How to Calculate SRS Tax Savings in Singapore: A Step-by-Step Guide

Updated 5 Oct 2026 in Tax & GST

Shows how much tax you save by contributing to the Supplementary Retirement Scheme. The cap is S$15,300 a year for citizens and PRs and S$35,700 for foreigners.

Singapore's tax system is simple by global standards, but the progressive bands, reliefs and the 9% GST still trip people up. A quick calculation helps you set aside the right amount before IRAS sends your notice of assessment, or check that a bill has been worked out correctly.

What you need

• Chargeable income before SRS (S$)
• SRS contribution (S$)

Step by step

1. Enter the chargeable income before srs (S$).
2. Enter the srs contribution (S$).
3. The results update as you type, or press Calculate.
4. Read the tax without srs first, then the supporting figures below it.

The formula

Tax saved = tax(chargeable income) − tax(chargeable income − SRS contribution).

Worked example

For example, with these inputs:

• Chargeable income before SRS (S$): 120,000
• SRS contribution (S$): 15,300

the calculator returns:

• Tax without SRS: S$7,950.00
• Tax with SRS: S$6,190.50
• Tax saved: S$1,759.50

A second example

Now change the inputs to:

• Chargeable income before SRS (S$): 150,000
• SRS contribution (S$): 15,300

the calculator returns:

• Tax without SRS: S$12,450.00
• Tax with SRS: S$10,155.00
• Tax saved: S$2,295.00

Practical tips

• SRS and CPF top-up relief save more tax the higher your marginal rate is.
• Chargeable income is income after reliefs, so claim every relief you qualify for before working out the tax.
• Non-residents cannot claim personal reliefs, which is why their effective rate is usually higher.
• Set aside a little each month so the tax bill is not a shock, or sign up for GIRO instalments with IRAS.

Background

Singapore taxes individuals on income earned in Singapore, with progressive rates for residents that start at 0% on the first S$20,000 of chargeable income and rise to 24% on income above S$1 million. Tax is assessed a year in arrears: income earned in 2025 is assessed in Year of Assessment 2026.

Reliefs lower chargeable income before rates apply. Common ones include earned income relief, CPF relief for employee contributions, parent and handicapped parent relief, working mother's child relief, NSman relief, course fees relief, and relief for SRS contributions and CPF cash top-ups. Total personal reliefs are capped at S$80,000 a year.

You are generally a tax resident if you are a citizen or PR who normally lives here, or a foreigner who has stayed or worked in Singapore for at least 183 days in the calendar year. Non-residents do not get personal reliefs and are taxed differently, which is why residency status matters so much for expatriates.

Related calculations

• Salary Income Tax Estimator: Estimates a resident employee's annual income tax from monthly salary and bonus, allowing for CPF relief and earned income relief.
• Non-Resident Income Tax Calculator: Non-resident employees pay the higher of 15% flat or progressive resident rates on employment income, without personal reliefs.
• GST Calculator (9%): Adds Singapore's 9% Goods and Services Tax to a price.
• Remove GST Calculator (Reverse GST): Works backwards from a GST-inclusive price to show how much of it is GST.

Want to skip the arithmetic? The free SRS Tax Savings Calculator does all of this instantly and updates as you type.

Run your own numbers: SRS Tax Savings Calculator