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 for 5 years from the relevant Year of Assessment (YA). 

Required Record Keeping Duration

Your company must retain its accounting records and supporting documents for 5 years from the relevant YA. 

Failure to do so may result in expenses claimed being disallowed and/or penalties.

Example 1: Companies with Dec financial year end

YA Financial YearTo Keep Records Till
2017 1 Jan 2016 to 31 Dec 2016 31 Dec 2021
2021 1 Jan 2020 to 31 Dec 202031 Dec 2025

Example 2: Companies with non-Dec financial year end

YA Financial YearTo keep Records Till
2017 1 Oct 2015 to 30 Sep 2016 31 Dec 2021
20211 Oct 2019 to 30 Sep 202031 Dec 2025

Struck Off or Wound Up Companies

If your company has been struck off and dissolved, a person who was an officer of the company immediately before its dissolution must ensure that all books and papers of the company are retained for at least 5 years after the date on which the company was dissolved.

If your company is being wound up, the liquidator of the company must ensure that all the books and papers of the company are retained for at least 5 years from the date of dissolution of the company.

Record Keeping Guides

View our e-learning video for an overview of record keeping requirements for Income Tax and GST purposes and the Record Keeping Checklist (PDF, 61KB) for a summary of the different types of records required.

You may also refer to the relevant e-Tax guides:

Record Keeping Self-Assessment Toolkit

IRAS’ self-assessment toolkit helps companies to perform a self-review of their existing record keeping standards and to identify the possible areas for improvement:

Using Accounting Software

The use of accounting software helps companies to improve their record keeping standards and to comply with tax obligations. View IRAS’ Accounting Software Register for a list of accounting software that meet IRAS’ technical requirements.

FAQs

If my company purchases a new accounting software, do we need to migrate all the accounting transactions recorded in the existing accounting software to the new accounting software?

There is no specific requirement for companies to migrate the accounting transactions recorded in the existing accounting software to the new accounting software.

However, after purchasing the new accounting software, your company must continue to retain and be able to retrieve the accounting transactions that had been recorded in the existing software for at least 5 years from the YA or end of the GST accounting period accordingly. Other business documents associated with these transactional records, such as source documents, accounting records and schedules and bank statements, should be retained as well.