Supplementary Retirement Scheme (SRS) Calculator
Use this SRS calculator to estimate your tax savings and discover how much you can grow your retirement savings by investing your SRS contributions.
See how much you can save on taxes
SGD
SGD
SGD
Max. contribution is $15,300 SGD
Total tax savings
$1,760 SGD
You could save 28.3% on your tax bill
Without SRS
Taxable income
$105,000 SGD
Payable tax
$6,225 SGD
With SRS
Taxable income
$89,700 SGD
Payable tax
$4,466 SGD
How SRS helps you save on tax
Here’s how it works
Personal reliefs
$30,000 SGD
SRS contribution
$15,300 SGD
Taxable income
$54,700 SGD
Payable tax with SRS
$1,579 SGD
Personal reliefs
$30,000 SGD
Taxable income
$70,000 SGD
Payable tax without SRS
$2,650 SGD
Illustration is based on an annual income of $100,000 SGD and personal reliefs of $30,000 SGD.
*Capped at the maximum yearly contribution of $15,300 SGD for Singaporeans and PRs, and $35,700 SGD for foreigners.
Illustrating how much you could save in taxes
Let’s consider the maximum contribution of $15,300 for Singaporeans and PRs, and see how it impacts different tax brackets:
| Chargeable Income Before SRS Contribution | Gross Tax Payable Before SRS Contribution | Gross Tax Payable After SRS Contribution | Tax Savings | Tax Bill Saving |
|---|---|---|---|---|
| $40,000 | $550 | $94 | $550 | 82.91% |
| $50,000 | $1,250 | $364.5 | $885.5 | 70.84% |
| $60,000 | $1,950 | $879 | $1,071 | 54.92% |
| $70,000 | $2,650 | $1,579 | $1,071 | 40.42% |
| $80,000 | $3,350 | $2,279 | $1,071 | 31.97% |
| $90,000 | $4,500 | $2,979 | $1,521 | 33.80% |
| $100,000 | $5,650 | $3,890.5 | $1,795.5 | 31.14% |
| $110,000 | $6,800 | $5,040.5 | $1,795.5 | 25.88% |
| $120,000 | $7,950 | $6,190.5 | $1,795.5 | 22.13% |
| $130,000 | $9,450 | $7,340.5 | $2,109.5 | 22.32% |
| $140,000 | $10,950 | $8,655 | $2,295 | 20.96% |
| $150,000 | $12,450 | $10,155 | $2,295 | 18.43% |
| $160,000 | $13,950 | $11,655 | $2,295 | 16.45% |
| $170,000 | $15,650 | $13,155 | $2,495 | 15.94% |
| $180,000 | $17,350 | $14,749 | $2,601 | 14.99% |
| $190,000 | $19,050 | $16,449 | $2,601 | 13.65% |
| $200,000 | $20,750 | $18,149 | $2,601 | 12.53% |
You could potentially save up to 82.91% on your tax with the maximum $15,300 SRS contribution.
Grow your SRS with StashAway
Your SRS account only earns you 0.05% p.a. on the amount you save. Your money can do better when you invest it. Assuming you contribute the maximum each year, here’s why investing your funds benefits you in the long run.
SRS funds invested
SRS funds saved in account
Retire better with StashAway
Download our mobile app
