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Anonymous

01 Oct 2020

∙

General Investing

Is the tax relief from SRS based on the contribution that FY, or the amount sitting in the SRS account?

Per question - If I contribute eg. $10,000 now to my SRS, can I use immediately to open a fixed deposit? Will the contribution be accounted for tax relief in YA2021? Can I use the full or partial amount only? Do I have to leave the amount in the SRS for X amount of time before opening the FD?

Is the tax relief based on contribution alone in the YA? Eg. if i made 3 contributions of $3000 from May to Dec, and then used that 9k for investment in Jan, do I still enjoy tax relief of 9k?

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Hariz Arthur Maloy

01 Oct 2020

Independent Financial Advisor at Promiseland Independent

It's based on contributions for the year. And yes you can contribute and immediately invest your SRS monies however you see fit and using it doesn't lose you your tax relief.

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Understand that there is tax relief for the amount I contribute to the SRS. But if the money is being used to invest, the SRS would not show the amount. Does tax relief apply?

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Related Posts

Understand that there is tax relief for the amount I contribute to the SRS. But if the money is being used to invest, the SRS would not show the amount. Does tax relief apply?

Is it a good idea to open an SRS account and contribute annually just for the sake of tax relief purposes?

If today you’re a self employed and have $20k set aside for tax reduction, which would you choose and why? CPF voluntary contribution VS CPF Cash Top up relief VS SRS contribution?

How much do you consider high for your income tax payable amount that you need to consider to top up an amount to your SRS account?

If I contributed to my CPF or SRS account today, it would apply to my 2021 income tax right? It's too late to influence my 2020 income tax?

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