Simplified Two-Tier Penalty Framework For Ad Hoc Lodgements To Take Effect From 9 December 2024
File your statutory lodgements and renew your business registration on Time. effect from 9 December 2024, ACRA will adopt the 2-tier penalty framework for ad hoc lodgements for all entity types. Under the 2-tier penalty framework, the penalty for late filing will be $50 within the first 3 months after the due date, or $200 if the lodgement is filed more than 3 months after the filing due date. The current 2-tier penalty framework for late annual lodgements remains unchanged. To avoid incurring a higher penalty, or any other enforcement actions by ACRA, be sure to contact us immediately if you have any late lodgement that requires our assistance HERE. For more information, please refer to ACRA website: https://www.acra.gov.sg/announcements/file-your-statutory-lodgements-and-renew-your-business-registration-on-time
Continue ReadingIndividuals required to file tax
Generally, you will be required to submit your Income tax Return if in the preceding calendar year: your total income is more than $22,000; or you have self-employment income with a net profit more than $6,000; or you are a non-resident who derive income from Singapore The filing due date is 18 April 2025 for e-filing and 15 April 2025 for paper filing. If you need our assistance to prepare your accounts and file your taxes or to apply for an extension of the deadline to file to file tax, kindly reach out to us HERE.
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