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What are the changes to the tax relief cap for cash top-ups?

For cash top-ups made on or after 1 January 2022, you can enjoy annual tax relief of:

  • up to $8,000 (previously $7,000) when you top up to your Special/Retirement Account and/or MediSave Account*; and
  • an additional tax relief of up to $8,000 (previously $7,000) when you top up your loved ones’ Special/Retirement Account and/or MediSave Account.

For example, if you top up $6,000 to your Special/Retirement Account and $2,000 to your MediSave Account, you will enjoy $8,000 in tax relief.

As per today, only cash top-ups to the Special/Retirement Account within the current Full Retirement Sum are eligible for tax relief.

You can find out more on:

 

*The changes related to cash top-ups to MediSave Account do not apply to MediSave contributions made in the capacity of a self-employed person (SEP). If you would like to make MediSave contributions in the capacity of a SEP, visit the Self-Employed Scheme page for more information on topping up your MediSave Account.