Who need to contribute to Medisave ?
Answer : All self-employed persons who earn a yearly net trade income of more than $6,000 need to contribute to Medisave
http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/Reach55-4.htm
Do read up ....
Finger cross , 8 years in the trade , IRAS never ask me for any Medisave ...maybe my medisave still got $10,000 i got before i worked as a cabby .
I think if u have not got any amount in the CPF , IRAS will check on you .
How do they know ?
Once u reported annual income of $30,000 and above .
I always declare $18,808 . Maybe they dun care about $18,808 .
My taxi friend need to buy a HDB house , declared $36,000 to get a loan from HDB , after HDB approve his loan , CPF 2 weeks , very fast , ask for Medisave !!!
$900+....
Do check your status with CPF before they hit you hard suddenly .
And another fella , 10 years working as freelance bus driver .... also never contribute any , but when working as cabby , once submit IR8A , immediately kena slap $500+ ..... he also reported $30,000 annual income , cos buying flat also .
pool, u can run but u can't hide ok. my medisave maxed when i was an employee. my 2008 income declared less than u summore. no need pay income tax, but medisave still whacked me $900+
yeah thanks .... noted .
Clear example of another cabby kena whack by Medisave .
All my friend like pay instalments ..... CPF accept instalments
when pay gahment, everything instalment. even though finally still your dough, why part wif lump sum?
What is the best income to report,
so won't kena so much medisave...
I every year reported $18,880 .
Unless u want to buy a resale flat in future , u need to submit $36,000 per annum for 3 years before the cpf loan or bank can loan you .
Just for info , for those who wanna apply for credit card , bank will not approve you even if u are submitting annual income of $36,000 , because they never approve Cabby's applications .
Originally posted by KINGSMAN:What is the best income to report,
so won't kena so much medisave...
For the first 5 years , u can sleep well without the CPF kocking on your door .
Me 8 years liao . Still sleeping well .
Cos i do not need financing anymore i think , for my flat .
And yet my Medisave still strong enough for the next 10 years or so , plus i think they know i have a few sets of insurance for my retiring .
But i wish the CPF can spot me for not paying Medisave . But they need to work for it , i won't jump into the well myself .
They are well paid to do their job . And when they spooted me , then i can deal with them by instalments .
If they insist cash , then jail me . No cash .
But first , they must deal with those millions of Singaporeans like me , those hawkers , those self-employ who is earning like million$ each year , before they can deal with a pathetic cabby like me , for $900 ?
so am i worried ?
Unless i am earning million of dollar each year , i am never worried .
Still i hope they can spot me and sent me letter , and fail my TDVL renewal .
This prove they are working .
Will do the as you Poolman, hope CPF won't come knocking on my door...
Originally posted by Poolman:I every year reported $18,880 .
Unless u want to buy a resale flat in future , u need to submit $36,000 per annum for 3 years before the cpf loan or bank can loan you .
Just for info , for those who wanna apply for credit card , bank will not approve you even if u are submitting annual income of $36,000 , because they never approve Cabby's applications .
and they believed you lol. you may be kena watched by IRAS.
My friend has plans to purchase a resale flat , so he submit $36,000 , his agent asked for a Statement , but salary too low , cannot get loan , so he tahan about 2 years before he can purchase .
All thanks to the IRAS . But he must pay taxes , like $800+ ..... And Medisave .
$18,880 ok ma , taxi difficult to earn u know ?
Taxi everywhere ...
Me not lucky one ....
Hi all,
Sorry for the interuption here. I'm Richard aged 34. I'm not a cabby yet. Just received approval letter from LTA today. I have been peeping in this forum for few months to gather information,experiences,advices and tips etc...haha..I have a question here n hope someone can advice me. Currently I still need to go for my reservist. How does Mindef pay me as a cabby? Some people told me it's base on my last 6 months contribution but I hope to get a more confirmed answer. Thanks alot. Wish to join u guys soon...
u'll be considered self-employed. so must have evidence like income tax return, etc. so i'd guess not say 6 months or 8 months, but rather what u declared as your income to IRAS. think thrice on how much u want to declare, not only for make-up pay, but also to consider the more u declare, the more u pay to yr medisave acct. most likely no need to pay income tax. i think just claim service pay safer.
cpf just announced the medisave required amount will be raised from $18,000 to $22,500 w.e.f. 1 Jan 2010. knn my medisave touching $35k, this year still whack me $900+ to be contributed to medisave. cannot understand. jus cos i'm self-employed now. cb. my declared income around $15k for 2009.
poolie should know better. me no more reservist long time ago liao.
when u are a full time cabby , what Mindef required , it's a letter from your taxi company to prove u are a full timer .
Once they got the letter , no need say ..straight away $80 nett credit into your account .
Maximum $80 per day .
That is what my friend told me .
I was exempted from Reservist due to some minor head injury due to a minor accident .
Ya la keng la ....
After accident , confirmed 30 days in DB , so keng 到没完 ���
头痛 ， 没�也痛 ， 有�也痛 。
有事没事看 MO 。
Medical Board approved .
ya hor, $80 per day is what we get for loss of income if kena whacked by another vehicle and sure win case.
Dear all,
Thanks for the info but seems that no matter how much u declare, there is no confirmed answer or guideline as in whether u will be taxed for income or medisave if u earn like range from 15k to 20k, 21k to 25k or 26k to 30k etc. For instance like KCTK's case, he declared 15k but still kena taxed for medisave.
Let's say if i'm recall back for reservist for 2 weeks = 14 days. Daily earning nett $100
14 days X $100 nett = $1400 earning
So Mindef only pay me $80 X 14 days = $1120
$1120 - rental = Eat Grass + Top Up
Is this estimate calculation right?