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HSBC Everyday Global Account [ Ссылка ]
📙 Advanced Credit Card Mastery Course: [ Ссылка ]
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🎵 TikTok [ Ссылка ]
📧 Email (Business only): sghoneymoney@gmail.com

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📈 Interactive Brokers: [ Ссылка ]
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PROFESSIONAL SERVICES:
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🏠 Book a call with Ohmyhome [ Ссылка ]

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.
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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

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