For income tax purposes, you must keep records of all income derived by the estate/trust and distributions made to the beneficiaries for at least 5 years from the basis period1 to support your income tax declarations.
Example: Records to be kept for Year of Assessment (YA) 2020
Records Kept Until
Compulsory Period for Keeping Proper Records
1 Jan 2019 to 31 Dec 2019
31 Dec 2024
1 Basis period refers to the period in which the income was derived
What records to prepare
Prepare statements of accounts according to accounting standards.
Prepare statements of rental income and expenses.
Foreign sourced dividend income
Prepare copies of dividend vouchers for submission.