Getting started on your tax planning before the New Year begins can help you maximize tax relief and minimize tax payable next year.
You may only count your tax relief in April when you declare your income tax. But there are 3 things you must do before the year winds down for more tax relief.
Contribute SRS for Tax relief and moreThe 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 an 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 making SRS contribution at the beginning of the year instead of year-end. This is because SRS is
...