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MPF scheme & sole prop

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  1. #1

    Join Date
    Mar 2010
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    6,126

    MPF scheme & sole prop

    If I run a solprop, do I have to make mandatory contributions to MPF ?
    Is it a percentage of profits ?
    What if the solprop made a loss ?


  2. #2

    Join Date
    Oct 2006
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    Sarcasm - because beating the crap out of people is illegal
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    shri likes this.

  3. #3

    Join Date
    Mar 2012
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    In practice though I don't (I object to being forced to put my savings into such appalling investments); I complete my tax return accurately, with no deductions shown for MPF contributions, and no-one from IRD has queried it so far.

    INXS likes this.

  4. #4

    Join Date
    May 2005
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    Hong Kong, from UK
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    3,701
    Quote Originally Posted by Gruntfuttock:
    In practice though I don't (I object to being forced to put my savings into such appalling investments); I complete my tax return accurately, with no deductions shown for MPF contributions, and no-one from IRD has queried it so far.
    They do seem oddly uninterested in enforcing their own rules, don't they?

  5. #5

    Join Date
    Oct 2003
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    2,259

    They're not IRD rules.


  6. #6

    Join Date
    Mar 2012
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    Well OK, but they are government rules. What is the enforcement mechanism if not through IRD?


  7. #7

    Join Date
    Nov 2009
    Posts
    506

    I do make the contributions. I believe that's what the guidelines say should happen.


  8. #8

    Join Date
    Dec 2002
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    They'll catch up sooner or later.

    We did receive a notification about 2 or 3 years after not paying or making a late payment on one of my MPF payments.


  9. #9

    Join Date
    Mar 2012
    Posts
    4,831

    If you've set up a scheme and stopped paying then I have no doubt, but I've never set a scheme up.


  10. #10

    Required by law, but hardly policed... You might want to do it just to write off that amount for tax purposes..

    Last edited by PSMaverick; 25-06-2013 at 07:54 PM.

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