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.
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:
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you are regarded as a tax resident in YA 2019 and your SRS account was not suspended as at 31 Dec 2018 or you have not withdrawn the contributions from your SRS account in 2018.
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 there will be a personal income tax relief cap of $80,000, which will apply from the Year of Assessment (YA) 2018. This cap applies to the total amount of all tax reliefs claimed, including any relief on SRS contributions made on or after 1 Jan 2017. There will be no refund for SRS contributions made. As such, taxpayers who make SRS contributions on or after 1 Jan 2017 should take note of the overall personal income tax relief cap. You should evaluate whether you would benefit from tax relief on your SRS contributions, and make an informed decision accordingly.
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
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
$29,750 (35% of $85,000)
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.
There will be no refund for SRS contributions made. As such, taxpayers who make SRS contributions on or after 1 Jan 2017 should note that the overall personal income tax relief cap of $80,000 applies from YA 2018. Hence, you should evaluate whether you would benefit from tax relief on your SRS contributions, and make an informed decision accordingly.