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Accounting Advisory Services Singapore | BluTrust

Accounting Advisory Services Singapore

Accounting advisory services Singapore are essential for businesses seeking expert guidance on financial reporting, regulatory compliance, and strategic decision-making. At BluTrust, our team of experienced professionals helps companies navigate an increasingly complex accounting landscape with confidence and clarity.

 

Why Your Business Needs Accounting Advisory Services Singapore

Every business, whether a growing startup or a well-established corporation, benefits from sound accounting advice. Accounting advisory services Singapore go beyond basic bookkeeping by providing strategic insights that help business owners make informed financial decisions. From preparing compliant financial statements to advising on complex restructuring exercises, the right advisory partner can make a significant difference to your bottom line.

At BluTrust, we understand that each business has unique needs. Our accounting advisory services Singapore are tailored to match your specific objectives, industry requirements, and growth stage. We work closely with you to establish robust accounting processes that align with your business goals while maintaining the highest standards of fiscal responsibility.

Our Accounting Advisory Services Singapore

BluTrust offers a comprehensive range of accounting advisory services Singapore to support businesses across all stages of their journey.

Financial Reporting and Compliance. We prepare and advise on financial statements in accordance with both International Financial Reporting Standards (IFRS) and Singapore Financial Reporting Standards (SFRS). Our team ensures that your financial reports are accurate, timely, and fully compliant with regulatory requirements, helping you avoid penalties and build credibility with stakeholders.

Mergers and Acquisitions. Navigating an M&A transaction requires meticulous financial analysis and due diligence. Our accounting advisory services Singapore team provides end-to-end support throughout the M&A process, from initial valuation and financial assessment through to post-merger integration. We help you identify risks, evaluate opportunities, and make sound decisions at every stage.

Initial Public Offerings. Preparing for an IPO is one of the most demanding financial exercises a company can undertake. BluTrust’s advisory team guides businesses through the entire IPO readiness process, ensuring your financial reporting meets the stringent requirements of listing authorities and that your accounting systems are fully equipped for the transition to a publicly listed entity.

Financial Reporting Improvement. If your business is looking to enhance the speed and quality of its financial reporting, our team can help. We assess your existing processes, identify bottlenecks, and implement improvements that deliver faster, more reliable financial information to support better business decisions.

Cross-Border Transactions. Operating across multiple jurisdictions introduces complex accounting challenges. Our accounting advisory services Singapore professionals have extensive experience handling cross-border transactions, ensuring that your financial reporting complies with the relevant standards in each jurisdiction and that intercompany arrangements are properly documented.

Temporary and Project-Based Support

In addition to ongoing advisory engagements, BluTrust also provides temporary accounting and financial reporting resources for businesses undergoing periods of change. Whether you are managing a restructuring exercise, an acquisition, or a major systems implementation, we can supplement your in-house team with skilled professionals who are ready to contribute from day one.

This flexible approach ensures that you have access to the expertise you need, exactly when you need it, without the overhead of permanent hires.

Why Choose BluTrust for Accounting Advisory Services Singapore

BluTrust brings together deep technical knowledge, practical business experience, and a client-first approach to deliver accounting advisory services Singapore that truly add value. Our professionals are proficient in the latest accounting standards, financial software, and advisory methodologies, ensuring that our clients receive advice that is both current and actionable.

We are committed to building long-term partnerships with our clients, providing consistent, reliable, and proactive support that helps businesses grow with confidence.

Get Started Today

If your business needs trusted accounting advisory services Singapore, contact BluTrust to schedule a consultation. Our team is ready to help you strengthen your financial reporting, navigate complex transactions, and achieve your business objectives.

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