DEV Community: lumen.insights.sg

ACRA Reviews Audit Exemption Framework for Small Companies

lumen.insights.sg — Wed, 15 Apr 2026 02:14:29 +0000

ACRA Reviews Audit Exemption Framework for Small Companies

Private companies in Singapore may soon qualify for audit exemption under revised thresholds, as ACRA conducts a review to reduce compliance costs for small businesses.

Current audit exemption criteria require meeting at least two of three thresholds: total annual revenue ≤ $10 million, total assets ≤ $10 million, or employees ≤ 50
ACRA is consulting on raising these thresholds and allowing subsidiaries to qualify independently even when the group does not meet consolidated criteria

Companies must still maintain proper accounting records and prepare financial statements per prescribed accounting standards regardless of audit exemption status.

Tip: Companies should review their financials against current thresholds and prepare feedback for the ACRA consultation before the 17 April 2026 deadline.

Source: https://www.acra.gov.sg/news-events/news-announcements/reducing-compliance-costs-for-small-companies--review-of-audit-exemption-framework

Annual Return Filing

lumen.insights.sg — Sun, 15 Mar 2026 02:52:54 +0000

All Singapore-incorporated companies must file an Annual Return with ACRA to update key company details and confirm compliance.

When to file: Within 7 months after your financial year end (FYE), or 5 months for listed companies. If your company holds an AGM, the Annual Return must be filed within 7 months of FYE and after the AGM.

What you need: Updated company particulars, latest financial statements (XBRL format if applicable), and AGM date or exemption statement.

Penalty: Late filing attracts fines from $300 and can lead to prosecution or company strike-off.

Official Reference: ACRA Annual Return Guide

CPF Contribution Basics for Employers

lumen.insights.sg — Sun, 15 Mar 2026 02:49:30 +0000

In Singapore, the Central Provident Fund (CPF) is a mandatory social security savings scheme for Singapore Citizens and Permanent Residents. As an employer, you are required to contribute a percentage of your employee’s monthly wages to CPF, alongside your employee’s contribution.

The CPF contribution rates vary depending on the employee’s age group and wage level. Contributions must be submitted by the 14th of the following month, and late payments attract penalties.

Tip: Always check the latest CPF rates before processing payroll, as rates may change in Budget announcements.

Official Reference: CPF Contribution Rates

GST Registration — When And How

lumen.insights.sg — Sun, 15 Mar 2026 02:46:10 +0000

You must register for GST in Singapore if:

Your taxable turnover exceeded S$1 million in the past 12 months, or

You expect it to exceed S$1 million in the next 12 months.

Voluntary registration is also possible if your turnover is below the threshold, but you must comply with all GST filing obligations once registered.

Official Reference: IRAS GST Registration

Record Retention Requirements in Singapore

lumen.insights.sg — Sun, 15 Mar 2026 02:44:22 +0000

Businesses are required by law to keep proper accounting records, including invoices, receipts, bank statements, and contracts, for a minimum of 5 years from the end of the financial year to which they relate.

These records can be kept in either physical or digital format, but must be retrievable for inspection when requested by IRAS or ACRA.

Tip: Using a cloud accounting system can make compliance easier and reduce storage needs.

Official Reference: IRAS Record Keeping Guide

Annual Corporate Tax Filing Timeline

lumen.insights.sg — Sun, 15 Mar 2026 02:41:14 +0000

All companies in Singapore must file their annual corporate income tax returns with IRAS. This involves two submissions:

Estimated Chargeable Income (ECI) — due within 3 months from the end of the financial year.
Form C-S or Form C — the actual corporate tax return, due by 30 November each year.

Companies with zero income or losses must still file unless specifically exempted.

Tip: Keep proper accounts throughout the year to make filing faster and reduce last-minute errors.
Official Reference: IRAS Corporate Income Tax Filing