There are few typical ways to enjoy tax relief in Singapore and at the same time, build up a strong retirement income. Kill 2 birds with 1 stone. Nice!
There is a cap now for the tax relief, which is S$80,000. It is sad for the working mothers as they can easily burst the S$80,000 ceiling if they have children.
(A) Enjoy tax relief / tax savings :
(1) Hitting CPF Annual Limit (AL) of S$37,740 to enjoy maximum tax relief of S$20,400, be it your high salaries/bonuses or you do Voluntary Contribution (VC) to your CPF MA account (to hit the Annual Limit) if your MA is below Basic Healthcare Sum (BHS).
(2) CPF Cash top-up to SA account to enjoy S$7,000 maximum tax relief. Enjoy while it lasts. It can be done until SA reaches Full Retirement Sum (FRS).
(3) SRS contribution to enjoy S$15,300 maximum tax relief. Then buy S&P500 fund (through Endowus), local equities / REITs, etc. to grow your monies in SRS account further!