SRS Tax Savings Calculator Singapore: How Much Will Your SRS Top-Up Save? [2026]

At the end of December 2025, 516,376 people held SRS accounts in Singapore, with S$23.88 billion in cumulative contributions, up from S$20.58 billion a year earlier. Most of that money goes in for one reason: each dollar contributed lowers the following year's income tax. How much it lowers it depends on where your income sits in the tax brackets, and that is the number an SRS tax savings calculator works out.

SRS tax relief is a deduction from your chargeable income equal to the amount you pay into your Supplementary Retirement Scheme account, up to an annual cap. Singapore Citizens and Permanent Residents can contribute up to S$15,300 a year, and foreigners up to S$35,700. The relief is granted in the Year of Assessment following the contribution, provided you are a tax resident for that YA.

Contributions you make during calendar 2026 therefore reduce your YA 2027 tax bill, which is assessed in 2027 on your 2026 income. There is nothing to claim yourself, because the operator bank reports your contributions to IRAS. To estimate the saving in advance, you need your chargeable income after other reliefs and the resident tax rate table.

Investors have three realistic choices each year: contribute the full cap, contribute a partial amount, or skip SRS for the year. The saving per dollar contributed ranges from nothing for low incomes to a top marginal rate of 24% on chargeable income above S$1 million, and the right choice also depends on what happens when you withdraw.

This guide explains the correct formula, the YA 2027 resident rate table, a four-step manual calculation, two worked examples, a ready reckoner of savings at 12 income levels, the edge cases that cut relief to zero, and how tax on later withdrawals turns part of the saving into a deferral.

SRS tax savings at a glance

Five inputs decide how much an SRS top-up saves for YA 2027: your chargeable income, your residency status, your contribution cap, your room under the overall relief cap and the date you contribute.

Source: IRAS SRS contributions and tax relief, IRAS individual income tax rates, IRAS tax on SRS withdrawals (as of 16 October 2026). Savings rows are worked examples.

The SRS tax savings formula

The saving from an SRS top-up is the difference between two tax bills: the one you would pay on your chargeable income without the contribution, and the one you pay after the SRS relief is deducted. In symbols, tax saved = tax(chargeable income) minus tax(chargeable income minus allowable SRS relief).

A common shortcut multiplies the contribution by your top marginal rate. That gives the right answer only when the whole deduction stays inside one tax band. Once the deduction pushes income down into a lower band, part of it saves tax at the lower rate, and the shortcut overstates the saving.

Two other inputs often get mixed up. The calculation uses chargeable income, meaning income after deductions and other personal reliefs, which is lower than gross salary. And the figures in this article are gross tax before any personal income tax rebate the government may announce for the year, so your actual bill can be lower than shown.

Singapore resident tax rates for YA 2027

Singapore taxes residents progressively, with each slice of chargeable income taxed at its own rate. The resident rates that apply from YA 2024 onwards cover YA 2027, starting at 0% on the first S$20,000 and rising to 24% above S$1 million. The cumulative column shows the total gross tax payable at the top of each band, which makes manual calculations much faster.

Source: IRAS individual income tax rates (as of 16 October 2026). Cumulative column adds up the band rates.

To find the tax on any income, take the cumulative tax at the bottom of its band and add the band rate on the excess. Tax on S$104,700, for example, is S$3,350 plus 11.5% of S$24,700, which comes to S$6,190.50.

How to calculate your SRS tax savings in four steps

This manual method mirrors how IRAS applies the relief, and it takes about five minutes with the rate table and your latest Notice of Assessment.

Step 1: find your chargeable income after other reliefs

Start from your expected 2026 assessable income and subtract every relief you expect to claim apart from SRS, such as earned income relief and CPF relief. The result is your chargeable income before SRS. Last year's Notice of Assessment is a useful guide to which reliefs you normally receive and how large they are.

Step 2: check your remaining room under the S$80,000 relief cap

All personal reliefs, SRS included, share an overall cap of S$80,000 per YA. Add up the reliefs from Step 1 and subtract the total from S$80,000. Whatever is left is the most SRS relief you can actually use, and the room cannot fall below zero.

Step 3: work out your allowable SRS relief

Your allowable SRS relief is the smallest of three numbers: what you contribute, your status cap (S$15,300 or S$35,700), and the remaining room from Step 2. Subtract any amount you also withdraw in the same year, because relief is not given on that portion. Most salaried investors find the contribution itself is the binding number.

Step 4: compute tax before and after, band by band

Calculate the tax on your chargeable income from Step 1, then calculate it again after subtracting the allowable relief from Step 3. Work through each band or use the cumulative column as a shortcut. The difference between the two totals is your tax saving for YA 2027.

