Can I claim tax reliefs when I make a cash top-up to my/my loved ones’ retirement savings?
You can enjoy tax relief if you are a Singapore Citizen or Permanent Resident and make cash top-ups for yourself, your loved ones* or employees, subject to a cap of top-ups up to the current Full Retirement Sum. You are eligible for tax relief of up to $8,000 if you top up in cash to your own retirement savings. If you make a cash top-up to your loved ones, you will be eligible for additional tax relief of up to $8,000. Please note that the tax relief does not apply to your recipients.
A personal income tax relief cap of $80,000 applies to the total amount of all tax relief claimed, including any relief on cash top-ups to the Special/Retirement Accounts as well as voluntary cash top-ups to the MediSave Account. Learn more about cash top-ups to the MediSave Account.
Find out the amount of tax relief you can enjoy.
* To qualify for tax relief for cash top-ups made to your spouse/sibling(s), he/she must not have an annual income exceeding $4,000 in the year preceding the year of top-up (e.g. salary or tax-exempt income such as bank interest, dividends, and pension) or he/she is handicapped.
