For Singaporeans/PRs, you can get tax relief of up to $3,366 in Year of Assessment 2021 with a personal contribution cap of S$15,300 if you top up your SRS by 7pm on 31 Dec 2020. Foreigners have a cap of S$35,700. Why top up SRS? The Supplementary Retirement Scheme (SRS) is a voluntary contribution scheme that’s eligible for dollar-for-dollar income tax relief in the following year of assessment. SRS is administered by our 3 local banks – OCBC, UOB and DBS – and is complementary to the CPF program, which is a mandatory contribution program. Calculating SRS tax relief The tax relief is equal to the amount contributed to SRS, capped at $15,300 per year. If you are a Singaporean, then you can get up to $15,300 of tax relief. This is useful if you want to reduce your tax burden next year when IRAS assesses your income and it’s not limited to just high income earners....