It is the time of the year when you start to see newspaper articles and blog posts extolling the virtues of contributing to the Supplementary Retirement Scheme (SRS). SRS is part of the overall tax planning when you list down your incomes and personal tax reliefs for the year to estimate how much tax you need to pay in the next year. It is like seeing your tax bill 6 months in advance. But the advantage is that this tax bill is not finalised yet. If you don't like the tax amount shown, you could still explore ways to reduce the amount. 

Below is a screenshot of the tax calculator downloaded from IRAS' website. 

Here, you could see all the possible personal tax reliefs that could be claimed. You could run through each (Read more...)