How to calculate trust income tax

Key requirements

The published trustee rate is 17% from YA 2021. Singapore resident beneficiaries entitled under the deed, will or intestacy rules are taxed on their share at personal rates with the applicable exemptions and concessions. The example assesses entitlement even where less cash is received. The trustee pays on non-resident beneficiaries’ shares at the applicable trustee rate. Trade-income and other specialised provisions in the detailed guide must also be checked. Maintain the governing document, allocation and residence support so the same income is not incorrectly assessed twice or omitted.