As the year draws to a close, taxpayers like us have to look at options to minimise tax obligations by making use of tax reliefs. One way of doing that is to contribute to the SRS account.
Every dollar you contribute into your SRS account will reduce your taxable income by a dollar, capped at S$12,750 for Singapore Citizens and Permanent Residents and S$29,750 for foreigners. Investment gains made using SRS funds are tax-free and upon retirement, only 50% of the amount withdrawn will be taxable. You also earn interest of 0.5% p.a. on the cash balances in your SRS account.
Be rewarded with S$88 cash when you open a new SRS account with DBS. Simply be the first 400 customers to:
- Open a new SRS account via iBanking, and
- Contribute a minimum of S$8,500 to your SRS account
Offer ends 31 Dec 2014. So, start saving for a more rewarding retirement today.
Please refer to the website for more details.
OCBC also has a promotion for the first 2,000 new SRS accounts with contributions of S$8,000. You will receive a S$30 Robinsons voucher.
Please refer to the website for more details.
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