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Supplementary Retirement Scheme (SRS)
Why should I contribute to SRS?
Besides the obvious benefit of having more savings to draw on when you retire, you will enjoy the following tax benefits on contributions to SRS:
· You can claim tax relief for contributions made to SRS. Each dollar of SRS contribution will reduce your income chargeable to tax by a dollar.
· Investment gains will accumulate tax-free in SRS, with the exception of Singapore dividends paid before 1 January 2008 from which tax is deducted or deductible by the payer company under section 44 of the Income Tax Act, which are taxable at your individual tax rate.
· Tax will be payable only when you withdraw your savings from SRS. If you withdraw your savings upon retirement, only 50% of the savings withdrawn will be subject to tax. You may also spread your withdrawals over a period of up to 10 years to meet your financial needs. Spreading out your withdrawals will generally result in greater tax savings.
Is SRS relief subject to the $80,000 cap?
Yes, the personal income tax relief cap of $80,000 applies from Year of Assessment 2018 to SRS contributions made on or after 1 Jan 2017. As SRS contributions made cannot be refunded, SRS members who make SRS contributions should take note of the overall personal income tax relief cap and evaluate if they would benefit from the tax relief on their SRS contributions, and make an informed decision accordingly.
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