Posted on November 8, 2009 - by Ee Min

Top-up of SRS Account

Photo by 96dpi

November rings the bell spelling end of the year soon.

For those of us with the regular habit of topping-up our Supplementary Retirement Scheme accounts (or intending to open a new account), please remember the deadline is by 31^st December.

The Supplementary Retirement Scheme (SRS) is basically a voluntary savings cum deferred tax scheme, which provides dollar-for-dollar tax relief for the chargeable income subject to following year of tax assessment. The objective is to assist Singaporeans to save more on their own for retirement. One can withdraw the accumulated monies after the statutory retirement age (set at point of account opening, currently at age 62), where 50% of the monies will be taxed. Staggered withdrawal is allowed over 10 years to reduce tax. Read more…

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