SRS Tax Relief Calculator 2026 (Singapore)
Estimate your Supplementary Retirement Scheme (SRS) tax relief for YA 2026 in Singapore. Enter your annual taxable income, citizenship status, age, and planned SRS contribution to see the income-tax relief, marginal tax saved, and your real net out-of-pocket cost. Free, private, runs entirely in your browser.
How the 2026 SRS Tax Relief Calculation Works
The Supplementary Retirement Scheme (SRS) is a voluntary, tax-deferred savings programme administered by the Inland Revenue Authority of Singapore (IRAS). Every dollar you place into your SRS account is deducted from your chargeable income before personal income tax is computed. The 2026 contribution caps are S$15,300 for Singapore Citizens and Permanent Residents, and S$35,700 for foreigners — the same caps apply regardless of age. This calculator applies the IRAS YA 2026 resident tax bands to estimate how much tax your SRS contribution removes at your marginal rate.
2026 SRS Caps and Eligibility
To contribute to SRS in 2026 you must be at least 18 years old, not an undischarged bankrupt, and have an existing SRS account with one of the three operator banks. Contributions are made in cash and must be credited to the account by 31 December 2026 to qualify for relief in YA 2027. Anything above the S$15,300 (Citizen/PR) or S$35,700 (Foreigner) cap is refunded by the operator and does not earn relief. The personal income tax relief cap of S$80,000 across all reliefs still applies — the calculator estimates SRS relief only, so if you are near that ceiling combine the result with your other reliefs before deciding.
Withdrawal, Penalty, and 50% Concession
SRS funds become penalty-free at the statutory retirement age — currently 63 for accounts opened from 1 January 2022, and 62 for older accounts. At that point only 50% of each withdrawal is taxable, halving the effective rate compared with drawing the same income directly. Withdrawals before retirement age incur a 5% penalty plus 100% taxation in the year of withdrawal. The 10-year drawdown window starts on the date of your first penalty-free withdrawal. Plan contributions while you are at peak earning bands; plan withdrawals across years where your other income is low.
SRS for Foreigners — Why the Cap Is Higher
Foreigners working in Singapore can contribute up to S$35,700 per year — more than double the Citizen/PR cap — because they cannot make voluntary CPF contributions and have no other locally tax-advantaged retirement vehicle. For high-earning expatriates in the 22%–24% top brackets, a maxed-out SRS contribution can generate over S$8,000 in immediate tax relief in a single year. Foreigners may also withdraw the full balance in one lump sum after leaving Singapore for a continuous period of 10 years, with the 50% concession applied if they keep the account open at least 10 years from the first contribution.
SRS vs CPF Top-Up: Which Comes First?
For Singapore Citizens and PRs, CPF cash top-up to the Special Account or Retirement Account also reduces chargeable income (S$8,000 self + S$8,000 family member cap). CPF returns are guaranteed at 4%+ but the funds are permanently locked. SRS funds are flexible — you can invest them in shares, bonds, unit trusts, and Singapore Savings Bonds — but the floor return on uninvested SRS cash is just 0.05%. A common stack is: max CPF top-up first (higher floor return) and then SRS for residual relief and investment flexibility.
Source: Inland Revenue Authority of Singapore (iras.gov.sg) — SRS scheme 2026 contribution caps and individual income tax rates. Last updated: 2026-05-03. Always confirm the latest figures with IRAS or a licensed tax adviser before filing.