Withdrawals from SRS accounts are subject to tax in the Year of Assessment following the year of withdrawal.
For example, if you withdraw $6,000 from your SRS account in 2009, either 50% or 100% of the withdrawal amount, depending on the type of withdrawal (see below), will be regarded as part of your income in 2009 and subject to tax for Year of Assessment 2010.
50% of the sum withdrawn will taxed for the following types of withdrawal:
a. withdrawal on or after the statutory retirement age prevailing at the time of your first contribution (prescribed retirement age);
b. withdrawal on medical grounds;
c. withdrawal on death; and
d. withdrawal by a foreigner who has maintained his SRS account for at least 10 years from the date of his first contribution.
100% of the sum withdrawn will be deemed as your income and taxed in all other situations.
If you are a non-Singaporean who no longer works and lives in Singapore, you will be taxed as a non-resident when you withdraw the fund from your SRS account.
From YA 2016, up to $400,000 of an amount of a deemed withdrawal upon the death of an SRS member or a full withdrawal made by an SRS member on the grounds of terminal illness, would be exempt from tax.  50% of any remaining amount of such a deemed withdrawal or full withdrawal would then be subject to tax.