anon,

There really isn't much time to top up so if you are going to do it, do it fast.

However, given your employment income of $63K, you're looking at around $49K of taxable income after CPF and earned income relief at a minimum. This attracts a 7% tax rate on $9K and around $1.2K in total tax.

Topping up will probably give you a savings of around 7% (which might not be a lot), however, do note that monies topped up into SA will be reserved for CPF RA and cannot be withdrawn.

In my view, if you have sufficient liquidity, you may top up to save some tax.

You can top up to reduce taxes.

However, do note that the cut off time for contribution is tomorrow 7 pm.

So if you want to contribute, your money need to reach their system before the cut off time and different contribution methods take different amount of time.

Fastest maybe is to use FAST but do not setup the transfer just before 7 pm since it depends on the system to reflect. If you miss it, your contribution is for next year.