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The latest information and regulations of the MPF supply limit, as well as the details and discounts of MPF supply deduction. Master the contribution and tax incentives of MPF, and prepare and plan for your retirement life.
How do employers calculate the upper limit of MPF supply? One article understands the latest MPF supply upper limit
Refers to the amount that employers and employees can be provided in each supply period in the mandatory provident fund plan (MPF). According to the current laws, employers and employees each need to contribute 5%of their income.However, the amount of these contributions is limited to the lowest and highest level of income. Employees and employers must make 5%of the employee's income from the Joentelum account, respectively, and the amount of contributions is limited to the lowest and highest level of income.
Employees and employers with monthly salary
Objects every month
MPF supply upper limit
Employer supply
Employee supply
Below $ 7,100
Related income × 5%
No contribution
$ 7,100 to $ 30,000
Related income × 5%
Related income × 5%
More than $ 30,000
$ 1,500
MPF supply upper limit
$ 1,500
MPF supply upper limit
Self -employed by monthly or annual contributions
Related income
per month
Per year
MPF supply upper limit
Below $ 7,100
Below $ 85,200
No contribution
$ 7,100 to $ 30,000
$ 85,200 to $ 360,000
Related income × 5%
More than $ 30,000
More than $ 360,000
$ 1,500 per month or $ 18,000 per year
Relevant income refers to the amount that employers pay or pay employees in the form of money.
· Including: any salary, salary, holiday allowance, expenses, commissions, redness, bonuses, contract remuneration, appreciation or allowance. · Excluding: the deductible fee or long -term service deposit under the "Employment Regulations".Monthly salary employee
Generally speaking, the payment date is the 10th day of each month. For example, the confession of the food period in September shall be paid to the trustee on October 10 or before. For the first supply of new employees, employers should pay the contribution to the trustee with the next supply date (10th of each month) after the employee's 60 -day month. If the supply date is Saturday, public holiday or strong wind/black rainstorm warning day, the payment date will be postponed to the first Saturday, public holiday or strong wind/black rainstorm warning day.Employer supply period
The supply period generally refers to the food period. Employers' contributions should be calculated from the first day of employment employment.Employee supply period
Employees enjoy a period of exemption, that is, they do not need to make money for the first 30 days of the employment period, nor: I. In the first incomplete food period after the exemption period (such as one month or less than one month); or II. The month of the month of the employment (such as employee's food is more than one month).example
The first day of Miss D's employment was June 5. Because she enjoys a period of exemption on the first 30th of her employment, the employer should not deduct the strong accumulation of money for the income from the 30th (June 5th to July 4th).
When will employers submit a payment settlement book?
Employers must submit a payment settlement book to the trustee at the same time when paying a contribution to the trustee.Form of submission
Written: The trustee provides pre -printed payment settlement books so that employers do not need to prepare documents every month. Electronic form: The trustee provides software to facilitate employers to prepare for payment settlement and submit through the Internet.Precautions
Even if the trustee does not provide pre -printed payment settlement books or computer software, employers must fill in the settlement book by themselves.If the employee does not have an incoming interest in a month, is it still necessary to fill in it?
Even if some employees do not have an income month, the payment settlement book needs to be filled in "$ 0", or fill out the information on the payment settlement book according to the instructions of individual trustee.Monthly supply record
After the employer pays the contribution to the trustee every month, it should provide employees with a monthly supply record of the following information within seven working days:· Employees' related income amount
· The amount of contributions of employers and employees
· Volunteer contributions of employers and employees (if any)
· The date of payment to the trustee is paid to the trustee
Anniversary equity report
The trustee of the Joentelum must provide employees with an anniversary equity report within three months after the end of each fiscal period. Anniversary equity reports must include: the total amount of contributions paid by employees for employees, the value of the MPF value of the year and the end of the year, and account profit and loss.The above is the current MPF supply limit. Please note that these regulations may be changed by law and policies. If you want to determine the latest provisions of the upper limit of contributions, it is recommended to consult a professional institution or refer to the announcement of the relevant departments of the Hong Kong government.
The Gold Bureau intends to increase the MPF supply upper limit of $ 2,750
According to media reports, the accumulation bureau plans to increase the upper limit of MPF supply, which is sharply increased from $ 1,500 to $ 2,750. The industry is expected to be carried out in stages. The Golden Bureau will review the minimum and highest income levels every 4 years. The upper limit of the MPF contribution is $ 1,500 per month. According to the income, salary changes and current mechanisms of Hong Kong people in recent years, the upper limit of the MPF supply of the MPF monthly employer and employee will be raised from $ 1,500 to $ 2,750; the lowest monthly salary of the lowest payment will be $ 7,100 yuan Increased to $ 10,000.MPF supply tax reporting strategy MPF supply deduction 4 attention places
1
MPF supply deduction -compulsory supply deduction to tax?
