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Trusted to build Smarter Companies

Our Mission & Core Values

BluTrust accounting Singapore was founded on a simple but powerful belief: that every business deserves a trusted partner that operates with transparency, dedication, and the highest professional standards. As a leading provider of accounting, tax advisory, and corporate services in Singapore, our mission is to build smarter companies by delivering solutions that are both reliable and results-driven.

Our success is not measured solely by the services we provide, but by the trust our clients place in us and the long-term relationships we build together. At BluTrust, we believe that doing what is right, treating everyone with respect, and consistently achieving results are the pillars that define who we are as a firm.

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Integrity: The Foundation of Everything We Do

At BluTrust accounting Singapore, our business decisions are rooted in truth and honesty. We prioritise principle over expediency, ensuring that our words and actions are always aligned. This commitment to ethical conduct creates a transparent environment where clients can trust that their interests are genuinely protected.

Integrity is not a policy we enforce—it is a value we live by every day. From the way we advise on tax compliance to how we manage corporate secretarial obligations, our clients can be confident that every recommendation is made with their best interests in mind.

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Care: Building Meaningful Client Relationships

We honour every client and team member with respect, recognising that meaningful results come from careful listening, meticulous planning, and a genuine enthusiasm for the work we do. At BluTrust, upholding promises is not just a casual statement—it is a principle that guides every engagement.

Our approach to client service goes beyond completing tasks. We take time to understand the unique challenges each business faces, whether it involves navigating complex GST regulations, structuring corporate governance, or planning for sustainable growth. This attentive, client-first approach is what sets BluTrust accounting Singapore apart from other firms in the industry.

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Excellence: A Standard We Uphold Every Day

Our commitment to quality in every service we deliver is what defines BluTrust as an organisation. We believe that excellence is not a single act, but a habit that is cultivated through continuous improvement. Our professional consultants understand the critical role they play in supporting businesses across Singapore, and they continually strive to elevate their knowledge, systems, and processes.

 Partner with BluTrust Accounting Singapore Today

When you choose BluTrust, you are partnering with a firm that genuinely cares about your success. Our mission to build smarter companies drives everything we do, and our core values of integrity, care, and excellence ensure that you receive the highest quality service at every step.

If you are looking for a trusted accounting and advisory partner in Singapore, we invite you to experience the BluTrust difference. Whether you need support with GST registration, corporate tax planning, financial reporting, or company secretarial services, our dedicated team is ready to help. Contact us today to book a consultation and discover how BluTrust accounting Singapore can support your business goals.

 

Capital Allowances

Deductions for the decline in value of depreciating assets are available under the Uniform capital allowance (UCA) system. In addition to the rules for depreciating assets, deductions are allowed for certain other capital expenditure.

Small business entities have the option of choosing simplified depreciation rules. Under these rules, small business entities can claim an immediate deduction if the cost is below the relevant threshold or else add the asset to the small business depreciation pool.

Land, trading stock and most intangible assets (excluding exceptions such as intellectual property and in-house software) are not depreciating assets.

The decline in value is generally calculated by spreading the cost of the asset over its effective life, using one of two methods:

Prime cost method – decline in value each year is calculated as a percentage of the initial cost of the asset
Diminishing value method – decline in value each year is calculated as a percentage of the opening depreciated value of the asset
MORE: Australian Taxation Office (ATO) Decline in value calculator.

For most depreciating assets, taxpayers can either self-assess the effective life, or use estimates published by the ATO. Taxpayers can recalculate, either up or down, the effective life of an asset if the circumstances of use change and the effective life initially chosen is no longer accurate. An improvement to an asset that increases its cost by 10% or more in a year may result in an obligation to recalculate the effective life of the asset.

Decline in value of cars is restricted to the car limit. From 1 July 2022, the luxury car tax threshold for luxury cars is $64,741 (it was $60,733 for the year commencing 1 July 2021). Luxury car leases are treated as a notional sale and purchase, with decline in value restricted to the car limit.

The decline in value of certain depreciating assets with a cost or opening adjustable value of less than $1,000 can be calculated through a low-value pool. The decline in value for depreciating assets in the pool is calculated at an annual diminishing value rate of 37.5%.

Changes for 2022 and 2023

From 12 March 2020 until 31 December 2020, the asset cost threshold for the instant asset write-off (which is usually only available to small business entities) has increased from $30,000 to $150,000 and the eligibility criteria expended to cover entities with an aggregated turnover threshold of less than $500 million (up from $50 million).

Further, from 12 March 2020 until 30 June 2021 the Backing business investment measure applied to businesses with aggregated turnover below $500 million and provides either:

A deduction of 50% of the cost or opening adjustable value of an eligible asset on installation (existing depreciation rules apply to the balance of the asset's cost), or
For businesses using a small business depreciation pool, a deduction of 57.5% of the cost of the asset in the first year, with the balance added the asset to the small business pool
In addition, from 6 October 2020 to 30 June 2023, full expensing applies to allow eligible businesses with an aggregated turnover of less than $5 billion to deduct the full cost of new eligible depreciating assets. For businesses with aggregated turnover of less than $50 million, full expensing also applies to eligible second-hand assets.

Activity Statement

Businesses use activity statements to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Non-business taxpayers who need to pay quarterly PAYG instalments also use activity statements.

Activity statements are personalised to each taxpayer to support reporting against identified obligations.

Activity statements for businesses may be due either quarterly or monthly. Generally, businesses can lodge and pay quarterly if annual turnover is less than $20 million, and total annual PAYG withholding is $25,000 or less. Businesses that exceed one or both of those thresholds will have at least some monthly obligations. Non-business taxpayers are generally required to lodge and pay quarterly.

Taxpayers with small obligations may be able to lodge and pay annually. Some taxpayers may receive an instalment notice for GST and/or PAYG instalments, instead of an activity statement.

The Australian Taxation Office (ATO) web site provides instructions on lodging and paying activity statements. Detailed instructions are provided for each of the different tax obligations:

GST (Goods and Services Tax)
PAYG (Pay As You Go) Instalments
PAYG (Pay As You Go) Withholding
FBT (Fringe Benefit Tax)
LCT (Luxury Car Tax)
WET (Wine Equalisation Tax)
Fuel Tax Credits