SRS Tax Relief Calculator: How Much Tax Will You Save?
Maximum for the year.
Reliefs you already get
SRS relief stacks on top of these. All reliefs together are capped at S$80,000 a year.
- Chargeable income without SRSS$98,600
- Tax without SRSS$5,489
- SRS relief−S$15,300
- Tax with SRSS$3,730
Tax you save next Year of Assessment
S$1,759
- Contribution
- S$15,300
- Your top tax rate
- 11.5%
- Tax without SRS
- S$5,489
- Tax with SRS
- S$3,730
Contribute by 31 December 2026 (check your bank's cut-off) for relief in YA 2027.
When you withdraw: only half is taxed
From the statutory retirement age that applied when you first contributed, 50% of each withdrawal is taxable and there is no penalty. Spread it over the 10-year window to stay in the low bands.
e.g. rental or part-time income, after reliefs. CPF LIFE payouts are not taxable.
Withdraw each year
S$30,000
over 10 years
Taxable each year
S$15,000
50% concession
Tax each year
S$0
- Spread over 10 yearsTotal tax across the 10 withdrawalsS$0
- All in one yearStill 50% taxable, but taxed in higher bandsS$12,450
- Before retirement age100% taxable plus a 5% penaltyS$55,550
Tax on your withdrawals (10-year spread)
S$0
- Tax-free each year with no other income
- S$40,000
- Why
- 50% of S$40,000 is S$20,000, taxed at 0%
The statutory retirement age is fixed when you make your first SRS contribution: 63 for accounts first funded from 1 July 2022, and 64 from 1 July 2026. Withdrawals on death or terminal illness are tax-exempt up to S$400,000. Foreigners who are not tax resident when they withdraw have tax withheld by the bank.
How this works
SRS relief is the amount you contribute to your Supplementary Retirement Scheme account in a calendar year, up to S$15,300 for Singapore citizens and PRs or S$35,700 for foreigners. It is deducted from your income in the next Year of Assessment, so contributions made by 31 December 2026 reduce your YA 2027 tax.
We work out your chargeable income without SRS (income minus the reliefs you already get, which by default is Earned Income Relief of S$1,000 plus CPF relief on a 20% employee contribution), then apply IRAS resident tax rates (0% on the first S$20,000 rising to 24% above S$1 million) with and without the SRS relief. The difference is your tax saved. All reliefs together are capped at S$80,000 a year.
At withdrawal, only 50% of each withdrawal is taxable if you withdraw on or after the statutory retirement age that applied when you first contributed (63 for first contributions from 1 July 2022, 64 from 1 July 2026). Penalty-free withdrawals can be spread over 10 years. Withdrawing before that age makes 100% taxable plus a 5% penalty.
FAQs
How much tax does a full SRS contribution save?
On S$120,000 of income, a full S$15,300 contribution saves about S$1,760 in tax for an employee under 55, because the relief comes off income taxed at 11.5%. At the top 24% rate, S$15,300 saves S$3,672 and the foreigner cap of S$35,700 saves S$8,568.
What is the SRS contribution limit for 2026?
The SRS cap is S$15,300 a year for Singapore citizens and PRs and S$35,700 for foreigners. Contributions above the cap do not get relief, and foreigners must declare their status to their SRS operator each year.
When is the SRS deadline for tax relief?
Contributions must reach your SRS account by 31 December to count for the following Year of Assessment, so 31 December 2026 for YA 2027. Banks often set an earlier cut-off for online transfers.
How is SRS taxed when I withdraw?
Only 50% of an SRS withdrawal made on or after your statutory retirement age is taxable. With no other income, you can withdraw S$40,000 a year tax-free, because the taxable S$20,000 falls in the 0% band, and you can spread withdrawals over 10 years.
Is SRS worth it if I earn less?
Usually not if your chargeable income is S$20,000 or less, because that income is already taxed at 0% and SRS contributions cannot be refunded. The saving per dollar equals your top tax rate, from 2% up to 24%.