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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. 

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Who can claim for SRS Tax Relief

You are entitled to SRS tax relief in the Year of Assessment (YA) following the year of contribution, provided you are a tax resident for that YA.

You will not be allowed SRS tax relief if:

  1. Your SRS account is suspended as at 31 December of the year of contribution; or
  2. The amount of such contribution is withdrawn from your SRS in the same year of contribution.                                                                                                                                                                  
Example: Contribution and Withdrawal were made in the same year

Scenario 1: Contribution made before withdrawal in the same year

(a) Ms Jasmine, 40 years old, first made a contribution of $10,000 and then made a withdrawal of $8,000 in the same year. SRS tax relief will not be granted on the amount of $8,000 she contributed and withdrawn, and there will not be any tax and penalty on the amount withdrawn.

SRS tax relief Infographic

(b) If Ms Jasmine made a withdrawal of $15,000 instead of $8,000, there will be no tax relief allowed on the $10,000 contributed, as the amount withdrawn exceeds the amount contributed in the year. The remaining amount of $5,000 ($15,000 - $10,000) will be subjected to tax and a 5% penalty.

SRS tax relief Infographic

 

 

Scenario 2: Withdrawal made before contribution in the same year

Ms Jasmine, 40 years old, first made a withdrawal of $15,000 and then made a contribution of $10,000 in the same year. The withdrawal of $15,000 will be brought to tax in full and a 5% penalty will be imposed. Subsequently, the SRS contribution made after will be treated as SRS tax relief.

SRS tax relief Infographic

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Amount of SRS Tax 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.

Example: SRS contributions made

Mr Tan, a foreigner, has made a contribution of $20,000 to his SRS account in 2020. In YA 2021, the SRS bank operator will transmit the contribution information to IRAS and SRS tax relief of $20,000 will be included.

SRS tax relief Infographic

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Claiming of SRS Tax 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. The SRS tax relief will be reflected in your e-filing. 

For Foreigners and Singapore Permanent Residents (SPRs)
If you are leaving your employment and leaving Singapore, and wish to claim the SRS tax relief on your contributions made in the year of departure, you must obtain an SRS statement of contributions/withdrawals (for tax clearance) from the SRS bank operator specifically for the purpose of tax clearance.

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  • Can I obtain a refund of my SRS contributions made in year 2020, if for YA 2021, 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.