Adjusted profit and statement format
Start with gross revenue, deduct cost of goods sold to obtain gross profit, then deduct allowable business expenses to arrive at adjusted profit or loss. Personal and capital expenses do not qualify. Revenue of S$200,000 or less uses a two-line statement; above that uses four lines. Revenue of S$500,000 or more also requires the certified accounts and adjusted-profit computation.
Partnership allocation
From YA 2022, partnerships also use the S$200,000 threshold for two- or four-line reporting. Divisible profit deducts partners’ specified remuneration and expenses from adjusted profit, then allocates the balance in the agreed ratio. Each partner’s taxable share includes the relevant remuneration plus allocated divisible profit, even where profit is retained in the partnership. The page’s February pre-filling example is dated 2025.
GST is a separate check
The page flags GST registration where taxable turnover exceeds S$1 million under the retrospective or prospective tests. Sole-proprietorship businesses and partnerships with the same partner composition have aggregation rules. Use the detailed GST-registration guidance for timing and applicable conditions.
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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