Counto

JANUARY 9, 2025

For example, if your business is paying S$100 a month for cloud-based software, the additional GST will add S$7 to your monthly bill. That being said, if your business is GST -registered (with an annual turnover exceeding S$1 million), you can claim back the GST you pay on these imported services through input tax credits.

Tax 52

Tax Collections Budgeting Record Keeping 52

Counto

NOVEMBER 7, 2024

Improve Invoicing : Use invoicing software to streamline billing and ensure payments are collected promptly. Here’s how you can keep your tax planning on track: Understand GST Requirements : If your revenue exceeds the threshold, ensure you’re registered for Goods and Services Tax (GST) and comply with filing deadlines.

Financial Statements 40

Financial Statements Accounting Accounting Payroll 40

Accounting Fun

OCTOBER 7, 2022

Corporation Tax – A levy on people with large stomachs. Cost Accounting – Size of accountants' bill. And finally – Asset – A complete collection of posteriors. Profit – A chief executive who gives the accountant the bottom-line. Debtor – A high society fillies’ coming out trip. Expended – Exhausted from all that shopping.

Accounting 40

Accounting Accounting Corporation Tax Collections 40

Counto

MARCH 19, 2024

Filing your corporate tax return (Form C-S/ C) File with IRAS By Nov 30 (or Dec 15 for e-filing submission) This involves reporting your company’s income earned in the previous financial year, known as the Year of Assessment (YA). Thereafter, access MyTax Portal and navigate to the ‘Business Tax’ section.

Corporation Tax 52

Corporation Tax Financial Statements Tax Accounts Payable 52

Counto

NOVEMBER 7, 2024

Example : A newly opened café earning S$120,000 in its first year can have the first S$100,000 of its income exempt from taxes, reducing its overall tax bill during its early phase. Your business collects GST on sales and can claim back input tax on business-related purchases, reducing the GST payable.

Tax 40

Tax Financial Statements Financial Reporting Record Keeping 40