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FAQs

Accounting & Taxes

Helpful explanations of bookkeeping, corporate taxes, GST, and financial reporting requirements so you can understand how businesses manage their finances in Singapore.

What happens if my company has no transactions in the first year?

If your company has no transactions, it may be considered dormant, but you still need to meet certain filing obligations. This includes submitting Annual Returns to ACRA and possibly a simplified tax filing to IRAS unless exemptions apply.

Can I delay bookkeeping until the end of the financial year?

Yes, bookkeeping can be done annually, but delaying it increases the risk of errors and missed deadlines. Regular bookkeeping provides better financial visibility and makes tax filing more accurate and efficient.

When does GST registration become mandatory?

GST registration becomes mandatory when your taxable turnover exceeds SGD 1 million or is expected to exceed that threshold. Failing to register on time may result in penalties and backdated tax liabilities.

Can I use accounting software other than Xero?

Yes, you can use other accounting software, but integration capabilities and compliance support may vary. Using widely supported platforms can simplify bookkeeping, reporting, and collaboration with your service provider.

What happens if I miss my corporate tax filing deadline?

Missing your corporate tax deadline may result in penalties, estimated tax assessments, or enforcement actions from IRAS. Repeated non-compliance can lead to more serious consequences, including legal action.
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