Bros who are self-employed...

[ervine]

Hi guys,

Just wondering... for all u guys who are self-employed or freelancing full time... you don't have CPF/medisave/etc right?

If not.. then how do you plan your savings/finances?

Eg. a normal working guy can buy a house and pay thru CPF... but when u have no CPF then how?

Also, how do you go about reporting your income and at what stage do you start to report your income?

Thanks guys!

Ervine

[marinebetta]

Better report from day 1 unless you have a good creative accountant! Also if you don't self-contribute to medisave, they can somehow arrange it such that you would not be able to renew your license (for shop, business etc) unless you pay up! IRS and CPF really no joke one....

[ervine]

Better report from day 1 unless you have a good creative accountant! Also if you don't self-contribute to medisave, they can somehow arrange it such that you would not be able to renew your license (for shop, business etc) unless you pay up! IRS and CPF really no joke one....

woah so confusing?

[ervine]

So what's the normal procedure for going about this?

Also is there a minimum income before income tax sets in? How about the CPF issue?

[Justiana Er]

I hve a frend who is self-employed. He contributes CPF using his own $ into medisave.

I think if d $ in CPF ordinary dry up, not sure if we can use special acct $ 2 pay 4 our hse loan must double check w CPF board

[tineng]

So what's the normal procedure for going about this?

Also is there a minimum income before income tax sets in? How about the CPF issue?

go to the customer service offier at CPF and ask.....they have one of the best customer service arounnd.....

[RAV-65]

You have to file your income tax return whether or not you have a job once you've any CPF contribution through your employee and you're aged above 21...

Even if you quit your job and sit at home, u still have to file... even if you make $300 per month, also have to file...

For Self-Employed, CPF contribution is voluntary, but you have to contribute to medisave, 6% of your declared income or $3460, whichever is lower.

[ervine]

You have to file your income tax return whether or not you have a job once you've any CPF contribution through your employee and you're aged above 21...

Even if you quit your job and sit at home, u still have to file... even if you make $300 per month, also have to file...

For Self-Employed, CPF contribution is voluntary, but you have to contribute to medisave, 6% of your declared income or $3460, whichever is lower.

Hm... but if you make $300 bucks a month thru freelancing (which means no CPF thru ur empolyer) does that count?

Also, this medisave contribution, if you don't earn enough per year how to fork out $3k+?