How to save on taxes? Lorna Tan, Senior Correspondent, shows you how with her article “Saving a little today will go a long way – Supplementary Retirement Scheme lets you save on taxes while you build your nest egg” in The Sunday Times November 14, 2010.
Key points of the Supplementary Retirement Scheme as given in the article:
- Voluntary Programme ideal for middle- to high-income earners
- Retirement savings with tax relief
- Withdrawals of SRS after the statutory retirement age (at the time of contribution) comes with a 50% tax concession
- SRS withdrawals can be spread over 10 years
- Penalty for early withdrawals 100% of taxable + 5% penalty