Keeping Proper Records & Accounts

For income tax purposes, you are required to keep records of all income derived by the estate/trust and distributions made to the beneficiaries for five years.

Example: Records To Be Kept for Year of Assessment (YA) 2020

Trade Income

Prepare statements of accounts according to accounting standards.

Rental Income

Prepare statements of rental income and expenses.

Foreign Sourced Dividend Income

Please make copies of dividend vouchers for submission.