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SRS Tax Savings Calculator

Use this SRS Tax Savings Calculator to find out how much you can potentially save on taxes by contributing to your Supplementary Retirement Scheme (SRS) account.
Includes total salary and bonuses earned for the year.
Total annual income should be between $0 and $1,000,000,000.
Includes reliefs such as earned income, CPF contributions, CPF voluntary top-ups, qualifying child, parent, donations, and more.
Personal tax reliefs should be at most $80,000.
Maximum contribution of $15,300 for Singaporeans / PRs, and $35,700 for Foreigners.
SRS tax reliefs should be at most $35,700.
Without SRS With SRS
Taxable income
Total tax payable
 

Note for this SRS Tax Savings Calculator:

  • For Singaporeans and PRs, the maximum SRS contribution amount per year is $15,300. For Foreigners, the maximum yearly SRS contribution is $35,700. We do not ask about your residency status in the calculator above, so please ensure you follow the maximum contribution limit correctly according to your residency status.
  • This calculator assumes resident tax rates, as defined by IRAS here.
  • The estimated tax savings amount above is only an estimate for illustration purposes. The actual eligible tax reliefs will be finalized by IRAS when you receive your official assessment notice.

 

What Does This SRS Tax Savings Calculator Calculate?

This SRS Tax Savings Calculator estimates the tax amount you can save by contributing to your SRS account.

 

How Does Supplementary Retirement Scheme (SRS) Give Tax Savings?

SRS account is a voluntary savings scheme intended to help with your retirement while also giving you tax relief. You can enjoy dollar-to-dollar tax relief on the amount you contribute to your SRS account every year, subject to a maximum limit as follows:

  • If you are a Singaporean/PR, the maximum yearly SRS contribution limit is $15,300.
  • If you are a Foreigner, your yearly SRS contribution limit is $35,700.

Please also note that there is a maximum personal income tax relief of $80,000. Because your SRS contribution counts toward that limit, please make sure not to exceed this limit if you want to maximize your tax reliefs.

 

What You Need To Know About SRS

Before contributing to your SRS account, you must fully understand how SRS works. Here are some highlights:

  • Because SRS is intended for retirement savings, withdrawing your money from your SRS account before the retirement age (63 years old) will incur a 5% penalty. The total amount you withdraw will also be taxable. Generally, we should avoid early withdrawals and only contribute the money allocated for our retirement savings.
  • Upon reaching retirement age, you can start withdrawing your SRS fund in a lump sum withdrawal or spread it out over ten years. You only need to pay income tax on 50% of your withdrawal amount.
  • The money in your SRS account will only earn 0.05% interest p.a. Given that the SRS account is for the long haul (until retirement age), you need to invest your SRS fund to avoid losing against inflation. Here are some investment products available to invest with your SRS fund: