Who has the main responsibility for keeping records in a real estate transaction?
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Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,012 solutions 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). 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 2: Companies with non-Dec financial year end
Struck Off or Wound Up CompaniesIf 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 GuidesCheck out 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 ToolkitIRAS’ 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 SoftwareThe 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. FAQsFor 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 Basis Period Records Kept Until Compulsory Period for Keeping Proper Records 1 Jan 2019 to 31 Dec 2019 31 Dec 2024 Five Years Prepare statements of accounts according to accounting standards. Prepare statements of rental income and expenses. Please make copies of dividend vouchers for submission. |
