The dreaded tax season deadline is looming.
Are you scrambling and pulling your hair out, trying to make sense of the complex tax terms, deciphering receipts, and sorting through a year's worth of financial documents? You're not alone!
Let us provide you with some essential resources from IRAS to help you navigate the tax season.
Get Organised
Before you dive headfirst into your tax preparation, take some time to get organized. Gather your financial statements and look through your receipts and records of deductions. Consider using digital tools like XERO accounting software or apps to help you track your income and expenses throughout the year. The more organized you are, the smoother the tax filing process will be. Remember to keep all records for at least 5 years.
Key Points
Singapore offers various tax incentives and deductions to businesses. Tax exemptions schemes are also available to ease your corporate tax liabilities. Do take note that certain incomes are exempted from tax and not all business expenses are deductible, so be sure to make necessary adjustments when preparing your tax computations.
Please keep detailed records to support your claims.
Plan Ahead
Singapore's corporate tax filing deadline is typically in November. Ensure you file your corporate tax return by this date to avoid late penalties and interest charges.
You can start planning for the next financial year as you wrap up the current tax season. File your Estimated Chargeable Income (ECI) within 3 months from your financial year end to enjoy payment installments benefit. This could reduce financial burden on your cash flow.
Corporate tax season can be a challenging time. Whether you're a seasoned corporate taxpayer or new to the process, staying organized and well-informed will help you make the most of Singapore's corporate tax framework and meet the impending tax deadline efficiently.
Need assistance? Contact us to find out about our tax services and how we can assist you.