SRS Investments

[lzydata]

How to buy stock via SRS accout?

Another question, let's say I have 10k in SRS, i used up 3k for investment, so the tax saving is 10k or 7k?

Contact your broker and tell him or her your SRS bank and account number so that they can link up your accounts.

SRS tax relief is not connected to how much you use for investments. So long as you have contributed $10k to your SRS account, IRAS will give you relief for $10k of taxable income. It doesn't matter what you have done with the $10k inside the account.

 

[myhyip4me]

Contact your broker and tell him or her your SRS bank and account number so that they can link up your accounts.

SRS tax relief is not connected to how much you use for investments. So long as you have contributed $10k to your SRS account, IRAS will give you relief for $10k of taxable income. It doesn't matter what you have done with the $10k inside the account.

Thanks lzydata.

One more query, let's say if year 1 i deposited 5k to SRS, year 2 i deposited another 5k (total 10k), am I right to say that, for year 1, i get 5k deduction and year 2 i get 10k deduction (not 5k deduction)?

 

[highsulphur]

Thanks lzydata.

One more query, let's say if year 1 i deposited 5k to SRS, year 2 i deposited another 5k (total 10k), am I right to say that, for year 1, i get 5k deduction and year 2 i get 10k deduction (not 5k deduction)?

No. Second year you can deduct only 5k which was your contribution

 

[makav31i]

Thanks lzydata.

One more query, let's say if year 1 i deposited 5k to SRS, year 2 i deposited another 5k (total 10k), am I right to say that, for year 1, i get 5k deduction and year 2 i get 10k deduction (not 5k deduction)?

Year 2 also 5k deduction not 10k lah as it co7nts your contribution for that year to your SRS and not what is in your SRS...1 year maxed relief for citizen is $12,750...

 

[highsulphur]

any online platform that allows SRS investment? trying to reduce brokerage cost.

 

[neanea]

SRS monies can be invested in a good mutual fund, stocks or endowment insurances like NTUC Growth Plan, which has a minimum guaranteed return of about 1% p.a. (which is about 10-20x higher than SRS or bank interest rates).

NTUC say no more can invest in growth plan?

 

[chm527]

any recommendation on where to invest for srs? i'm with dbs.

 

[highsulphur]

any recommendation on where to invest for srs? i'm with dbs.

I brought pref shares and etf

 

[neolaw]

Well, all the info is more or less in the article.

The best benefit is can save money from tax, and if money of investment is a lot, can spread over 10 years to draw out max amount without having the amount taxed. I forgot what amount is it, but considering if you don't need the money till you retire, it is a win-win situation.

Worst to worst, draw out and pay a certain %, i think is 5% and need tax.

Currently, you don't pay income tax if your TAXABLE income is SGD 20,000 (or less).

Only 50% from the Withdrawal from SRS is counted as TAXABLE.

Assuming you have no other TAXABLE income, You can draw out up to SGD 40,000 per year without paying a single cent to IRS.

 

[ochazuke]

I'm going to use it to buy ES3 and A35. No need to think so much.

 

[Sunnydae]

I'm going to use it to buy ES3 and A35. No need to think so much.

IMO, SRS is much more worthwhile when you jump into the 14% tax bracket and beyond. You save at least $1475 (14% of $12750). Any lower and you're probably better off using the flexibility to settle the fundamentals first (buy house, accumulate shares etc)

I use mine to buy ETF under OCBC BCIP plan. Though charges are higher than other plans, its convenient, I can park money monthly instead of lump-sum. I can also vary my mthly contribution based on my earnings.

2015 looks like a "dry" year for me so contributions are likely to be below the max.

 

[greddy88]

My SRS account is with OCBC.. the commission is $25+0.275%
It is not possible to link my SRS to SC, which is 0.2% with no minimum right?

Is there any platforms for trading SRS funds at lower price?

 

[highsulphur]

My SRS account is with OCBC.. the commission is $25+0.275%
It is not possible to link my SRS to SC, which is 0.2% with no minimum right?

Is there any platforms for trading SRS funds at lower price?

I'm curious as well. Anyone can help? I'm currently using vickers for my srs account and pay higher comm with min compared to scb

 

[devion]

I'm curious as well. Anyone can help? I'm currently using vickers for my srs account and pay higher comm with min compared to scb

SRS is only available in 3 banks, DBS,OCBC,UOB
IRAS: SRS contributions

 

[limpoop]

SRS is only available in 3 banks, DBS,OCBC,UOB
IRAS: SRS contributions

The 3 local banks are only for SRS account opening, but you can use your SRS funds for investments with other banks or companies like Income or Great Eastern etc..

 

[foozgarden]

SRS is only available in 3 banks, DBS,OCBC,UOB
IRAS: SRS contributions

i thought POEMS allow SRS too? no?

 

[foozgarden]

guys,

what is the most cost effective brokerage to use for SRS?
everywhere has a min fee... if i want to buy STI ETF.. its not worth it to buy just a few lots.

 

[highsulphur]

I'm curious as well. Anyone can help? I'm currently using vickers for my srs account and pay higher comm with min compared to scb

Update. I've been using cimb for my srs investment since my last query. It has been great. There's a min fee though but since I execute it only once a year, I just write it off as a fixed cost.

 

[foozgarden]

Update. I've been using cimb for my srs investment since my last query. It has been great. There's a min fee though but since I execute it only once a year, I just write it off as a fixed cost.

what is the min fee for cimb?

 

[highsulphur]

what is the min fee for cimb?

I think it's $25 if you trade online...