What Records Should You Keep for Business Tax Filing in Singapore?

Did you know that poor record keeping is one of the top reasons SMEs in Singapore face IRAS (Inland Revenue Authority of Singapore) penalties and audits? Meeting the record keeping requirements the IRAS sets is essential if you want to avoid rejected tax claims, late filing fines, and unnecessary stress during compliance checks.

This guide explains what documents you must retain and how long to keep them. Whether you’re an entrepreneur or a small business owner, you’ll learn exactly what documents to keep for tax filing Singapore so your business stays compliant and audit-ready.

Proper documentation not only keeps you compliant with IRAS but also helps you file taxes without last-minute stress. If you’re new to filing taxes, check out our corporate tax filing guide for small businesses in Singapore.

TL;DR: Business Record Keeping in Singapore 📑

Not sure what records to keep for business Singapore? Here’s your quick checklist:

• Income Records – Sales invoices, receipts, contracts, bank statements, e-payments (PayNow, GrabPay, BNPL).
• Expense Records – Supplier invoices, payment vouchers, rental agreements, CPF contributions, director fee approvals.
• Payroll Records – Wage slips, bonuses, CPF details, IR8A forms (retain for 7 years per MOM).
• Statutory Records – AGM minutes, board resolutions, shareholder registers, GST invoices, ECI and Form C-S/C.
• Retention Rules – Keep business records for 5 years (or 2 years post-cessation).

Good record keeping = IRAS compliance + smoother audits + peace of mind.

Why Record Keeping Matters for SMEs

Strong record keeping goes beyond compliance. It ensures:

• Audit protection – clear evidence to support income and expense claims.
• Smooth operations – faster reporting and easier financial planning.
• Regulatory compliance – meeting retention rules set by ACRA, IRAS, and Ministry of Manpower (MOM).

According to ACRA, all companies must maintain proper accounting and statutory records. IRAS adds that businesses must keep supporting documents for at least five years.

Income Records You Must Keep

Income records form the foundation of your tax filing. IRAS requires businesses to keep source documents that prove every transaction. These include:

• Sales invoices and receipts issued to customers
• Contracts or agreements confirming revenue
• Bank statements showing incoming transfers
• E-payment records such as PayNow, GrabPay, or BNPL

Digital Transactions: PayNow, GrabPay, and More

In modern Singapore, many transactions happen without physical cash. Digital payments through platforms like PayNow, GrabPay, and BNPL (Buy Now, Pay Later) are valid for tax purposes. You must, however, ensure you can trace these transactions.

Keep detailed transaction reports from these platforms and reconcile them with your bank statements. This meticulous approach gives you a complete picture of your income, no matter the payment method.

Expense and Purchase Records

Expenses reduce taxable income, but IRAS only accepts deductions supported by proper documents. Meeting the record keeping requirements the IRAS outlines ensures your expense claims stay valid and audit-proof. You must retain:

• Supplier invoices and receipts
• Payment vouchers for purchases
• Rental agreements for office or shop space
• Approvals for director fees and staff claims
• CPF contribution statements

These documents create a transparent paper trail, showing that expenses are directly related to business operations. Without them, IRAS can disallow deductions and increase your tax liability.

For small businesses, expense documentation answers the crucial question of what documents to keep for tax filing in Singapore beyond income records.

Payroll and Employee Records

Payroll compliance requires careful management because it involves both IRAS and MOM. Employers must keep:

• Wage slips and salary records
• Records of bonuses, allowances, and overtime
• CPF contribution details for each employee
• IR8A forms submitted annually to IRAS

MOM guidelines require payroll and employment records to be kept for at least seven years. These records protect you from potential disputes with employees and demonstrate your commitment to fair labour practices. They are a core part of your business’s legal and financial responsibilities.

Statutory and Tax Records

Beyond daily transactions, businesses must also safeguard statutory and tax-related documents. Examples include:

• AGM minutes and resolutions
• Board approvals for key business decisions
• Shareholder registers and share allotments
• GST invoices if you’re GST-registered
• Tax filings such as Estimated Chargeable Income (ECI) and Form C-S/C

👉 IRAS requires these records to be kept for five years, or two years post-cessation if your business closes. The Companies Act 1967 also makes statutory record keeping a legal obligation.

These records prove corporate governance and compliance, making them just as important as financial records.

How to Make Record Keeping Easier

Maintaining proper records may feel overwhelming, but technology makes the process easier. Here’s how to simplify:

1. Digitise documents – scan and store receipts, invoices, and contracts.
2. Use cloud accounting software – organise income and expense records automatically.
3. Set reminders – track deadlines for ECI, Form C-S/C, and GST filing.
4. Work with professionals – outsource bookkeeping and corporate secretarial services.

At Grof, we help SMEs streamline accounting, payroll, and statutory compliance. With cloud-based tools and expert support, you’ll always stay compliant with record keeping requirements the IRAS outlines.

Conclusion

Good record-keeping isn’t just about ticking boxes for the IRAS; it’s about giving yourself the peace of mind that comes with knowing your business is on solid financial ground. It protects you from audits and gives you a clear picture of your company’s health.

The days of overflowing physical files are gone. Today, digital and cloud-based solutions automate much of this process, ensuring you always have access to accurate, up-to-date records.

If you’re unsure how to manage all these requirements, let Grof help. Our accounting services and corporate secretary solutions ensure your business meets regulatory standards effortlessly. Learn more about us and see how we support SMEs across Singapore.