Account for the business completely
The presentation separates revenue, gross profit, allowable expenses and adjusted profit. Sales and payments require proper records; daily takings should not be replaced with estimates. Keep business bank statements separate from private spending where possible. Supplier receipts should show date, supplier, amount and the goods or services; add a description where missing and keep payment vouchers when no invoice is available. Staff pay and employer CPF contributions need payroll evidence.
Separate operating and private costs
Business rent, utilities and employees’ remuneration differ from the owner’s own pay, personal medical costs, household spending and private-car expenditure. Accounting depreciation is not itself a tax deduction; qualifying assets are considered under capital allowances. Records are kept for five years. Some form illustrations in this older deck show superseded turnover thresholds and filing procedures. Treat those examples as historical and check current return instructions rather than applying every figure in the slides.
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.
Read the official PDF ↗