Keeping proper records & accounts

For income tax purposes, you must keep records of all income derived by the estate/trust and distributions made to the beneficiaries for at least 5 years from the basis period¹ to support your income tax declarations.

Example: Records to be kept for Year of Assessment (YA) 2021

¹ Basis period refers to the period in which the income was derived

What records to prepare

Trade income

Prepare statements of accounts according to accounting standards.

Rental income

Prepare statements of rental income and expenses.

Foreign sourced dividend income

Prepare copies of dividend vouchers for submission.