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Retrieving Capital Allowance (CA) amounts in TRCS based on multiple CA rate categorization — Cloud Customer Connect
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Retrieving Capital Allowance (CA) amounts in TRCS based on multiple CA rate categorization

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edited Oct 8, 2020 11:25AM in Tax Reporting 1 comment

Summary

As per Singapore tax regulations, companies can claim the wear & tear allowances for the qualified fixed assets, based on different CA rates (33 1/3% over 3 years, 100%, 25%, 75% in one year).

Content

As per Singapore tax regulations, companies can claim the wear & tear allowances for the qualified fixed assets, based on different CA rates (33 1/3% over 3 years, 100%, 25%, 75% in one year).

Whenever an asset has been created, user will tag that asset individually to one CA category in Fusion FA. With the help of integration from Fusion FA, we can bring over the CA amount to TRCS. During the year of assessment (i.e. following year to FY), user will then re-categorize in detail (i.e. linking all the assets to multiple CA categories). This sharing of an asset to multiple CA categories cannot be performed in Fusion FA.

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