Discuss about getting a well paid job or career advancement. Ask about salaries, expat packages, CPF & taxes for expatriate.
-
malcontent
- Manager
![Manager Manager]()
- Posts: 2958
- Joined: Sat, 22 Dec 2007 11:52 am
-
Answers: 9
- Location: Pacific Rim
-
Quote
-
0
login to like this post
Post
by malcontent » Wed, 06 Dec 2023 12:26 pm
PNGMK wrote: ↑Mon, 04 Dec 2023 11:52 am
This is my annual reminder that you have limited time to top up CPF VC ($37,740) and SRS ($15,300 / $35,700) for 2023 as we have only 20 odd working days left in the year. Cheques take time to clear.
I have topped up CPF VC but for this year I am not topping up SRS as I have had very little income that is taxable in Singapore so there is no tax savings available.
Jan 2nd I intend to withdraw most of my OA (after topping up my RA) and invest it in an account that pays far more than 2.5%.
Have you considered using CPFIS instead of withdrawing? In case interest rates fall again in the future, it might be worth keeping in CPF - after all, you can withdraw anytime but you can’t deposit.
It is impossible for a man to learn what he thinks he already knows - Epictetus
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Wed, 06 Dec 2023 12:32 pm
malcontent wrote: ↑Wed, 06 Dec 2023 12:26 pm
PNGMK wrote: ↑Mon, 04 Dec 2023 11:52 am
This is my annual reminder that you have limited time to top up CPF VC ($37,740) and SRS ($15,300 / $35,700) for 2023 as we have only 20 odd working days left in the year. Cheques take time to clear.
I have topped up CPF VC but for this year I am not topping up SRS as I have had very little income that is taxable in Singapore so there is no tax savings available.
Jan 2nd I intend to withdraw most of my OA (after topping up my RA) and invest it in an account that pays far more than 2.5%.
Have you considered using CPFIS instead of withdrawing? In case interest rates fall again in the future, it might be worth keeping in CPF - after all, you can withdraw anytime but you can’t deposit.
I have. Mostly thinking of T Bills and SSB. However I think I'd rather have the money outside the CPF system. There's no rush to make a decision. I do need to get a CDP account set up first anyways
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
1
login to like this post
Post
by PNGMK » Thu, 28 Dec 2023 10:24 am
REMINDER, this is the last business day of the year in which you can transaction top ups to SRS, CPF or tax deductible gifts to charities and have a tax deduction for YA 2023.
If you're a SEP like myself it's also a good day to consider buying anything that can be written off as a tax deduction. Phones and computers have a 1 year depreciation schedule so you may be able to purchase these today and impact your tax.
Note that I myself am NOT doing an SRS top up as my forecast income tax for YA 2023 is zero due to various offsets (QCR and CPF VC for SEP) and most of my income being derived outside Singapore.
If you're in business or an SEP you should have been running a ledger anyways and would he aware of your tax position. If you're not a SC or SPR keep in mind that having a large income tax bill unpaid may prevent outbound travel.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
1
login to like this post
Post
by PNGMK » Mon, 01 Jan 2024 9:45 am
Today I received $25,406.54 in interest from CPF. To put this into context most Singaporeans contribute less than this yearly.
The amounts were:
OA: $8,231
SA: $249
MA: $2,594
RA $14,331
Total CPF is now $764,294 and growth is on track to 1MM65 but as mentioned I may move some of the OA out. I will do a RSTU (RA top up) first of $10,500 in cash to maximize interest for 2024, this is tax deductible. I am not sure I will do a full $37,400 top up as the full tax advantage for an SEP is not needed based on my work forecast for 2024.
To encourage others here is my CPF growth chart.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
smoulder
- Editor
![Editor Editor]()
- Posts: 1422
- Joined: Fri, 25 Dec 2015 11:05 pm
-
Quote
-
0
login to like this post
Post
by smoulder » Mon, 01 Jan 2024 11:26 am
PNGMK wrote: ↑Mon, 01 Jan 2024 9:45 am
Today I received $25,406.54 in interest from CPF. To put this into context most Singaporeans contribute less than this yearly.
The amounts were:
OA: $8,231
SA: $249
MA: $2,594
RA $14,331
Total CPF is now $764,294 and growth is on track to 1MM65 but as mentioned I may move some of the OA out. I will do a RSTU (RA top up) first of $10,500 in cash to maximize interest for 2024, this is tax deductible. I am not sure I will do a full $37,400 top up as the full tax advantage for an SEP is not needed based on my work forecast for 2024.
