Yearly Accounting, Record-Keeping, Tax Submissions and Corporate Governance

Agencies that you have to report to

• IRA
• ACRA

SOP for Self-Employed Persons (Sole-Proprietorships, Partnerships, and LLPs)

References, Resources, and Tools

• Basics to Keeping Proper Records and Accounts - https://www.iras.gov.sg/IRASHome/Businesses/Self-Employed/Learning-the-basics/Keeping-Proper-Records-and-Accounts/
• Record Keeping Self-Assessment Toolkits
  • For Non-GST Registered Business - https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/Businesses/Self-Employed/Learning_the_basics/RK_Toolkit_Non-GST.xlsx
  • For GST Registered Business - https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/Businesses/Self-Employed/Learning_the_basics/RK_Toolkit_GST.xlsx

Accounting and Records Requirements

• Yearly Records and Accounts:
  • sufficient to verify income and claims for deduction
  • Estimates are not Acceptable
  • Records not required for submission unless requested by IRAS
  • Sales/Income
    • Cash Register Tape
    • Daily Sales record Book
    • Invoices
  • Expenses/ Claims
    • Receipts
    • Daily Purchases Record Book
• Issue Serially Printed Receipts and Keep Duplicates
• 5 Year of Records and Accounts Keeping
• How to Keep Financial Accounts in Other Currencies
• Special Guides for
  • GST Registered Business
  • Non-GST Registered Business
  • Non-GST Registered Small Business