Companies are required to keep proper records and accounts of business transactions. Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business.
Using an accounting software helps businesses improve record keeping and comply with tax obligations. Businesses can also use the information captured in the software to ensure that operations are effective and efficient. The
IRAS’ Accounting Software Register lists the accounting software that are able to meet IRAS’ technical requirements and businesses considering to use an accounting software for record keeping are encouraged to consider those in this list.
Duration for Records and Accounts Keeping
For accounting records and supporting documents relating to Year of Assessment (YA) 2008 and subsequent YAs, your company must retain the records for a period of five years from the relevant YA. Failure to do so may result in:
- Expenses claimed being disallowed; or/and
- Penalties
Examples:
| Companies with December Financial Year End |
|---|
YA | Records for Period | To Keep Up to |
2016 | 1 Jan 2015 to 31 Dec 2015 | 31 Dec 2020 |
| 2020 | 1 Jan 2019 to 31 Dec 2019 | 31 Dec 2024 |
Companies with non-December financial year end, e.g. Jun, Sep |
|---|
YA | Records for period | To keep up to |
2016 | 1 Oct 2014 to 30 Sep 2015 | 31 Dec 2020 |
| 2020 | 1 Oct 2018 to 30 Sep 2019 | 31 Dec 2024 |
Where a company has been struck off and dissolved, a person who was an officer of the company immediately before the company was dissolved must ensure that all books and papers of the company are retained for a period of at least five years after the date on which the company was dissolved.
Where a company is being wound up, the liquidator of the company must ensure that all the books and papers of the company are retained for a period of at least five years (instead of two years previously) from the date of dissolution of the company.
Please refer
to our e-learning video to have an overview of record-keeping
requirements for Income Tax and GST purposes.
GST-registered Businesses
For companies that are GST-registered, please refer to the e-Guide on Record Keeping Guide for GST-Registered Businesses (PDF, 297KB) for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems.
Non-GST-registered Businesses
For companies that are not GST-registered, please refer to the e-Guide Record Keeping Guide for Non GST-Registered Businesses (PDF, 475KB) for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems.
Please refer to the Record Keeping Checklist (PDF, 61KB), which provides a summary of the different types of records required.
Record Keeping Self-Assessment Toolkit
IRAS has created a self-assessment tool kit to help businesses perform a self-review of their existing record keeping standards and to better understand the possible areas for improvement.
For non-GST registered businesses, please download the toolkit (XLSX, 30KB).
For GST-registered businesses, please download the toolkit (XLSX, 172KB).