{"id":20,"date":"2026-08-22T14:37:08","date_gmt":"2026-08-22T14:37:08","guid":{"rendered":"https:\/\/thingsiwishedihadknown.com\/?p=20"},"modified":"2026-08-22T14:38:27","modified_gmt":"2026-08-22T14:38:27","slug":"things-i-do-by-december-year-end","status":"publish","type":"post","link":"https:\/\/thingsiwishedihadknown.com\/?p=20","title":{"rendered":"Things I do by December year end"},"content":{"rendered":"\n

Here’s what I do by every December to manage my taxes and work towards my retirement egg nest. You can definitely do this earlier. But, if you are a procrastinator like me, I recommend to <\/span><\/strong>get it done by the last working week of December<\/span> to be safe!<\/p>\n\n\n\n

#ThingsIwishedIhadknown as a Singaporean or Permanent Resident (PR):<\/p>\n\n\n\n

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  1. Contribute up to $15,300 to your Supplementary Retirement Scheme (SRS) account, eligible for tax relief.<\/li>\n\n\n\n
  2. Contribute up to $8,000 to your your own Special Account (SA)\/ Retirement Account (RA), eligible for tax relief<\/li>\n\n\n\n
  3. Contribute up to $8,000 to your your\u00a0parents\/ parents-in-law \/ grandparents \/ grandparents-in-law and qualifying<\/a><\/em> spouse and siblings, eligible for tax relief<\/li>\n<\/ol>\n\n\n\n

    I put them in ranking order for a reason: SRS can be withdrawn if the money is urgently required compared to CPF SA\/ RA. <\/p>\n\n\n\n

    Contributions to SRS are eligible for tax relief. Investment returns are tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement. Find out more on\u00a0Tax on SRS withdrawals<\/a>.<\/p>\n\n\n\n

    Small pointers to help anyone new to filing taxes!<\/p>\n\n\n\n