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 EPF - self contribution, need advise

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SUSTOS
post Nov 1 2021, 04:17 PM

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QUOTE(Barricade @ Oct 31 2021, 07:24 PM)
Guys

I'm working for private MNC. My wife is a housewife. Is my wife qualified for i-Saraan? Will they check household income?
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https://www.kwsp.gov.my/member/contribution/i-saraan

Yes, she is qualified if below 60 (from next year) or below 55 (from this year). The age has been extended from 55 to 60 in Budget 2022 (website still says below age 55, not yet updated).

No check on household income, I opened my EPF i-saraan account when I was in high school. No income proof needed.
no6
post Nov 1 2021, 10:25 PM

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Sole prop registered under your individual name, do we need to re-register a new bank account specifically for this sole prop or can we just used any of our existing personal bank account?
MUM
post Nov 2 2021, 11:58 PM

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QUOTE(KingArthurVI @ Nov 1 2021, 03:43 PM)
So meaning you can only claim the tax relief once, on the personal income side?

I'm a sole prop and thinking of opening EPF account by end of year to contribute just to get the small amount of tax relief. Is this allowed?
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Are you declaring tax in borang B?
Maybe can check borang B to see if you can deduct epf from there?
KingArthurVI
post Nov 3 2021, 12:11 AM

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QUOTE(MUM @ Nov 2 2021, 11:58 PM)
Are you declaring tax in borang B?
Maybe can check borang B to see if you can deduct epf from there?
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Yes I file form B. Section F15 says EPF allowed RM4000, so should be able to self contribute and claim there right?
saintmikal
post Mar 1 2022, 03:04 PM

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On 17th Feb I did self-contribution to my EPF account. As of today, 1 March, it still isn't reflected. This is the first time that it doesn't show. What is the best way of getting this resolved? Through the banks or through EPF?
barista
post Mar 1 2022, 03:08 PM

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QUOTE(saintmikal @ Mar 1 2022, 03:04 PM)
On 17th Feb I did self-contribution to my EPF account. As of today, 1 March, it still isn't reflected. This is the first time that it doesn't show. What is the best way of getting this resolved? Through the banks or through EPF?
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Need to wait after they announce the 2021 dividen.
bobkiit
post Mar 1 2022, 03:11 PM

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QUOTE(saintmikal @ Mar 1 2022, 03:04 PM)
On 17th Feb I did self-contribution to my EPF account. As of today, 1 March, it still isn't reflected. This is the first time that it doesn't show. What is the best way of getting this resolved? Through the banks or through EPF?
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Relax... u will see it once Dividend rate for 2021 announced
cybpsych
post Mar 1 2022, 04:05 PM

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QUOTE(saintmikal @ Mar 1 2022, 03:04 PM)
On 17th Feb I did self-contribution to my EPF account. As of today, 1 March, it still isn't reflected. This is the first time that it doesn't show. What is the best way of getting this resolved? Through the banks or through EPF?
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saintmikal
post Mar 1 2022, 05:00 PM

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QUOTE(bobkiit @ Mar 1 2022, 03:11 PM)
Relax... u will see it once Dividend rate for 2021 announced
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Thanks for everyone's reply! Really surprising that this occurs.
cybpsych
post Mar 1 2022, 05:01 PM

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QUOTE(saintmikal @ Mar 1 2022, 05:00 PM)
Thanks for everyone's reply! Really surprising that this occurs.
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not new occurence, just that it is more apparent when they delayed the dividend announcement

more ppl talking & checking dividend, more ppl realized cannot see 2022 contributions (yet)
Human Nature
post Mar 2 2022, 05:02 PM

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QUOTE(beLIEve @ Jul 16 2019, 03:02 PM)
- if appear in 1 Feb 2020 whole Feb enjoy the monthly interest.
No

- if appear in 31 Jan 2020 lose 1 day interest, but after this Feb and all month enjoy interest.
Yes

- if appear in 2 Feb 2020 lose whole Feb month interest, but after this, Mac and all month enjoy interest.
yes
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Is this still valid? To optimize, need to ensure the money appear on at the end of each preceding month. If appear on the 1st, will lose the whole month.

