Here are 5 rules of Supplementary Retirement Scheme (SRS) that you should note before opening an account and contributing to get tax relief. #1 SRS Contribution is voluntary Unlike CPF contribution which is mandatory if you are employed (which gives you CPF relief for the mandatory component of up to $20,400) , SRS contribution is fully voluntary. You may contribute this year if there is a big bonus and not contribute next year if you decided to take a sabbatical .
The contribution LIMIT is $15,300 for Singaporeans and PR and $35,700 for foreigners. Contributions MUST be done by 31dec2021 to be effective for IRAS to give the tax relief. Open an account online with DBS, OCBC or UOB to start. #2 The higher your income bracket is, the bigger the relief impact is! Each dollar contributed to SRS brings a dollar of deduction to your CHARGEABLE INCOME TAX....