Anonymous

10 Oct 2020

∙

General Investing

Hi, I just opened SRS account and transferred money into it. Does that mean it is considered to be filed under SRS if it is sitting inside?

-Still thinking how I can invest it. Does it consider as SRS contribution if I did not touch it and leave it in the SRS account?
-Similarly, if I use it to invest, the sum of SRS is those that I first deposit and not what left right?

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Dave Loh

10 Oct 2020

Hi there!

Once you’ve transferred money into your SRS account, the amount will be considered as SRS contribution for the calendar year. That means when you are filing tax in April 2021, you are eligible to claim tax relief based on your contribution up to $15,300 assuming you are a Singaporean/SPR. You do not need to invest the money to qualify for the tax relief.

Also, you are right that the amount of SRS contribution is based on what you transfer in, and not what is left after investing.

Hope this helps you!

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