To encourage others here is my CPF growth chart.
https://imgur.com/a/mVuj6OG
Curious how you got such a big jump in the CPF total from 2019 to 2020. It's well over 200k.
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Mon, 01 Jan 2024 11:27 am
smoulder wrote: ↑Mon, 01 Jan 2024 11:26 am
PNGMK wrote: ↑Mon, 01 Jan 2024 9:45 am
Today I received $25,406.54 in interest from CPF. To put this into context most Singaporeans contribute less than this yearly.
The amounts were:
OA: $8,231
SA: $249
MA: $2,594
RA $14,331
Total CPF is now $764,294 and growth is on track to 1MM65 but as mentioned I may move some of the OA out. I will do a RSTU (RA top up) first of $10,500 in cash to maximize interest for 2024, this is tax deductible. I am not sure I will do a full $37,400 top up as the full tax advantage for an SEP is not needed based on my work forecast for 2024.
To encourage others here is my CPF growth chart.
Curious how you got such a big jump in the CPF total from 2019 to 2020. It's well over 200k.
I repaid a
property loan from CPF.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
malcontent
- Manager
![Manager Manager]()
- Posts: 2958
- Joined: Sat, 22 Dec 2007 11:52 am
-
Answers: 9
- Location: Pacific Rim
-
Quote
-
1
login to like this post
Post
by malcontent » Mon, 01 Jan 2024 11:55 am
One of the biggest (often overlooked) advantages of having a large nest egg in your CPF is the ability to step further out on the risk curve with non-CPF investments — because CPF can function as a ballast in your portfolio.
It is impossible for a man to learn what he thinks he already knows - Epictetus
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Mon, 01 Jan 2024 12:26 pm
malcontent wrote: ↑Mon, 01 Jan 2024 11:55 am
One of the biggest (often overlooked) advantages of having a large nest egg in your CPF is the ability to step further out on the risk curve with non-CPF investments — because CPF can function as a ballast in your portfolio.
A fee free, reasonable return, AAA grade ballast.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Tue, 02 Jan 2024 7:27 am
Topped up via RSTU last night using cash by 10k - I'll top up MA later in the year as well back to the new limit of $71,500 . CPF lifted the RA limit by about $10,500 on Jan 1 - ERS is now $308,700. RA limits don't include interest or govt payments so you can top up annually even if you're above the ERS due to interest etc. Topping up via cash leaves the SA untouched as well (with a nice interest rate of 4%).
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Wed, 03 Jan 2024 9:13 am
malcontent wrote: ↑Wed, 06 Dec 2023 12:26 pm
PNGMK wrote: ↑Mon, 04 Dec 2023 11:52 am
This is my annual reminder that you have limited time to top up CPF VC ($37,740) and SRS ($15,300 / $35,700) for 2023 as we have only 20 odd working days left in the year. Cheques take time to clear.
I have topped up CPF VC but for this year I am not topping up SRS as I have had very little income that is taxable in Singapore so there is no tax savings available.
Jan 2nd I intend to withdraw most of my OA (after topping up my RA) and invest it in an account that pays far more than 2.5%.
Have you considered using CPFIS instead of withdrawing? In case interest rates fall again in the future, it might be worth keeping in CPF - after all, you can withdraw anytime but you can’t deposit.
Decided to leave it as is. The average interest rate between all accounts is >3.44% and rates are dropping so.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
malcontent
- Manager
![Manager Manager]()
- Posts: 2958
- Joined: Sat, 22 Dec 2007 11:52 am
-
Answers: 9
- Location: Pacific Rim
-
Quote
-
0
login to like this post
Post
by malcontent » Thu, 04 Jan 2024 12:14 am
PNGMK wrote: ↑Wed, 03 Jan 2024 9:13 am
Decided to leave it as is. The average interest rate between all accounts is >3.44% and rates are dropping so.
Makes sense. Do you have any exposure to stock indices with money outside CPF? Most indices provided great returns in 2023. I had expected a modest positive return after a negative 2022, but it turned out better than expected. I expect 2024 returns to be worse than 2023, but this should not impact any investment decision.
