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 SRS tax relief will not be granted on the amount of $8,000 she contributed and withdrawn, and there will not be any tax and penalty on the amount withdrawn.

(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withdrawal of $15,000 instead of $8,000, there will be no tax relief allowed on the $10,000 contributed, as the amount withdrawn exceeds the amount contributed in the year.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.

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.
