Please retain and keep proper records of all income derived by the estate/trust and distributions made to the beneficiaries for a period of seven years from the relevant Year of Assessment (YA).
For YA 2008 and each subsequent YA, the record keeping period is reduced from seven to five years.
- Trade income - prepare statements of accounts according to accounting standards.
- Rental income - prepare statements of rental income and expenses.
- Dividend income:
- Singapore - keep the original dividend statements issued by the nominee companies or dividends vouchers for submission in respect of dividends paid on or before 31.12.2007. All Singapore dividends paid on or after 1.1.2008 are tax exempt in the hands of shareholders under the one-tier corporate tax system.
- Foreign - make copies of dividend vouchers for submission.