Anonymous

08 Dec 2020

∙

General Investing

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?

I'm not sure how tax relief works.

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Wrong Sean

08 Dec 2020

Not sure which bank you use for your SRS account.

In my SRS account on the banking app, it indicates the available contribution amount for the year and the total contributed amount. The bank will provide the information to IRAS for computation. The total contributed amount will be offset from the chargeable income.

https://www.iras.gov.sg/IRASHome/Individuals/Lo...

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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?

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

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What would be your recommendation for sites/banks to invest? and how to build a portfolio to maximize tax relief and security? Any thoughts on SRS accounts?