As we draw closer to the end of the year, it’s a good time for us to estimate our personal income taxes and try to reduce our tax bill by contributing to our Supplementary Retirement Scheme (SRS) account.

What is SRS?

SRS allows both Singaporeans and foreigners to contribute cash for retirement and be entitled to tax relief. As the name suggests, SRS is meant to supplement CPF, which is meant to provide a baseline retirement income.

Key considerations

Annual contribution limit to SRS is $15,300 for Singapore citizens and PRs, and $35,700 for foreigners (since foreigners are not entitled to CPF). You need to contribute to SRS by 31 December if you want to qualify for tax relief for this year’s tax assessment. Personal tax relief is capped at $80,000 per year of assessment (YA), so if you need to know what your other tax reliefs before SRS...