The Supplementary Retirement Scheme (SRS) is designed to encourage individuals to voluntarily save more for their golden years. SRS contributions are made over and above CPF contributions and enjoy tax relief as well. You can grow your SRS funds exponentially through long-term investments, which could better increase your investment value to give you a more comfortable retirement.
𝗟𝗲𝘁’𝘀 𝗵𝗮𝘃𝗲 𝗮𝗻 𝗶𝗹𝗹𝘂𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻:
Annual Income: $150,000
Personal Tax Relieft: $10,000
Amount Contributed to SRS: $15,300
– Tax Relief of $15,300 will be included in the following Year of Assessment
So what is the Tax Payable, with and without tax relief?
Without SRS Contribution: Tax Payable is $10,950
𝐖𝐢𝐭𝐡 𝐒𝐑𝐒 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐭𝐢𝐨𝐧: 𝐓𝐚𝐱 𝐏𝐚𝐲𝐚𝐛𝐥𝐞 𝐢𝐬 $𝟖,𝟔𝟓𝟓 (𝐘𝐨𝐮 𝐜𝐚𝐧 𝐬𝐚𝐯𝐞 $𝟐,𝟐𝟗𝟓 𝟐𝟏% 𝐨𝐟 𝐭𝐚𝐱)
Note that there is a limit to the amount of tax relief each of us has. If you wish to find out more if this SRS contribution makes sense to your financial portfolio, happy to explore it with you.
Reminder: All SRS contributions must be made by 31 Dec of the year to be eligible for SRS tax relief in the following Year of Assessment.
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Will I be able to retire comfortably?