$15,300
Annual cap for Singapore Citizens and Permanent Residents to reduce taxable income dollar-for-dollar.
Tax Relief Strategies CPF & SRS
CPF & SRS
DEDUCTIONS
Optimizing retirement contributions is the most direct method for Singapore tax residents to reduce chargeable income. Statutory limits apply to both Central Provident Fund (CPF) top-ups and Supplementary Retirement Scheme (SRS) deposits.
$16,000
Maximum relief split between personal account top-ups ($8k) and family members' accounts ($8k).
$80,000
The total aggregate amount of all personal tax reliefs allowed for any Year of Assessment.
Section 01
CPF Cash Top-up Scheme
The Retirement Sum Topping-Up (RSTU) scheme allows taxpayers to build retirement savings while claiming tax deductions. Cash top-ups to your Special Account (for those below 55) or Retirement Account (for those 55 and above) qualify for relief. This effectively lowers your assessable income for the following year.
Taxpayers may also top up the accounts of parents, parents-in-law, grandparents, grandparents-in-law, spouse, or siblings. However, to qualify for relief on spouse or sibling top-ups, the recipient's annual income must not exceed $4,000, or they must be handicapped. For more details on filing these claims, refer to our IRAS Filing Guide.
Section 02 
SRS Contributions
The Supplementary Retirement Scheme is a voluntary program designed to complement the CPF. Unlike CPF, SRS contributions can be invested in various financial instruments, including stocks, bonds, and unit trusts.
Foreigner Limits
Foreigners working in Singapore can contribute up to $35,700 annually to their SRS accounts. This higher cap reflects the absence of mandatory CPF contributions for non-residents, providing a significant tax planning tool.
View All ReliefsWithdrawal Rules
Withdrawals from SRS are taxable. However, if withdrawals are made after the statutory retirement age, only 50% of the amount is subject to tax. This allows for strategic decumulation over a 10-year period.
Self-Employed Options Section 03
Voluntary CPF Contributions
Self-employed individuals can make voluntary contributions to their Medisave and Special accounts. These contributions are tax-deductible up to the CPF Annual Limit of $37,740. It is critical to ensure that mandatory Medisave liabilities are cleared before making voluntary claims.
Subscribe to our newsletter
Once a week we send a digest of the best articles.