On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 01/01/2008.
10L.
—(1) Where the amount of withdrawals made by an SRS member from his SRS account in any year exceeds the amount he contributed to his SRS account in that year, the excess amount withdrawn from his SRS account shall, subject to subsections (3), (6), (7), (8) and (9), be deemed to be income of the SRS member chargeable to tax under section 10(1)(g).
[24/2001]
(2) Except where a withdrawal is made by the Official Assignee or the trustee in bankruptcy of an SRS member who is a bankrupt or where a withdrawal is made under subsection (3), (4) or (8) or deemed to be withdrawn under subsection (6), (7) or (9), a penalty of 5% of the amount withdrawn which is deemed to be income of an SRS member under subsection (1) shall be payable by the SRS member and shall be deducted by the SRS operator from the amount so withdrawn.
[24/2001]
(2A) The Minister may, for any good cause, remit, wholly or in part, any penalty payable by any SRS member under subsection (2).
[37/2002]
(3) Only 50% of the following withdrawals made by an SRS member from his SRS account shall be deemed to be income of the SRS member chargeable to tax under section 10(1)(g):
(a)
withdrawal of all the funds standing in his SRS account at the same time if the SRS member is neither a citizen of Singapore nor a Singapore permanent resident on the date of the withdrawal and for a continuous period of at least 10 years before that date, and has maintained his SRS account for a period of not less than 10 years from the date of his first contribution to his SRS account;
(b)
any withdrawal on or after the SRS member has attained the prescribed retirement age prevailing at the time when the SRS member made his first contribution to his SRS account; or
(c)
any withdrawal made on the ground that the SRS member is physically or mentally incapacitated from ever continuing in any employment, is found to be of unsound mind or is suffering from a terminal illness or disease.
[24/2001; 37/2002]
(4) Where any contribution made by an SRS member in any year to his SRS account exceeds his SRS contribution cap for that year (referred to in this section as excess contribution) —
(a)
the aggregate of the excess contribution and, unless the Comptroller otherwise directs, an amount equal to 5% of the excess contribution, to be compounded yearly in accordance with regulations made under this section; or
(b)
the total amount standing in his SRS account,
whichever amount is the lower, shall be withdrawn by the SRS member from his SRS account by 31st December of the year in which he has been notified by the Comptroller of the excess contribution; and that amount shall be deemed to be his income chargeable to tax under section 10(1)(g) for that year.
[24/2001]
(5) Where an SRS member is eligible to make a withdrawal under subsection (3)(b), all the funds (excluding any life annuity) standing in his SRS account shall be withdrawn not later than —
(a)
10 years from the prescribed retirement age prevailing at the time he made his first withdrawal under subsection (3)(b); or
(b)
10 years from the prescribed retirement age prevailing at any time,
whichever is the earlier.
[24/2001]
(6) Upon the expiry of the earlier of the 2 periods referred to in subsection (5), any balance (excluding any life annuity and any amount not withdrawn under subsection (4)) remaining in the SRS account shall be deemed to be withdrawn by the SRS member and 50% of such balance shall be deemed to be his income chargeable to tax under section 10(1)(g) for the year in which the earlier of such periods expires.
[Act 34/2008, wef Y/A 2009 & Sub Ys/A:2008-ACT-34]
[24/2001]
(7) Where an SRS member is eligible to make a withdrawal under subsection (3)(c), he shall withdraw all the funds (excluding any life annuity) standing in his SRS account not later than 10 years from the date he makes the first withdrawal; and upon the expiry of that period, any balance (excluding any life annuity and any amount not withdrawn under subsection (4)) remaining in his SRS account shall be deemed to be withdrawn by the SRS member and 50% of such balance shall be deemed to be his income chargeable to tax under section 10(1)(g).
[24/2001]
(8) Only 50% of any annuity payment made under a life annuity purchased by an SRS member under the SRS shall be deemed to be income of the SRS member chargeable to tax under section 10(1)(g) upon —
(a)
the expiry of the earlier of the 2 periods referred to in subsection (5);
[Act 34/2008, wef Y/A 2009 & Sub Ys/A:2008-ACT-34]
(b)
the expiry of the period referred to in subsection (7); or
(c)
the closure of his SRS account on or after he has attained the prescribed retirement age prevailing at the time when he made his first contribution to his SRS account.
[24/2001]
(9) Where an SRS member dies, any sum standing in his SRS account shall be deemed to be withdrawn on the date of his death and 50% of the sum shall be deemed to be his income chargeable to tax under section 10(1)(g).
[24/2001]
(10) For the purposes of this section, the use of funds in his SRS account by an SRS member for investment in savings or investment products offered under the SRS and for disbursement of any charges in relation to the operation of his SRS account shall be deemed not to be a withdrawal from his SRS account.
[24/2001]
(11) The Minister may by regulations establish a Supplementary Retirement Scheme to provide for voluntary cash contributions by individuals to accounts operated by SRS operators so as to encourage individuals to save for their old age.
[Act 34/2008, wef Y/A 2009 & Sub Ys/A:2008-ACT-34]
[24/2001]
(12) Without prejudice to the generality of subsection (11), regulations made under that subsection may provide for —
(a)
the opening and the type of account for any SRS member into which contributions may be made;
(b)
the SRS contribution cap, the mode and manner of the contributions and withdrawals that can be made by any SRS member;
(c)
the method of valuation of investment products acquired under the SRS;
(d)
the method of computing income deemed to accrue from excess contributions made by any SRS member;
(e)
the suspension or closure of SRS accounts and the circumstances in which the SRS accounts may be suspended or closed;
(f)
the terms and conditions governing the relationship between the Government, SRS operators, SRS members and the Comptroller under the SRS;
(g)
the purposes for which the contributions made under the SRS can be utilised and invested, the persons with whom investments may be made and the terms and conditions of the investment and withdrawal under the SRS;
(h)
the consequences for any contravention of the regulations, including making any act or omission in contravention of such regulations an offence and prescribing penalties for such offence;
(i)
the requirements and obligations to be observed by SRS members, SRS operators and financial product providers under the SRS; and
(j)
generally for giving full effect to or for carrying out the purposes of this section.
[24/2001]
(13) This section shall not apply to any SRS member whose SRS account is opened and closed within the same year.
[24/2001]