Singapore SRS Withdrawal Tax Implications

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(Newbie)Newbie

24 Mar 2025

I am a Singapore tax resident and have been on a work visa for the past 10 years. I plan to move to Australia this year with permanent residency (PR) and settle there. Next year, I intend to withdraw funds from my Supplementary Retirement Scheme (SRS), which is a tax-deferred account in Singapore. I understand that I will be liable to pay the applicable taxes in Singapore due to the early withdrawal. Do I need to report this income in Australia, and will I be required to pay any additional taxes there?

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RachelATO

(Community Moderator)Community Moderator

31 Mar 2025

Hi @gunn1234,

Most foreign pensions are taxable in Australia, even if tax is withheld in Singapore when you withdraw the funds. So yes, you'd need to report the income if you receive this money when you're an Australian tax resident.

You may be able to claim a foreign income tax offset (FITO) when Singapore withholds tax from your payment (and you are not entitled to seek a refund of tax from Singapore).

We have a tax treaty with Singapore. Article 13 explains how pension amounts are taxed.

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Singapore SRS Withdrawal Tax Implications

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