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About BluTrust

BluTrust is a trusted accounting, tax advisory, and corporate secretarial firm in Singapore, dedicated to empowering businesses with innovative solutions and expert guidance. With a clear mission to build smarter companies, BluTrust delivers comprehensive professional services that help businesses navigate complex regulatory landscapes, achieve compliance excellence, and drive sustainable growth across the region.

BluTrust’s Comprehensive Business Solutions

BluTrust offers a full spectrum of professional services designed to meet the diverse needs of modern businesses. Our corporate secretarial services ensure companies maintain statutory compliance and proper governance structures, while our expert valuations team provides accurate business and asset assessments for strategic decision-making. We specialize in accounting and advisory services, offering both traditional and online accounting solutions that streamline financial management and reporting.

The tax services division at BluTrust encompasses corporate tax planning, personal tax advisory, GST compliance, and transfer pricing strategies. Our business solutions extend to payroll outsourcing, HR advisory, business process outsourcing, and recruitment services including work pass applications. We also serve as process agents and assist with specialized license applications for niche trade sectors, providing end-to-end support for companies at every stage of their business lifecycle.

Why Choose BluTrust for Your Business Needs

BluTrust has earned the trust of diverse clients across industries, from multinational corporations to growing SMEs. Our clients consistently highlight our prompt service delivery, technical competence, and ability to provide sound business advice when it matters most. Companies like Sima Resources Pte Ltd, Declout Limited, and Pitney Bowes have experienced firsthand how our flexible and highly efficient approach translates into tangible business value.

What sets the firm apart is our commitment to delivering quality work at reasonable costs, even when working within tight timelines. Our team demonstrates deep knowledge of Singapore’s regulatory environment, Companies Act compliance requirements, and best practices in corporate governance. This expertise, combined with our responsive service model, has made us a preferred partner for businesses seeking reliable, knowledgeable, and efficient professional services.

BluTrust’s Core Values: Integrity, Care, and Excellence

At the heart of BluTrust’s success are three fundamental values that guide every client interaction and business decision. Integrity forms the foundation of our practice, with business decisions rooted in truth and honesty rather than mere expediency. Our words and actions align perfectly, creating a transparent environment where clients can trust the advice and services they receive.

Care defines how we approach every relationship. We honor each client with respect, listen carefully to their unique needs, and plan meticulously to deliver solutions that address their specific challenges. Our team maintains a positive, enthusiastic attitude toward every engagement, understanding that upholding promises isn’t just a statement but a principle that symbolizes our commitment to reliability.

Excellence is not just an aspiration but a habit we cultivate daily. Our professional consultants recognize their vital roles in helping clients achieve their business objectives. We continually strive to elevate our systems, expand our knowledge base, and refine our processes to adhere to the highest professional standards.

Regional Presence in Singapore and Malaysia

BluTrust operates from strategic locations to serve clients across Southeast Asia. Our Singapore office is conveniently located at The Adelphi, 1 Coleman Street, placing us in the heart of the business district. This central location enables us to provide readily accessible services to Singapore-based companies while maintaining close proximity to key regulatory authorities.

Recognizing the growing business opportunities in the region, we also maintain a presence in Johor Bahru, Malaysia, at Menara Pelangi. This dual-location strategy allows BluTrust to support clients with cross-border operations and businesses expanding into the Malaysian market.

Ready to empower your business? Contact our specialists today to discover how BluTrust can help you build a smarter, more successful company.

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