Getting started on your tax planning before the New Year begins can help you maximize tax relief and minimize tax payable next year.
Many people only look into tax relief in April when they need to declare their income tax. But there are 3 things you must do now before the year winds down if you want to obtain more tax relief.
Contribute SRS for Tax relief and more
The Supplementary Retirement Scheme (SRS) is a voluntary scheme that incentivises individuals to save for retirement by way of tax-deductible contributions.
Singapore citizens and permanent residents can get tax relief up to $15,300, while foreign individuals can put in $35,700.
You need a SRS account to make the contribution. If you have not done so, you can open an account with one of the 3 local banks, i.e. DBS, UOB and OCBC.
I always advocate to make SRS contribution at the beginning of the year instead of …