Under the current tax system, employees' mandatory funds (MPF) for compulsory contributions can be deducted for taxes. According to the annual tax year 2015-16 and each tax year, the maximum deduction of MPF supply deduction is 18,000 yuan. In other words, employees with a monthly salary of 30,000 yuan or more can enjoy the total deduction amount, and employees with a monthly income of less than 7,100 yuan have failed to enjoy this tax deduction because they do not need to make mandatory contributions. However, the voluntary contributions made by employees are non -deductible, and only deductible voluntary offerings are eligible for tax deduction.
employeeThe following example explains the tax handling of employees in different circumstances:
Example one
In the 2022/23 class tax year, a employee is as part -time as a part -time job, and the general situation is as follows:Every month
Compulsory supply
One year urn a year ﹞
Voluntary contribution
One year urn a year ﹞
MPF supply deduction
Amount
$ 10,000
$ 6,000
-
$ 6,000
$ 10,000
$ 6,000
$ 3,000
$ 6,000
$ 20,000
$ 12,000
-
$ 12,000
More than $ 30,000
More than $ 30,000
More than $ 30,000
More than $ 30,000
Recognize the career retirement planIf you choose not to participate in the compulsory provident fund plan, and participate in the recognition of the Career Retirement Plan that has been exempted by the Mandatan Provident Fund Planning Administration, your contribution can also be deducted. The deductive amount has the following two restrictions:
· The amount of contribution of "recognition of the career retirement plan" must not exceed the mandatory contribution amount calculated in accordance with the "MPF Regulations"; and
· The maximum deducted amount of each tax year is:
Tax year
Maximum deduction amount
($)
2017/18 and later
$ 18,000
2
MPF supply deduction -what is taxable voluntary supply (TVC)?
TVC is an important concept in the MPF supply deduction, which refers to the only voluntary contribution that provides tax discounts. Account holders can enjoy tax discounts when paying tax taxes or personal income tax. In the 2019-20 class tax year and the subsequent taxation annual, the upper limit of the deduction is $ 60,000 per year (the upper limit is the total upper limit of taxable voluntary contributions and extended annuity premiums to qualifying).
If the supplier makes a deduction of taxable voluntary contributions and the extension of the purchase of the purchase of taxes at the same time in the same year, the tax deduction will be deducted first, and the balance will be used as a deduction qualification extension annuity premium. *Qualification extension of annuity products must meet the guidelines issued by the Insurance Regulatory Bureau, and the premiums they pay can be deducted.
When filling in the tax reporting form, you need to pay attention to the related matters of the MPF supply deduction. The trustees will provide the planning members of the planned deductible voluntary contribution every year, showing that the taxable voluntary supply of taxable taxes paid by the tax year will be convenient for the planning members to fill in the tax reporting form.
In the MPF supply deduction, tax deduction voluntary supply has the following advantages:1. Convenience: Qualified people can freely choose a MPF plan with deductible taxes, and directly open accounts and contributions to the trustee.
2. Clear: The trustees of Johita funds will provide a confession summary each year, which is convenient for the planning members to fill in the tax reporting form.
3. Flexibility: Flexible amounts of amounts and amounts of amounts of amounts can also be provided at any time according to personal conditions to increase, decrease, stop, or restart the contribution.
4. Simple: Account holders can transfer the entire account balance to the taxable voluntary contribution accounts of the FRC plan at any time.
3
MPF supply deduction-calculation method is not only fixed monthly salary?
When calculating the tax deduction of MPF supply, we cannot just consider the fixed monthly salary, but also need to include additional income parts such as commissions, redness and Shuangliang. The amount of tax deduction of MPF contributions is calculated based on the actual compulsory supply amount, not based on total annual income. Therefore, we must pay attention to that when we have a low income of the minimum income of 7,100 yuan in the minimum income of the sum of the sum of the FRC, if we get the commission, Shuangliang or red red, these additional income may make our monthly month The income reaches or more than 7,100 yuan. In this case, we need to use 5%of the income as a mandatory contribution, and this part can be used as MPF for tax deduction.
4
MPF supply deduction -multiple MPF supply hukou can enjoy multiple tax deduction?
In recent years, "SLASHIE" (slashing) has become more and more common in the workplace, and at the same time, due to the economic environment, some employees may work part -time jobs to increase income. Such people may have multiple funds for funds. However, the employee MPF supply tax deduction is based on individuals and the upper limit. Therefore, when applying for a personal income, the amount of tax deduction of the strong deposit will remain at the upper limit of $ 18,000.
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MPF supply upper limit | Qiangli funds supply deduction tax
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