Martin Lee @ Sg
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SRS Year End Reminder

If you have not yet contributed to your SRS account this year to save on your income tax, remember to do so by the end of the year if you intend to use SRS as a tax savings tool.

SRS is basically a voluntary scheme started in 2001 to help people save on their income tax. Contributions to the SRS are eligible for tax relief and only 50% of the withdrawals from SRS are taxable at retirement.

You can refer to the booklet below for more information on the SRS:

SRS Booklet

Also, for those who are utilising their SRS monies to buy shares, do take note that the agent banks have started to levy an admin fee for amendments from cash to SRS trades on T+1. This fee will be between $26 to $39 depending on which agent bank you are with. To avoid this fee, you should always inform your broker that your trade is for SRS on the same day that the trade was made.

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