Welcome to part 3 of my basic personal income tax planning series! In this series of posts I hope to cover the following topics:
In this part, I will cover how contributing to your SRS account can be used as a tool to mitigate your tax bill. Here’s a brief introduction to SRS.
What is SRS?
SRS is a government initiative to complement the CPF system and incentivise Singaporeans and PRs to save and invest more for retirement. It is completely privately operated and run by the 3 local banks – DBS, OCBC and UOB.
SRS is essentially a tax deferred investment vehicle. What this means is that contributions to the account (which is assumed to be derived from your income) are not subject to