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How much Tax can I save from SRS Tax Relief?

How does SRS allows us to enjoy Tax Relief?

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. 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. How much Tax can I save from SRS Tax Relief? — Engage

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

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Zephanie Lau 刘晓莹

“𝙱𝚎 𝚝𝚑𝚎 𝚊𝚛𝚌𝚑𝚒𝚝𝚎𝚌𝚝 𝚘𝚏 𝚢𝚘𝚞𝚛 𝚏𝚒𝚗𝚊𝚗𝚌𝚒𝚊𝚕 𝚍𝚎𝚜𝚝𝚒𝚗𝚢!” ✍I am a seasoned Financial Advisory Manager in Singapore, with over a decade of expertise, committed to transforming lives. I stand ready to guide Working Adults in Singapore towards greatness through meticulous Financial Planning and Independent Financial strategies.

As Warren Buffett wisely said, “𝗦𝗼𝗺𝗲𝗼𝗻𝗲 𝗶𝘀 𝘀𝗶𝘁𝘁𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲 𝘀𝗵𝗮𝗱𝗲 𝘁𝗼𝗱𝗮𝘆 𝗯𝗲𝗰𝗮𝘂𝘀𝗲 𝘀𝗼𝗺𝗲𝗼𝗻𝗲 𝗽𝗹𝗮𝗻𝘁𝗲𝗱 𝗮 𝘁𝗿𝗲𝗲 𝗮 𝗹𝗼𝗻𝗴 𝘁𝗶𝗺𝗲 𝗮𝗴𝗼.” Let me help you plant the seeds of financial success, so you can bask in the shade of abundance in the Singapore Financial Hub.

“I am not a product of my circumstances. I am a product of my decisions.” With your goals in sight, I become your relentless Goal Getter, ensuring nothing holds you back from achieving your dreams.

Remember, “Time is more valuable than money. You can get more money, but you cannot get more time.” Let’s avoid wasted efforts on wrong choices and focus on what truly matters, uncovering the meaning of life and securing your future.

With your vision and my guidance, we shall create a legacy of financial empowerment, proving that success is within reach for every determined soul. Let’s ignite the fire of transformation and begin our journey today! 🌟💼

#efficient #financialhappiness

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策