What is the limit for Voluntary Contributions (VC)? In the early response there was mentioned for $14,000. Can I also top up for my in-house and thereafter still consider SRS to maximise my tax reduction. Is that how it works? - Seedly
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Anonymous

Asked on 12 Jun 2019

What is the limit for Voluntary Contributions (VC)? In the early response there was mentioned for $14,000. Can I also top up for my in-house and thereafter still consider SRS to maximise my tax reduction. Is that how it works?

With reference to what was covered in SeedlyTV EP06, I want to find out more about VC and how I can use it and maximise the advantages

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    You need to understand the different eligibility for tax relief

    Employee

    1) Voluntary contribution to MA account (Medisave up to BHS)

    2) Mandotry contribution (automatically calculated)

    Self employed

    1) Voluntary contribution to CPF account (tax relief allowable up to $37,740, or basically 17 times of the monthly pay limit of current $6,000).

    So could you elaborate what you mean by the $14,000?

    If you meant RSTU, its a limit seperate from the Voluntary Contribution of $37,740 for CPF.

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    Thank You!
    Can you clarify
    I wonder if
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    Yixiong Chang

    Yixiong Chang

    Level 7. Grand Master

    Answered on 13 Jun 2019

    Are u refering to the retirement topping up scheme (top up special account)? The $14k is the max relief for that scheme, $7k for topping up your own special account, and $7k for topping up your parents, spouse etc account (T&C applies).

    SRS is a different scheme with its own limit. SRS tax relief is $15,300 for singapore residents.

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    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post