This post has been edited by Human Nature: Mar 2 2022, 05:26 PM
romuluz777
post Mar 2 2022, 05:43 PM

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There is a cut off date in the mth, not sure when exactly that is.
Dont worry about that, when you have the available cash to dump into EPF, just do it. No point being calculative about a few dollars lost due to missing cut off dates...small potatoes.

DS51
post Mar 2 2022, 07:06 PM

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QUOTE(romuluz777 @ Mar 2 2022, 05:43 PM)
There is a cut off date in the mth, not sure when exactly that is.
Dont worry about that, when you have the available cash to dump into EPF, just do it. No point being calculative about a few dollars lost due to missing cut off dates...small potatoes.
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agree
blackjack
post Mar 2 2022, 07:21 PM

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QUOTE(saintmikal @ Mar 1 2022, 03:04 PM)
On 17th Feb I did self-contribution to my EPF account. As of today, 1 March, it still isn't reflected. This is the first time that it doesn't show. What is the best way of getting this resolved? Through the banks or through EPF?
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I found out that there is a way to find out. Don't need to wait till 6/3 as stated by EPF. But is for contribution amount only excluding the 2021 dividend just declared today.

After you log into your EPF account, go to the withdrawal menu and click the withdrawal eligibility menu, you should find your 2022 self-contributed amount is included in the amount you are eligible to withdraw.

Hope this helps.
Jack&Guild
post Mar 5 2022, 10:31 PM

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Hi all. I contributed last year august. Until now i have not seen the government 17% contribution yet. How long exactly hv to wait?
MUM
post Mar 5 2022, 10:48 PM

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QUOTE(Jack&Guild @ Mar 5 2022, 10:31 PM)
Hi all. I contributed last year august. Until now i have not seen the government 17% contribution yet. How long exactly hv to wait?
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You mean the i-saraan scheme that requires one to register 1st to join?
Human Nature
post Mar 5 2022, 11:04 PM

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Self contribution made on 2nd March is not reflected at the latest statement (post dividend) yet. Not at the withdrawal eligibility too hmm.gif

This post has been edited by Human Nature: Mar 5 2022, 11:06 PM
guy3288
post Mar 6 2022, 12:22 AM

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QUOTE(Human Nature @ Mar 2 2022, 05:02 PM)
Is this still valid? To optimize, need to ensure the money appear on at the end of each preceding month. If appear on the 1st, will lose the whole month.
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Yes better deposit end of the month, unless you have no choice

QUOTE(romuluz777 @ Mar 2 2022, 05:43 PM)
There is a cut off date in the mth, not sure when exactly that is.
Dont worry about that, when you have the available cash to dump into EPF, just do it. No point being calculative about a few dollars lost due to missing cut off dates...small potatoes.
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QUOTE(DS51 @ Mar 2 2022, 07:06 PM)
agree
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i have rm60k planned for this come 7.3.22, lose interest 6.1% for 30days is RM300

if park that in KDI, send to EPF only on 29.3.22, can earn extra RM100+

RM100+ too small ??
romuluz777
post Mar 6 2022, 01:48 AM

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QUOTE(guy3288 @ Mar 6 2022, 01:22 AM)
Yes better deposit end of the month, unless you have no choice
i have rm60k planned for this come 7.3.22, lose interest 6.1% for 30days is RM300

if  park that in KDI,  send to EPF only on 29.3.22, can earn extra RM100+

RM100+  too small ??
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100 bucks is big to some, and peanuts to others.
Just do whatever that rocks your boat, bro
c64
post Mar 6 2022, 07:22 AM

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QUOTE(Human Nature @ Mar 5 2022, 11:04 PM)
Self contribution made on 2nd March is not reflected at the latest statement (post dividend) yet. Not at the withdrawal eligibility too  hmm.gif
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It's normal, check your app on maximum withdrawal under "migrate", "retire" etc. It will be reflected.

Every year from 1st Jan onwards, you won't see the updates in the statement until dividend is updated, which was 12am this morning for this year.

Check now and you can. See everything now.

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