Your first company tax filing: where do you start?

Don't wait for a filing reminder to sort out the books. Your tax return starts with records of what the company earned and spent.

1. Keep a usable set of records

Save invoices, receipts, bank statements and explanations for unusual transactions. Keep business and personal spending clearly separated. Agree who maintains the books and how often you'll review them.

2. Check the estimate first

Estimated Chargeable Income (ECI) is generally due within three months after financial year end, unless a waiver or exception applies. It is an estimate of taxable income, not simply the profit shown in your accounts.

The general waiver requires both annual revenue of S$5 million or less and nil ECI, calculated before the relevant tax exemptions. Check the rules for your situation. IRAS: ECI guidance-filing).

3. Prepare the annual return separately

Your annual company tax return is generally due by 30 November for the relevant Year of Assessment. Check the IRAS filing dates. Form C-S and Form C-S (Lite) have eligibility conditions; other returns may apply. An ECI waiver does not itself waive the annual tax return. IRAS: return eligibility-form-c-filing/overview-of-form-c-s-form-c-s-(lite)-form-c).

Your next move: confirm the first Year of Assessment, dates and filing responsibilities with your tax adviser. A longer first accounting period may need separate consideration. GST and employer reporting are additional checks where relevant, not covered by this short guide.