There are a few areas that we should look at:

1. Duration
2. Receipts
3. Financial Records in Foreign Currencies

1. Duration

Businesses are required to maintain Accounting Records and Financial Documents for 5 years. Failure to do so may result in expenses claims being disallowed or penalties.

Example A,
Business with a financial year end in December.
Year of Assessment (YA): 2019
Records for period: 1 January 2018 to 31 December 2018
Records should be kept till: 31 December 2023

Example B,
Business with a financial year end other than December.
Year of Assessment (YA): 2019
Records for period: 1 November 2017 to 31 October 2018
Records should be kept till: 31 December 2023

Our bookkeepers will assist businesses in maintaining proper and relevant records. Clients can be assured that their books are well documented and maintained for the required duration and beyond.

Limited Liability Partnerships (LLP)
For the dissolution, striking off, and winding up of Limited Liability Partnerships, books are to be maintained for 5 years after as well.

2. Receipts

Businesses in Singapore are required to issue receipts if in any year, its gross income is:

For the sale of Goods, more than $18,000 or
For providing Services: more than $12,000.

The recording and maintenance of receipts is hence, essential for most businesses in Singapore.

3. Other Currencies

The requirements for invoices with other currencies are as follows:

Businesses should file their tax calculations and financial statements to the respective currency comptroller. In the income tax return, the Singapore dollar amount of foreign currency receipts must be declared. 

Kindly find the guide from the Inland Revenue Authority (IRAS) here.

Talk to us to understand how bookkeeping can help you save time and costs today.