The Beginners’ Guide to CPF for Self-Employed Persons

Sponsor: 💼 Free Incorporation Service (+16% OFF Osome services) hmsg.link/osome
HSBC Everyday Global Account hmsg.link/hsbcega
📙 Advanced Credit Card Mastery Course: hmsg.link/accm
☕️ Buy from my Ko-fi shop: hmsg.link/shop
🔭 Telegram Group: t.me/HoneyMoneySG
📷 Instagram @HoneyMoneySG / honeymoneysg
🎵 TikTok / honeymoneysg
📧 Email (Business only): [e-mail]
INVESTING
🐂 Webull Singapore hmsg.link/sgwe...
🐮 moomoo SG hmsg.link/sgmo...
🐯 Tiger Brokers SG Code HONEYMONEY: hmsg.link/sgtiger
🐬 uSMART Securities Code nn8gx7 hmsg.link/sgus...
📝 POEMS Cash Plus: hmsg.link/poems
📈 Interactive Brokers: hmsg.link/ibkr
💵 ProsperUs Code: HONEYMONEY hmsg.link/pros...
📗 Seeking Alpha Premium Offer hmsg.link/seek...
🐮 moomoo Existing customer hmsg.link/moom...
CREDIT CARDS & PAYMENT APPS
💳 Credit Cards Affiliate Links (Singsaver gifts) t.me/sgpromocode
🔎 Google Pay $3 hmsg.link/goog...
💴 Instarem Amaze Code: NhkWBH hmsg.link/amaze
🚌 Revolut SG hmsg.link/revolut
☯️ YouTrip ($5 Bonus) hmsg.link/youtrip
🙏 Trust Bank Code: HUQPC614 www.trustbank.sg
🅱️ BigPay $10 referral code KJN6MN5GS0 at bigpay.link/ref...
🚩 Wise hmsg.link/wise
✈️ Kris+ App Code: C647172 hmsg.link/kris...
🧾 DBS Paylah! $5 with code CHRHAF684
😻 Favepay hmsg.link/fave
💰 iPayMy hmsg.link/ipaymy
💳 CardUp Code WAIKITC316 app.cardup.co/...
LIFESTYLE
🎮 Sony PS5 hmsg.link/ps5
🛍 Lazada hmsg.link/lazada
🛍 Qoo10 hmsg.link/Qoo10
🛍 Shopback $5 Code: caQmJa hmsg.link/shop...
🛍 Aliexpress hmsg.link/aliexp
⭐️ CapitaStar App $5 hmsg.link/capi...
🏬 Lendlease Plus $5 referral code NsHQKY hmsg.link/lend...
🛒 NTUC Union hmsg.link/ntuc...
ROBO-ADVISORS
☣️ Syfe Trade & Wealth code: HONEYMONEY @ hmsg.link/syfe
🦉 MoneyOwl Code: 8JPW-62FZ hmsg.link/mone...
🤖 Endowus hmsg.link/endowus
BUSINESS
🦅 AMEX Highflyer Card hmsg.link/high...
☯️ YouBiz $50 Code: zi94mVNK @ hmsg.link/youbiz
TRAVEL
✈️ Klook hmsg.link/klook
✈️ Airasia App hmsg.link/aira...
✈️ MSIG Travel Insurance hmsg.link/msig...
✈️ Allianz Travel Insurance hmsg.link/alli...
✈️ Starr Travel Insurance hmsg.link/star...
✈️ TIQ by Etiqa Code R56612 hmsg.link/tiq
PROFESSIONAL SERVICES:
🤝 DareToFinance Fin Planning hmsg.link/dare...
🏠 Book a call with Ohmyhome hmsg.link/ohmy...
Disclaimer: The information provided in any affiliate referral or recommendation should not be considered as financial advice. The content is for general information purposes only and does not take into account your personal financial situation, goals or objectives. You should always do your own research and seek professional advice before making any financial decisions. We may receive compensation for affiliate referrals, but this does not influence our recommendations or reviews.
_________________________________________________
Register as a self-employed person by declaring your Net Trade income (NTI) during tax filing
* NTI = Gross Trade income - Allowable business expenses, capital allowances and trade losses as determined by IRAS
* Eligible for government grants, e.g. COVID support grant during 2020
* Compliance for income tax filing
* Or manually register via the Self-Employed Income Declaration Form which is available on my cpf online services.
Facts of SEP:
* No Employer contributions of 17%
* Own CPF contributions of 20% not compulsory
* Year 2021: Below $6000, no medisave contributions required
* Medisave contributions are compulsory, starting from 8% if you earn more than $18,000 per year (increases along with age, see table)
* Year 2022: Above $72,000, 8% capped at $5,760
* Max medisave contribution based on $72,000 (same as Ordinary Wage)
Use Self-Employed Medisave Contribution calculator provided by CPF Board
* Once NOA is finalised, IRAS will communicate how much Medisave you need to top-up
* GIRO instalment 12 months, HSBC EGA 1%
FAQ
* FT Employee + SEP: Still have to declare NTI + Contribute to Medisave
* Reached BHS in MA: Still have to contribute, mine flowed to OA
Tax relief for Voluntary Contributions to 3 Accounts (VC3A)
* Lower of 37% of Net Trade income or $37,740 (37% of $102,000) e.g. declare $50K, can only get $18.5K of tax relief for VC3A
* Only for registered self-employed persons
* MA portion of VC3A counted towards Mandatory MA contributions
#Sponsored #Osome

[@HoneyMoneySG]

Sponsor: 💼 Free Incorporation Service (+16% OFF Osome services) hmsg.link/osome HSBC Everyday Global Account hmsg.link/hsbcega 📙 Advanced Credit Card Mastery Course: hmsg.link/accm ☕ Buy from my Ko-fi shop: hmsg.link/shop 🔭 Telegram Group: t.me/HoneyMoneySG 📷 Instagram @HoneyMoneySG instagram.com/honeymoneysg 🎵 TikTok www.tiktok.com/@honeymoneysg 📧 Email (Business only): [e-mail]

[@celestlee5450]

😊😊

[@5canwalk]

Great reminder that paying tax and being registered as SEP can come with perks eg COVID SEP grant. I think another more regular but low-quantum perk is the income supplement called Workfare given by the government for those earning a low income as SEP.

[@LonganLee]

Many may be "Self-employed" if recession retrenchments come. Ownself Eat Ownself

[@LeakyBucketsg]

KZbin channel with 22k subs can earn 72k a year? That's amazing!

[@JC-kp3bf]

If you have already set up a company, do you draw salary / director fee from your company? Doesn’t the company pay CPF for you?

[@qqstudioL]

Hi, I have a full time job earning above 50k per year and interested to start a side hustle. 1) Do i have to contribute medisave, if my net trade income is below 6k? 2) what is the wage ceiling limit? If it exceed, is it compulsory for me to notify cpf to split the cpf contribution? 3) Is my employer able to see my second amount of cpf? Hope to hear from you soon. Thank you

[@HoneyMoneySG]

I think you can ask in my telegram group for better responses t.me/honeymoneysg

[@LeakyBucketsg]

U giving urself salary from a company u own, u considered self employed or salaries employed?

[@Simplejunk92]

If u earn usdt leh