# SRS Tax Relief Calculator: How Much Tax Will You Save?

See how much income tax an SRS contribution saves you, up to the S$15,300 (citizens and PRs) or S$35,700 (foreigners) cap, and the tax on withdrawals later.

Interactive tool: https://lookup.sg/tools/srs-tax-relief-calculator

## 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%.

## Sources
- [IRAS: SRS contributions and tax relief](https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/special-tax-schemes/srs-contributions)
- [IRAS: Tax on SRS withdrawals](https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/special-tax-schemes/tax-on-srs-withdrawals)
- [IRAS: Individual income tax rates](https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-residency-and-tax-rates/individual-income-tax-rates)
- [MOF: Supplementary Retirement Scheme](https://www.mof.gov.sg/news-resources/supplementary-retirement-scheme/)

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Source: Lookup (https://lookup.sg) · Data as of October 2026 · Listings compiled from Singapore government open data (data.gov.sg), OneMap and Overture Maps places. Free listings never show contact details; contact details appear only on Lookup Verified listings.