SRS Tax Savings Calculator
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.
Result
- Tax without SRS
- S$7,950.00
- Tax with SRS
- S$6,190.50
- Tax saved
- S$1,759.50
How to use the srs tax savings calculator
- Enter the chargeable income before srs (S$).
- Enter the srs contribution (S$).
- The results update as you type, or press Calculate.
- Read the tax without srs first, then the supporting figures below it.
Formula
Tax saved = tax(chargeable income) − tax(chargeable income − SRS contribution).
Worked example
For example, with these inputs:
- Chargeable income before SRS (S$): 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
Background
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.
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.
Frequently asked questions
How does the srs tax savings calculator work?
It applies this formula: Tax saved = tax(chargeable income) − tax(chargeable income − SRS contribution).
Is this the same as my IRAS bill?
It is an estimate based on the published rates. Your notice of assessment will reflect all reliefs, rebates and income IRAS holds for you.