From 2025, how are the matching grants and tax relief determined for my cash top-ups made to my loved ones eligible for the Matched Retirement Savings Scheme?

Q: From 2025, how are the matching grants and tax relief determined for my cash top-ups made to my loved ones eligible for the Matched Retirement Savings Scheme?

The first $2,000 of your cash top-ups to a Matched Retirement Saving Scheme (MRSS)-eligible loved one will be matched by the Government (up to $2,000 a year). Cash top-ups that qualify for the MRSS matching grant will not qualify for tax relief. Any cash top-ups above $2,000 will qualify for tax relief, subject to the conditions for tax relief . You can top up more to enjoy tax relief of up to $16,000 a year. Example If you top up $3,000 to your MRSS-eligible parent in 2025: First $2,000-> qualifies for Government matching grant (no tax relief). Next $1,000 -> qualifies for tax relief. For more detailed examples on how tax relief is computed, see How is tax relief computed for my cash top-ups to Special Account/Retirement Account?

Question

Accepted Answer

The first $2,000 of your cash top-ups to a Matched Retirement Saving Scheme (MRSS)-eligible loved one will be matched by the Government (up to $2,000 a year).

Cash top-ups that qualify for the MRSS matching grant will not qualify for tax relief.

Any cash top-ups above $2,000 will qualify for tax relief, subject to the conditions for tax relief. You can top up more to enjoy tax relief of up to $16,000 a year.

Example
If you top up $3,000 to your MRSS-eligible parent in 2025:

First $2,000-> qualifies for Government matching grant (no tax relief).

Next $1,000 -> qualifies for tax relief.

For more detailed examples on how tax relief is computed, see How is tax relief computed for my cash top-ups to Special Account/Retirement Account?

From 2025, how are the matching grants and tax relief determined for my cash top-ups made to my loved ones eligible for the Matched Retirement Savings Scheme?

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Related questions

What incentives are there for me to top up to my loved ones under the Matched Retirement Savings Scheme when the tax relief is removed from 2025?

How is tax relief computed for my cash top-ups to Special Account/Retirement Account?

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Am I eligible for tax reliefs when I make a cash top-up to my/my loved ones' retirement savings?

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