Just in Time: Deadlines for SRS, CPF and Charitable Donations
Putting off boring things like tax avoidance to the last minute? Same. Here are the deadlines to do a few things to reduce your tax liability for Year of Assessment 2025 (income earned in 2024).
Overall cap of S$80,000
Note that there is a maximum cap of S$80,000 across all tax relief you can get per year. This does not apply to donations.
Charity
Speed: should be instant via online donation portals
Deadline: by end of 31st December 2024
Limit: none (even the overall S$80,000 tax relief cap does not apply!)
Donations to eligible charitable organisations can get 250% tax relief. For example, if you donate S$1,000, your assessable income will be reduced by S$2,500.
For the avoidance of doubt, you will not be financially better off as a result of donating. To give an example, if you make S$100,000 and are in the 11.5% tax bracket after other deduction, donating S$1,000 will save you S$287.50 of tax (S$1,000 × 250% × 11.5%).
In this case, you would have essentially paid S$712.50 for a S$1,000 donation which I find even more satisfying because it feels like my charitable giving to a cause I’m passionate about is amplified. Getting a tax deduction allows a person to donate more than they are able/willing to.
It’s the same philosophy as getting credit card rewards on your donation – you will not be financially better off because of it, but you can always use that extra bonus to do more good.
Please donate to causes you care about, but if you have no idea what to contribute to, check out the charity I’ve chosen (and you can earn bonus miles too). Even if you donate in 2025, you still get 250% tax relief for income earned in 2025.
CPF Top-up For Self
Speed: instant (via PayNow)
Deadline: by end of 31st December 2024
Limit: S$8,000
CPF cash top-up is a quick and easy way to get up to S$8,000 of tax relief for making a Retirement Sum Top-up (RSTU) for yourself. Money will go to your CPF Special Account (SA) and you can only top up to the full retirement sum which is currently S$205,800.
The tax relief is on a dollar-to-dollar basis, which means if you contribute S$6,000, you will enjoy S$6,000 of tax relief. For someone who earns S$100,000 and falls in the 11.5% tax bracket, the tax savings is S$690 (11.5% × S$6,000).
By the way, topping up on the final day of each month is the most optimal way to handle your money. This is because CPF only gives interest on new funds the following month from deposit. For instance, top ups made on 31st December 2024 starts getting CPF interest in January 2025, the same as top ups made on 1st December. Topping up on 31st is hence better since our funds can get interest elsewhere from 1st to 30th December. Well done, fellow procrastinator!
CPF Top-up For Loved Ones
Speed: instant (via PayNow)
Deadline: by end of 31st December 2024
Limit: S$8,000
You can also get up to S$8,000 of tax relief by topping up to your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.
If you top up to eligible seniors aged 55 to 70, they will also enjoy Matched Retirement Savings Scheme (MRSS) where the government matches the top-up amount up to S$600.
For example, if you top up S$500 to your parent’s SA (who is eligible), you get S$500 of tax relief, and your parent will get an additional S$500 from the government.
This is the last year that MRSS top-ups will get tax relief. From 2025 onwards, there will be no tax relief for amounts matched by MRSS. Instead, MRSS will be increased to S$2,000 per year.
| Enhancements | Current | From 1 January 2025 |
| Increase in matching grant cap | S$600 per year | S$2,000 per year, with a S$20,000 cap over an eligible member’s lifetime |
| Removal of age cap | Age 55 to 70 | Age 55 and above |
| Tax Relief | Yes | No (only amounts not matched will qualify for tax relief) |
Supplementary Retirement Scheme (SRS) Top Up
Speed: instant
Deadline: by 31st December 2024 (7PM for DBS/UOB / 11.59PM for OCBC)
Limit: S$15,300 for locals / S$35,700 for foreigners
SRS is a good way to get tax relief, though there are some caveats you should take note of.
If you don’t already have an account, here is the account opening timelines I could glean from the various bank websites:
| Bank | Processing Time | Remarks |
| DBS | Instant | If you apply via digibank Online between 7AM to 10PM daily and 7AM to 7PM (last business day of the month), your account will be opened instantly. |
| OCBC | Instant | New customers: use Singpass MyInfo for instant account opening Existing OCBC deposit customers: open instantly via internet banking |
| UOB | 4 working days | If you apply via Myinfo your account details will be sent to you within 4 working days. |
If you already have an SRS account, make sure you do not put it off until the literal last minute of 31st December to top up if you want tax relief for this year:
| Bank | Cut-off Timing |
| DBS | By 7PM on 31st December 2024 via digibank |
| OCBC | By 11.59PM on 31st December 2024 via OCBC Internet Banking or OCBC app |
| UOB | By 7PM on 31st December 2024 via UOB TMRW App |
Last call for HSBC and UOB deals
Ending today (31st December) and in a couple of days (2nd January) are deals for Citi Prestige, UOB Absolute and HSBC cards! Check them out here:
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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