Frequently Asked Questions

FAQs for General Knowledge

How many years should the company's accounting record be kept?

Company’s accounting record should be kept at least for 5 years.

How many years should the company's payroll record be kept?

Company’s payroll record should be kept for 2 years at least .

Does my company need to be audited?

Your company is exempted from auditing provided your company is qualified as small company.

What is the definition of a small company?

A company is classified as “Small Company” if it meets the following:

  1. The company is a private company in the financial year.
  2. The company meets at least 2 of 3 following criteria for immediate past 2 consecutive financial years:
    1. Total annual revenue < $10 million.
    2. Total asset < $10 million.
    3. Number of employees < 50.

I have hired a Part Time staff. Does company need to contribute CPF?

Company has to declare CPF if earned income of part time staff is more than S$50.

FAQs for Deadlines Regulations

When is the deadline for ACRA filing?

ACRA annual filing is 18 months from the beginning of financial year.

When is the deadline for Payroll?

Deadline for salary payment is by 7th of the following month.
Deadline for overtime payment is by 14th of the following month.

When is the deadline for CPF submission?

Deadline for CPF submission is by 14th of the following month.

When is the deadline for IRAS filing?

Deadline for ECI is within 3 months after financial year end.
GST is 1 month after GST accounting period (eg. GST Jan to March 2017, deadline to file must e by 30 April 2017)
Corporate tax filing is by 30 November (by paper) or 15 December (by e-filing).

FAQs for Accounting Software

What are the available accounting software in the market?
  • Xero
  • Quickbook
  • MYOB
  • FreshBooks
  • Sage 50
  • Zoho
  • Waveapps

Why should I Use Cloud Accounting Software?

Advantages of using cloud accounting software are:

  • Real time accounting with mobile, tablet or desktop so long you have internet access.
  • Issue invoice to customer immediately.
  • Snapshot your receipts by phone and upload to system immediately.
  • Make payment record immediately.
  • Check outstanding receipts or payments on the spot.