How to Pay Less Tax in Singapore

How to Pay Less Tax in Singapore

“In this world nothing can be said to be certain, except death and taxes.”

– Benjamin Franklin


One of the many great attributes of Singapore is the relatively low personal tax rates that we enjoy. For many countries including Australia, UK, France and Canada, the tax rates here in Singapore are considerably lower as we all know.

Despite the relatively low tax rates that we enjoy, there are still strategies we can implement to reduce these even further and ultimately, pay less tax. One of the more effective strategies for expats and local Singaporeans is to set up a Supplementary Retirement Scheme (SRS).

SRS is a voluntary retirement savings vehicle allowing you to save for your own retirement and reduce your tax liability. Providing you’re older than 18 years old, you can contribute to SRS, and you can withdraw your SRS savings from age 62 and only 50% will be subject to income tax.

The contributed amount allows you to reduce your taxable income by the amount contributed. Singaporeans and Permanent Residents can contribute up to S$15,300 per annum and foreigners (expats) can contribute up to $35,700. With these funds, you can then invest in a wide range of assets, much like superannuation in Australia or other retirement vehicles.

The chart below outlines exactly how this strategy can be utilised:

SRS Contribution Strategy - Australian Expatriate Group - Fee-Based Financial Advice for Australian Expats in Singapore
Consider the example of Craig. Craig is an Australian expat working here in Singapore earning an annual income of S$250,000. Craig decides to work with me as his Adviser and we assist him to set up an SRS account. We then help him to contribute S$35,700 into his SRS fund which we then invest into a diversified portfolio for him. From this strategy alone, Craig is able to reduce his tax bill by over S$5,500.

Speak with me today to discuss how you might be able to utilise this strategy to reduce your tax bill and grow your assets for retirement.


To Your Financial Success!

Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Adviser with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore.

Book a complimentary consultation here.


*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.


Jarrad Brown is the trusted fee-based financial adviser in Singapore working with professional expats in the region. An Australian qualified and experienced Financial Adviser, Jarrad provides specialist advice to Australian expats as well as other nationalities.

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