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It is December!

Have You Made Your SRS Contribution?

Please be reminded to make your SRS Contribution before 31 Dec 2021 so as to qualified for your tax relief for the Year Of Assessment 2022.

Max Contribution Amount For Singapore Citizens and Permanent Residents = $15,300

Max Contribution Amount For Foreigners = $35,700

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How can SRS help me save tax?

Is that the question on your mind?

Well I am going to give a very simple explanation here today.

But first, maybe you can help me answer some of the following question:

1. You have to pay tax. Yes? No?

2. You wish to pay lesser tax. Yes? No?

3. You wish to save for your retirement? Yes? No?

4. You wish to invest for your retirement? Yes? No?

How many question did you answer YES!

The more YES! you have, the more relevant this is for you!

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Let say True Wealth G.P.S. Daddy is earning $55,555 per year.

Accordance to the following tax table.

True Wealth G.P.S. Daddy would probably be paying the following taxes:

Thus as you can see, with SRS Contribution, True Wealth G.P.S. Daddy is able to save $1,071 in taxes.

Is this Good or Great to you?

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So what can we do with the money that we put into the SRS account?

Well,

you can take your pick from a range of saving & investment products to grow your SRS funds:

Bonds
Singapore Government Securities (SGS)/Singapore Savings Bonds (SSB)
Fixed Deposit
Foreign Currency Fixed Deposit
Shares
Single Premium Insurance
Unit Trusts
Others.

You can also put your money into the SRS account and do nothing else and let it earn a very low nominal interest, which is not a very wise move.

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For more details on SRS, visit these useful and official websites:

MOF - SRS

https://www.mof.gov.sg/schemes/individuals/supplementary-retirement-scheme

IRAS - SRS

https://www.iras.gov.sg/taxes/individual-income-tax/employees/deductions-for-individuals/special-tax-schemes/srs-contributions

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Or you can start your Wealth Journey with True Wealth G.P.S. Daddy by filling up the form below:

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Note:

This is also a work in progress blog as it is meant to be a SEO and SEM Course Project.

Do excuse True Wealth G.P.S. Daddy if some of the functions or links are not working the way they meant to be. ^v^

Disclosure:

At the point of writing,

True Wealth G.P.S. Daddy is a Wealth Consultant with about 15 years of experience.

He started his investment journey in his early 20 and he is turning 40 in 2022.

Disclaimer:

True Wealth G.P.S. Daddy is sharing his Wealth Wisdom online with the intent to pass on his Wealth Wisdom to his beloved Descendants and/or Disciple in event of premature death.

It is also meant to be a place for like minded individual to meet and discuss their view or opinion.

Everything he share unless otherwise stated is his own opinion and from his own experience and his own result as shown.

They are not meant to be your financial advise nor should they be taken as financial advise.

He is not to be held responsible for your winning or losses.

Do consult with a qualified financial consultant before making any decision.

2021 Dec 08, Wed

Wednesday Wealth Wisdom

True Wealth G.P.S. Daddy