Accounting & Tax
Ottavia provides a comprehensive range of tax and accounting services. The services include:
Bookkeeping and financial statements
Bank statement reconciliation
Accounts receivable/payable reconciliation
Accounting report and financial statement preparation
Preparation of group financial statements
XBRL statement preparation and filing
Tax planning and filing returns
Providing advice on a tax optimization strategy and how to implement it
Planning and filing corporate and personal taxes
Developing a tax efficient employee remuneration strategy
Developing a tax optimised business exit strategy
Calculation of employee salary and statutory deductions
Payment arrangements to both employees and authorities
Reimbursement for company expenses
Calculation of employee benefits
Final payments for terminated employees
Statutory tax forms for employees
Personal Tax return preparation
Tax clearance for foreign employees
Goods & Services Tax (GST) filing
Providing a detailed explanation of how the GST works
Advise companies on the various advantages and disadvantages of GST registration
Complete the various GST registration formalities
Preparation and filing of returns on a quarterly basis
Frequently Asked Questions
Is there a fixed Financial Year End (FYE) Date in Singapore?
No. Usually the FYE date is within 12 months from the Incorporation date. If you have a corporate shareholder, we recommend you use the same FYE date as that of the shareholder company.
Can I manage my Bookkeeping remotely?
Yes, you can.
How long should I keep my supporting documents?
As per Singapore Law, you are required to keep company records for a minimum period of 5 years.
Do I need to register GST?
GST registration is mandatory if the company's Annual Revenue is more than S$1 million.
Is there any Accounting Software that complies with the Singapore Accounting Standard?
Yes, you may explore Quickbooks or Xero Accounting Software.
Is my Singapore company required to do an annual financial audit?
If the company is able to meet the Small Company Criteria, an annual audit is not required.
Do I need to keep my monthly Bank Statements?
Yes, you are required to keep the monthly Bank statements in order to reconcile with the supporting documents.
When do I need to file for my Company's Corporate Tax?
Estimated Chargeable Income (ECI), needs to be filed within 3 months from FYE Date; Corporate Tax Returns are filed on 30 November.