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:
- Your SRS account is suspended as at 31 December of the year preceding the year of assessment; or
- The amount of such contribution is withdrawn from your SRS account within the year immediately preceding the year of assessment.
Contribution made in 2019 is deductible in YA 2020 if you are regarded as a tax resident in YA 2020 and your SRS account was not suspended as at 31 Dec 2019 or you have not withdrawn the contributions from your SRS account in 2019.
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 for each Year of Assessment (YA), 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 |
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