Income tax + mandatory Medisave contributions for self-employed persons
YA 2026 rates verified: June 2026
Gross freelance income minus allowable business expenses. This is what IRAS and CPF Board assess.
Self-employed persons (SEPs) are not required to contribute to the Ordinary Account or Special Account. However, SEPs who earn net trade income above SGD 6,000 per year must make mandatory Medisave contributions. The rate increases in tiers from 4% for income up to SGD 10,000 to 7.5% for income above SGD 40,000.
Net trade income (NTI) is your gross trade income minus all allowable business expenses. Allowable expenses include equipment, software subscriptions, professional development costs, home office expenses (subject to conditions), and fees paid to subcontractors. NTI is the figure IRAS taxes and CPF Board uses to calculate your Medisave contribution.
CPF Board assesses your Medisave contribution after IRAS has processed your income tax return. You will receive a notice of assessment from CPF Board, typically a few months after your income tax filing deadline. Payment is due within 30 days of the notice. The contribution is based on your net trade income for the previous calendar year.
Yes. Freelancers can contribute to SRS (up to SGD 15,300 for citizens and PRs) to reduce their chargeable income dollar for dollar, which can drop you into a lower band on the Singapore income tax rates and brackets for 2026. Voluntary Medisave top-ups above the mandatory amount are also tax-deductible, subject to the Basic Healthcare Sum cap. CPF Cash Top-Up to your SA is available to freelancers and qualifies for up to SGD 8,000 in tax relief. IRAS caps all reliefs together, including MediSave relief, at SGD 80,000 a year.
| Net Trade Income | Below 35 | 35 to below 45 | 45 to below 50 | 50 and above |
|---|---|---|---|---|
| Up to S$6,000 | No contribution required | |||
| Above S$6,000 to S$12,000 | 4% | 4.5% | 5% | 5.25% |
| Above S$12,000 to S$18,000 | S$480 + 16% of NTI above S$12,000 | S$540 + 18% of NTI above S$12,000 | S$600 + 20% of NTI above S$12,000 | S$630 + 21% of NTI above S$12,000 |
| Above S$18,000 | 8%, maximum S$7,680 | 9%, maximum S$8,640 | 10%, maximum S$9,600 | 10.5%, maximum S$10,080 |
Age is as at 1 January. Pensioners follow a separate CPF Board table. Self-employed persons must still contribute after reaching the Basic Healthcare Sum (BHS). Amounts above the BHS flow to other CPF accounts. The relief shown here assumes last year's compulsory MediSave contribution equals the amount calculated above, so check your CPF statement.
⚠️ Financial Disclaimer: Rates as of 2026. Verify with official sources before acting. For educational purposes only, not financial advice. Calculations on this site are for informational purposes only and do not constitute financial advice. Tax and Medisave results are estimates based on published IRAS and CPF Board rates for YA 2026. Actual assessments are determined by IRAS and CPF Board. Consult a qualified tax advisor for your personal position.