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
Records Kept Until
Compulsory Period for Keeping Proper Records
1 Jan 2019 to 31 Dec 2019
31 Dec 2024
Prepare statements of accounts according to accounting standards.
Prepare statements of rental income and expenses.
Foreign Sourced Dividend Income
Please make copies of dividend vouchers for submission.