Managing Payroll in Singapore can get complex. As an employer you need to:
- Ensure on-time salary payment and payslips.
- Employees should be given itemized payslips with vital salary information.
- Keep thorough employment records for tax purposes, including ex-employees.
- For electronic income submission, register for AIS on myTax Portal with Corp Pass.
- Follow all mandatory levies, contributions, and statutory requirements.
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Managing payroll can be a time-consuming and complex task, especially with the evolving regulations in Singapore. At Xerosoft, we offer comprehensive Payroll Services designed to simplify the process, ensuring accuracy, compliance, and efficiency for businesses of all sizes.
Prepare monthly payroll reports, Central Provident Fund (CPF) reports, and payslips that can be accessed through Talenox payroll software.
Provide reimbursement for expense claims (to include on monthly payroll).
Ensure that the Central Provident Fund (CPF) is registered, that a direct debit application is submitted, and that the monthly e-submission is completed.
Assure payment assistance for Skills Development Levy (SDL) and payment submission for Self-Help Group (SHG).
Fill out the Annual Return of Employee Remuneration (Form IR8A) and IR21 Tax Clearance Forms (for foreign offboarded employees)
Create monthly payroll and distribute payslips two days before pay day.
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Levies, contributions, and statutory requirements must be strictly enforced. Employers in Singapore are required to make monthly contributions for the following, in addition to Central Provident Fund (CPF) contributions:
Skills Development Levy for training grants for employees who attend work-related trainings
Ethnic funds aimed at helping the less privileged in the respective ethnic communities such as CDAC, MBMF, ECF, and SINDA
Levies for foreign workers with Work Permits
CPF contributions
Every business must be able to produce employee records and relevant employment forms whenever the need arises. This could be when there is a dispute over payments made or when the IRAS or other tax regulatory bodies make inquiries. In Singapore, employment forms such as Form IR8A and Appendix 8A, IR21, Form IR8S, or Appendix 8B must be collected and submitted to the appropriate authorities on or before March 1st of each year.
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