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You can enjoy an equivalent amount of tax relief for cash top-ups made in each calendar year of up to: $8,000 if you make a top-up to yourself; and. an additional $8,000 if you make a cash top-up to your loved ones.
Mar 18, 2024 · The CPF relief for employees and the CPF cash top-up relief are two types of CPF-related tax reliefs that you can tap into. The latter allows you to increase your CPF savings in your Special or Retirement account while also reducing your tax bill.
CPF Cash Top-up Relief is given to encourage Singaporeans and Permanent Residents to set aside money for retirement needs either in their own CPF accounts or those of family members. To qualify for the tax relief for Year of Assessment 2024, you must: 1. be a Singapore Citizen/Permanent Resident; and.
You can enjoy tax relief of up to $8,000 if you make a top-up to yourself; and an additional $8,000 if you make a cash top-up to your loved ones. For cash top-ups to self and your loved ones, tax relief is only up to the current Full Retirement Sum (FRS).
Dec 27, 2021 · IRAS doles out up to $8,000 worth of tax relief (from 1 January 2022) for the good citizens who make top ups to their CPF SA/RA and MA. On top of that, there’s another $8,000 worth of tax relief up for grabs if you to up a relative’s SA/RA and MA.
Central Provident Fund (CPF) Relief for employees. Share: CPF Relief is given to encourage individuals to save for their retirement. Employees who are Singapore Citizens or Singapore Permanent Residents may claim CPF Relief. On this page: Contributions that qualify for relief. Contributions not eligible for relief.
CPF Cash top up. To qualify, taxpayers have to do a cash top-up in the preceding year under the CPF Retirement Sum Topping-Up Scheme (RSTU). Who can I top up for? Your Special Account (SA) if you are below age 55, or Retirement Account (RA) if you are aged 55 and above, AND/OR. Your family members' Special or Retirement Account.
You can enjoy an equivalent amount of tax relief for cash top-ups made in each calendar year of up to: $8,000 if you make a top-up to yourself; and. an additional $8,000 if you make a cash top-up to your loved ones.
Nov 16, 2022 · For YA2023 (meant for contributions done in 2022), the maximum tax relief for making cash top-ups to our CPF accounts is $16,000 ($8,000 for either RSTU or MediSave top-ups to self, and another $8,000 for top-ups to family members).
Apr 28, 2021 · April 28, 2021. As a government scheme ensuring Singaporeans with retirement adequacy, Central Provident Fund (CPF) is also a tool that Singaporeans can use to maximise their savings for retirement.
