Find Out How Much You Truly Need To Retire Today With 3 Easy Steps [First Dibs 188]
If you’re wondering how Singapore’s tax system works and how it may help your financial path, we’ve got the answers. We delve into the complexities of income tax and GST in Singapore in our informative tutorial on the Supplementary Retirement Scheme (SRS), highlighting the benefits of our compact tax structure.
We are joined by our guest speaker as we discuss the Supplementary Retirement Scheme (SRS) and wealth-building techniques within Singapore’s tax laws. This voluntary program encourages retirement savings while providing tax benefits. We talk about contribution limits, eligibility criteria, and the streamlined procedure of opening an SRS account through a bank like UOB, DBS, or OCBC. You can reduce your taxable income and potentially your income tax responsibilities by contributing to SRS.
We also examine the benefits and drawbacks of adding up your CPF versus contributing to SRS, as well as withdrawal flexibility and tax implications. We discuss various investment possibilities, including equities, REITs, ETFs, bonds, and robo-advisors, because investing your SRS cash for higher returns is crucial.
Strategic planning is key to maximizing tax efficiency, and we examine the 10-year withdrawal term, the taxable share of withdrawals, and the probable tax repercussions of lump sum withdrawals.