Anonymous

18 Oct 2019

∙

General Investing

When should I contribute to SRS to earn relief for 2019?

If I contribute on 1 Dec 2019, will the amount be reflected in the March 2020 Tax declaration?

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Elijah Lee

18 Oct 2019

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

Yes. In fact, as long as your contribution is reflected in your SRS account by 31st December 2019, you will be eligible for the tax relief when you file your income tax for 2020. Individual banks have a cut off time.

Having said that, I would recommend you do it by the first half of December before festivities consume your time and you might forget about it.

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Ngooi Zhi Cheng

18 Oct 2019

Student Ambassador 2020/21 at Seedly

Hey! All contributions must be made by 31 Dec of the year or as your SRS operator requires, to be eligible for SRS Tax Relief.

Do note that: the yearly maximum SRS contribution is 15% of Absolute Income Base.

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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?

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?

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

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

I am a freelancer earning ~1k a month, I did not file tax nor contribute CPF, will I be eligible for the self-employed relief scheme? Is it too late for me?