SRS tax relief

If you have contributed to the SRS, you can claim SRS Tax Relief in the Year of Assessment following the year of contribution. You must first be a tax resident before claiming the relief for that Year of Assessment. 

Who can claim Relief

You are entitled to a SRS tax relief in the Year of Assessment (YA) following the year of contribution. However, you have to be assessed as a tax resident for that YA. Non-residents are not eligible for any tax relief.

Please note that no SRS tax relief will be allowed if:

  1. Your SRS account is suspended as at 31 December of the year preceding the year of assessment; or
  2. The amount of such contribution is withdrawn from your SRS account within the year immediately preceding the year of assessment.

Contribution made in 2018 is deductible in YA 2019 if you are regarded as a tax resident in YA 2019 and your SRS account was not suspended as at 31 Dec 2018 or you have not withdrawn the contributions from your SRS account in 2018.

Amount of SRS Relief

For those who are eligible, the relief amount is the actual amount of SRS contribution made by you and/or your employer (on your behalf) in the preceding year.

Please note that a personal income tax relief cap of $80,000 applies to the total amount of all tax reliefs claimed (including relief on SRS contributions). There will be no refund for SRS contributions made. Please evaluate whether you would benefit from tax relief on your SRS contributions, and make an informed decision.

You and/or your employer (on your behalf) may contribute any amount to your SRS account up to the maximum SRS contribution. Contributions must be made in cash.

Yearly Maximum SRS Contribution by Singapore Citizens / SPRs

Year

Absolute Income Base*

Yearly Maximum SRS Contribution

2011 to 2015
(i.e. YAs 2012 to 2016)

$85,000
(17 months x $5,000)

$12,750
(15% of $85,000)

2016 onwards

(i.e. YA 2017 onwards)

(17 months x $6,000) = $102,000 

15% of Absolute Income Base (15% x $102,000) = $15,300 

Yearly Maximum SRS Contribution by Foreigners

Year

Absolute Income Base*

Yearly Maximum SRS Contribution

2011 to 2015
(i.e. YAs 2012 to 2016)

$85,000
(17 months x $5,000)

$29,750
(35% of $85,000)

2016 onwards

(i.e. YA 2017 onwards)

(17 months x $6,000) = $102,000

35% of Absolute Income base (35% x $102,000) = $35,700 

*The Absolute Income Base is calculated on 17 months of the CPF monthly salary ceiling.

Claiming SRS Relief

You do not need to make a claim in your tax return as it will be allowed automatically based on information provided by the SRS operator.

Tax Clearance

If you are seeking tax clearance and wish to claim a relief on your contributions made in the year of cessation/departure, you must obtain a SRS statement of contributions/withdrawals (for tax clearance) (61KB) from the SRS operator specifically for the purpose of tax clearance.
  • Can I obtain a refund of my SRS contributions made in year 2018, if for YA 2019, the total amount of personal reliefs which I can claim is more than $80,000, even without any tax relief on my SRS contributions?

    There will be no refund for SRS contributions made. As such, please take note of the overall personal income tax relief cap and evaluate whether you would benefit from the tax relief on your SRS contributions, and make an informed decision.

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