Four steps to calculate SRS tax savings, using S$120,000 of chargeable income and a S$15,300 top-up

Worked example: S$120,000 chargeable income and a S$15,300 top-up

Take a Singapore Citizen with chargeable income of S$120,000 after other reliefs, who has used S$30,000 of the S$80,000 relief cap and contributes the full S$15,300 in 2026. Remaining room is S$50,000, so the whole S$15,300 is allowable, and chargeable income falls to S$104,700.

Example only, based on IRAS individual income tax rates (as of 16 October 2026). Assumes gross tax before personal income tax rebates and tax residency for YA 2027.

The only line that changes is the 11.5% band. Both S$120,000 and S$104,700 sit inside it, so every dollar of the deduction saves 11.5 cents, and the shortcut of S$15,300 × 11.5% happens to give the correct S$1,759.50. The saving cuts this investor's gross tax bill by about 22%.

Worked example: when the deduction crosses tax bands

The shortcut breaks once the deduction spans two bands. Take a foreigner who is a tax resident, with chargeable income of S$150,000 and a full S$35,700 contribution. Chargeable income falls to S$114,300, which crosses from the 15% band into the 11.5% band.

Example only, based on IRAS individual income tax rates (as of 16 October 2026). Assumes gross tax before personal income tax rebates and tax residency for YA 2027.

Multiplying S$35,700 by the top rate of 15% gives S$5,355, which overstates the true S$5,155.50 by S$199.50. The first S$30,000 of the deduction comes out of the 15% band, and the last S$5,700 comes out of the 11.5% band.

The same effect hits lower incomes harder. A citizen with S$50,000 of chargeable income who contributes S$15,300 drops to S$34,700. The first S$10,000 saves 7% and the remaining S$5,300 saves 3.5%, for a total of S$885.50, while the shortcut would suggest S$1,071.

SRS tax savings ready reckoner for YA 2027

Running the formula at 12 chargeable income levels for both full caps shows where SRS relief works hardest. The "per S$1" columns show the blended saving for every dollar contributed, which is the most useful single number when comparing SRS with other uses of the same money.

Example only, based on IRAS individual income tax rates and IRAS SRS contribution caps (as of 16 October 2026). Assumes gross tax before personal income tax rebates, tax residency for YA 2027 and SRS relief within the S$80,000 cap.

At S$40,000 and S$50,000, the foreigner's S$35,700 contribution wipes out the entire tax bill, so the extra S$20,400 above the citizen cap saves nothing more. Between S$60,000 and S$80,000 the citizen's saving is flat at S$1,071, because the whole deduction sits in the 7% band at both levels. Above S$320,000, each dollar contributed saves at least 20 cents.

Tax saved by a full SRS top-up at chargeable incomes from S$20,000 to S$500,000

The curve rises in steps. Each flat stretch is a range where the deduction stays inside one band, and each climb is where the deduction starts reaching into a higher-rate band.

Tax saved per S$1 of SRS contribution at 12 chargeable income levels

Partial top-ups: how much does a smaller contribution save?

A partial top-up works the same way. Contributions can be made at any time and as often as you like, up to the cap, so a smaller top-up is a reasonable choice if you want to keep more money liquid.

Example only, based on IRAS individual income tax rates (as of 16 October 2026). Assumes gross tax of S$5,650 before SRS and before personal income tax rebates.

At S$100,000, every dollar up to S$20,000 saves exactly 11.5 cents, because chargeable income stays above S$80,000. The saving per dollar holds steady across partial amounts until the deduction reaches the lower band edge. So subtract the bottom of your current band from your chargeable income, and any contribution up to that gap saves your full marginal rate.

Edge cases that change your SRS tax saving

The ready reckoner assumes a tax resident with room under the relief cap and no withdrawals. Five situations change the answer, sometimes to zero.

You are not a tax resident for YA 2027

SRS relief is only granted if you are a tax resident for the YA that follows the contribution. Foreigners generally qualify if they stayed or worked in Singapore for at least 183 days in the previous calendar year, or under the two-year or three-year administrative concessions. A non-resident's employment income is taxed at a flat 15% or the progressive resident rates, whichever is higher, and no SRS relief applies, so the saving is S$0 while the money stays locked in the account.

Your other reliefs are close to the S$80,000 cap

Suppose your other reliefs already total S$75,000. Only S$5,000 of room remains, so a S$15,300 contribution produces S$5,000 of relief. At S$100,000 of chargeable income, that saves S$575 instead of S$1,759.50. IRAS does not refund SRS contributions that end up giving no relief, so the remaining S$10,300 sits in SRS under the normal withdrawal rules.

You withdraw in the same year you contribute

Relief is not allowed on an amount contributed and withdrawn in the same year. In the IRAS example, Ms Jasmine contributes S$10,000 and withdraws S$8,000 in the same year, so her SRS relief is only S$2,000. At S$100,000 of chargeable income, S$2,000 of relief would save S$230.