It is impossible for a man to learn what he thinks he already knows - Epictetus
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Fri, 05 Jan 2024 8:45 am
Some. I know the senior management in a Aussie listed bank and have quite a lot of their stock as they have solid growth plans and pay a 14% dividend. KSL on ASX.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Fri, 16 Feb 2024 8:24 am
I've discovered a subtlety that may interested other > 55 yo PR. You can contribute both to the RSTU (currently $10,500) and maximize your VC ($37,400) in cash simultaneously for a maximum of $47,900. The RSTU is more attractive as the funds go directly into the RA for a 4% interest but is not tax deductible. The VC of course gets split between MA, SA and OA. Previously I've been using CPF OA and SA to top up the RSTU (RA top ups that are incremented yearly to allow the RA to keep up with inflation).
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
malcontent
- Manager
![Manager Manager]()
- Posts: 2958
- Joined: Sat, 22 Dec 2007 11:52 am
-
Answers: 9
- Location: Pacific Rim
-
Quote
-
0
login to like this post
Post
by malcontent » Fri, 16 Feb 2024 11:54 am
My wife is still a few years away from 55, but I plan to shift her SA dollars to CPFIS before her birthday so that no more than $40k gets swept from her SA to RA. We can then top-up her RA to FRS and shift CPFIS back to SA. I plan to use T-bills under CPFIS, which are tax appropriate even if we are in the U.S. at the time.
This technique is called SA shielding for those who might not be aware, to maximize the number of $’s earning at least 4%. We may also look to top up from FRS to ERS in the future, but that is a decision for another day.
It is impossible for a man to learn what he thinks he already knows - Epictetus
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9245
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Fri, 16 Feb 2024 11:58 am
malcontent wrote: ↑Fri, 16 Feb 2024 11:54 am
My wife is still a few years away from 55, but I plan to shift her SA dollars to CPFIS before her birthday so that no more than $40k gets swept from her SA to RA. We can then top-up her RA to FRS and shift CPFIS back to SA. I plan to use T-bills under CPFIS, which are tax appropriate even if we are in the U.S. at the time.
This technique is called SA shielding for those who might not be aware, to maximize the number of $’s earning at least 4%. We may also look to top up from FRS to ERS in the future, but that is a decision for another day.
Yes - unfortunately I didn't know about SA shielding before my 55th (it wasn't so common). This would have moved a lot of my OA into the higher interest RA account. Beware that if you top up RA from inside CPF that CPF will deduct from SA first. Hence why it might make sense to use cash to top up RA under the RSTU (which has an annual cap but does not touch the SA).
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
-
- 2 Replies
- 12625 Views
-
Last post by sundaymorningstaple
Sat, 05 Dec 2020 12:31 am
-
-
Renouncing PR and SRS withdrawal
Replies: 18
First post
Hi,
I am an EP holder aged 40. Living in SG for 7 years with wife, who is pregnant - expected delivery (a son) in a couple of months.
We plan to...
Last post
I am still a little conflicted about this one.
Mainly because the intent of PR changed without providing a reasonable alternative. Over that same...
- 18 Replies
- 47568 Views
-
Last post by malcontent
Thu, 19 Dec 2024 1:06 pm
-
-
SRS investment options
Replies: 103
First post
As the title says - what do you suggest?
As some background, my regular investments are in ETFs - I currently hold CSPX, CNDX & IWM which I plan to...
Last post
I most likely will cease contributing to SRS this year as most of my income is derived out of Singapore and hence not taxed in Singapore. I should...
- 103 Replies
- 111194 Views
-
Last post by PNGMK
Sat, 17 Jun 2023 9:41 am
-
-
SRS Contribution Impact on PR Chances
Replies: 3
First post
Dear all,
It seem that as foreigners, we can still make contribution to the Supplementary Retirement Scheme (SRS). The well-known benefit is that...
Last post
Dear all,
It seem that as foreigners, we can still make contribution to the Supplementary Retirement Scheme (SRS). The well-known benefit is that...
- 3 Replies
- 22465 Views
-
Last post by PNGMK
Wed, 13 Sep 2023 7:52 pm
-
-
Is SRS worth for foreigners?
Replies: 7
First post
I have lived here for 5 years now and plan to stay long-term though my PR application just got rejected.
I don’t think we will ever get PR but will...
Last post
SRS is not worth it for foreigners. Just pay your taxes as a contribution to nation building, it is so low anyways. You can invest your money freely...
- 7 Replies
- 8434 Views
-
Last post by malcontent
Sat, 07 Oct 2023 12:38 am
Users browsing this forum: No registered users and 1 guest