SRS Tax Savings Results at a Glance: Quick Reference Table
Sometimes you only need a ballpark figure. This page lists srs tax savings results for a range of common inputs, so you can see the pattern at a glance.
| Inputs | Tax without SRS | Tax with SRS | Tax saved |
|---|---|---|---|
| Chargeable income before SRS: 120,000, SRS contribution: 15,300 | S$7,950.00 | S$6,190.50 | S$1,759.50 |
| Chargeable income before SRS: 60,000, SRS contribution: 15,300 | S$1,950.00 | S$879.00 | S$1,071.00 |
| Chargeable income before SRS: 90,000, SRS contribution: 15,300 | S$4,500.00 | S$2,979.00 | S$1,521.00 |
| Chargeable income before SRS: 150,000, SRS contribution: 15,300 | S$12,450.00 | S$10,155.00 | S$2,295.00 |
| Chargeable income before SRS: 180,000, SRS contribution: 15,300 | S$17,550.00 | S$14,796.00 | S$2,754.00 |
| Chargeable income before SRS: 240,000, SRS contribution: 15,300 | S$28,750.00 | S$25,843.00 | S$2,907.00 |
How these were worked out
Tax saved = tax(chargeable income) − tax(chargeable income − SRS contribution).
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.
The Goods and Services Tax rose from 8% to 9% on 1 January 2024. Businesses with taxable turnover above S$1 million must register, and GST-registered retailers must quote prices to consumers inclusive of GST, so most shelf prices already include it.
Tax planning in Singapore is mostly about timing and reliefs rather than complex structures. Topping up CPF, contributing to SRS and claiming every relief you qualify for can lower your marginal rate band, and the savings are larger for higher earners.
IRAS issues a notice of assessment, usually from April onwards, and tax is due within a month, although most people opt for interest-free GIRO instalments. Estimating your bill early means you can budget for it instead of being surprised.
Tips
- Keep receipts and records for at least five years in case IRAS asks for them.
- Chargeable income is income after reliefs, so claim every relief you qualify for before working out the tax.
- SRS and CPF top-up relief save more tax the higher your marginal rate is.
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.
For your exact numbers, use the SRS Tax Savings Calculator.
Run your own numbers: SRS Tax Savings Calculator