You become a PR during the year

A foreigner who contributes on a FIN and then becomes a Permanent Resident later in the same year faces a pro-rated contribution cap, and the operator recalculates it. Contact your bank before topping up further. From the following year, the S$15,300 citizen and PR cap applies.

Your chargeable income is S$20,000 or less

The first S$20,000 of chargeable income is taxed at 0%, so there is no tax to save and the saving is S$0. Just above that level, the saving is capped at your whole tax bill: at S$30,000, gross tax is only S$200, and any contribution of S$10,000 or more removes all of it.

SRS relief is a tax deferral

SRS relief reduces tax now, but withdrawals are taxed later. From your prescribed retirement age, 50% of each withdrawal is taxable, and penalty-free withdrawals can be spread over 10 years. The real benefit is the gap between your marginal rate today and the tax on half the money later, plus tax-free investment returns while the money stays in the account.

When withdrawal tax is zero

Take the citizen at S$100,000 of chargeable income who saves S$1,759.50 on a S$15,300 contribution. IRAS illustrates a retiree who withdraws S$40,000 a year, of which S$20,000 is taxable and taxed at 0% if there is no other income. On that plan, up to S$400,000 can come out tax-free over 10 years, and the S$1,759.50 saved becomes a permanent saving.

When you have other income in retirement

The picture changes if you still earn income after retirement age. Suppose the same investor has S$60,000 of other chargeable income in retirement. The taxable half of the S$15,300 contribution is S$7,650, which falls in the 7% band and adds S$535.50 of tax, leaving a net saving of S$1,224. With S$100,000 of other income, the S$7,650 is taxed at 11.5% and costs S$879.75, so the net saving drops to S$879.75. Because only half of each withdrawal is taxed, you still come out ahead even at the same marginal rate, but the margin shrinks as retirement income rises.

The 50% rule covers investment gains withdrawn as well as the original contributions. Non-Singaporeans who no longer work and live in Singapore are taxed as non-residents when they withdraw, with withholding at the prevailing non-resident rate on the taxable portion.

Early withdrawal wipes out the benefit

Withdrawing before your prescribed retirement age makes 100% of the amount taxable, plus a 5% penalty. If the S$100,000 earner pulls out the full S$15,300 early while still working, it adds S$1,759.50 to the tax bill, exactly cancelling the original saving, and the penalty costs another S$765. The net result is S$765 worse than never contributing.

Your prescribed age is the statutory retirement age at the time of your first contribution, which is 64 for first contributions made from 1 July 2026. Only money you can leave untouched until then belongs in SRS.

Invest your SRS with StashAway

A tax saving is only half of the SRS case. Cash left uninvested in the account earns very little, so the long-term value depends on how the balance is invested. StashAway accepts SRS funds across three product lines. General Investing powered by StashAway builds managed, globally diversified ETF portfolios, with 1-year returns of 6.4% to 26.6% across risk levels.

ETF Explorer lets you choose from 90+ asset classes for US$1 per order, excluding GST, and was the first platform to let investors use SRS to buy US- and UCITS-listed ETFs, not only SGX-listed ones. For SRS money you plan to keep in lower-risk assets, the Simple Cash suite offers a projected rate range of 3% p.a. to 6.2% p.a. SRS contributions take 3 to 4 business days to reach StashAway after you authorise the transfer.

Investment values can fall as well as rise, and SRS withdrawal rules apply whichever product you choose.

Frequently asked questions

These are the questions investors most often ask when estimating their SRS tax savings.

Why didn't I save S$15,300 in tax?

SRS relief takes S$15,300 off your chargeable income. Your tax falls by that amount multiplied by the rates of the bands it comes out of, so at S$100,000 of chargeable income a S$15,300 contribution saves S$1,759.50.

Is SRS tax relief automatic?

Yes. IRAS allows the relief automatically based on information from your SRS operator, and it appears under "Deductions, Tax Relief and Rebates" when you e-File. Check the figure against your operator's annual statement.

Should I use my gross salary or chargeable income in the calculation?

Use chargeable income, which is your income after deductions and all other personal reliefs. Using gross salary places you in a higher band than your real one and overstates the saving.

Does a foreigner save more than a citizen or PR?

A foreigner can contribute S$35,700 against S$15,300, so the total saving is higher at most income levels: S$3,399 against S$1,759.50 at S$100,000, for example. Per dollar, the foreigner saves the same or less, because the larger deduction reaches further into lower bands.

Can I top up in December to reduce this year's tax bill?

A top-up by 31 December 2026, or your bank's earlier cut-off, reduces your YA 2027 tax, which is the bill assessed in 2027 on your 2026 income. A contribution made on 1 January 2027 counts towards YA 2028 instead.

What happens if I already claim S$80,000 in personal reliefs?

Your SRS relief is zero, because the overall cap is already used up. The money stays in SRS under the normal withdrawal rules, including tax on 50% of later withdrawals.