Prepare records and the correct statement
Choose an accounting period, keep full transaction records supported by invoices and receipts, and prepare a profit and loss account and balance sheet. From YA 2021, revenue of S$200,000 or less uses a two-line statement of revenue and adjusted profit or loss; revenue above that uses four lines, adding gross profit or loss and allowable expenses. The earlier S$100,000 threshold applies only through YA 2020. The Record Keeping Assistant is a reference tool for eligible businesses with annual revenue up to S$500,000 and the stated exclusions.
Follow the filing notification and payment duties
A requirement to file must be followed even if an agency has submitted income. No-Filing Service users should verify prefilled information and file to make changes. Without a notice, use the Filing Checker. For otherwise non-filing self-employed people needing an assessment or income declaration, the page allows filing from 1 March to 31 October from YA 2024; this does not replace the usual 18 April deadline where filing is required. Specified payments to non-residents may require withholding tax, due by the 15th of the second month after payment.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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