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Building Smarter Companies

Empowering Singapore Businesses for Over 3 Decades

Vast experience in diverse industries ensuring rewarding, lifelong relationships prioritizing your interests

With a track record of over 30 years, handling industries ranging from retail, wholesale, shipping, manufacturing, financial, medical and investments, you can expect to reap the benefits of a rewarding lifelong relationship that always has your best interest at heart.

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One-Stop Solution

For All Your Business Needs

We are a team of professionals, dedicated to working closely with you, and providing a wide variety of solutions. Whether it is compliance, tax or investment advisory, we help you achieve your goals.

Business Services

Empowering Business Growth Through Expert Guidance

Business Services

We offer an extensive array of business advisory and accounting services, ensuring your business stays on track, complies with regulations, and thrives through informed financial decision-making.

Learn More

Specialist Solutions

Empowering Business Success Through Tailored Accounting

Specialist Solutions

Ensure your business thrives with our extensive range of specialty accounting services, tailored to enhance financial management, compliance, and efficiency, driving success in every aspect.

Learn More

Tax & Audit Services

Optimizing Business Taxes & Guiding Financial Success

Tax & Audit Services

We provide a thorough suite of tax compliance and advisory services for businesses and their owners, ensuring adherence to regulations while optimizing financial strategies.

Learn More

Online Accounting

Elevate your business anywhere with cloud-based accounting

Online Accounting

Cloud-based accounting software provides businesses an advanced solution, elevating them beyond traditional packaged software by offering real-time access, seamless updates, and efficient collaboration from anywhere.

Learn More

One-Stop Solution

For All Your Business Needs

We are a team of professionals, dedicated to working closely with you, and providing a wide variety of solutions. Whether it is compliance, tax or investment advisory, we help you achieve your goals.

Business Services

Empowering Business Growth Through Expert Guidance

Business Services

We offer an extensive array of business advisory and accounting services, ensuring your business stays on track, complies with regulations, and thrives through informed financial decision-making.

Learn More

Specialist Solutions

Empowering Business Success Through Tailored Accounting

Specialist Solutions

Ensure your business thrives with our extensive range of specialty accounting services, tailored to enhance financial management, compliance, and efficiency, driving success in every aspect.

Learn More

Tax & Audit Services

Optimizing Business Taxes & Guiding Financial Success

Tax & Audit Services

We provide a thorough suite of tax compliance and advisory services for businesses and their owners, ensuring adherence to regulations while optimizing financial strategies.

Learn More

Online Accounting

Elevate your business anywhere with cloud-based accounting

Online Accounting

Cloud-based accounting software provides businesses an advanced solution, elevating them beyond traditional packaged software by offering real-time access, seamless updates, and efficient collaboration from anywhere.

Learn More

One-Stop Solution

For All Your Business Needs

We are a team of professionals, dedicated to working closely with you, and providing a wide variety of solutions. Whether it is compliance, tax or investment advisory, we help you achieve your goals.

Business Services

Empowering Business Growth Through Expert Guidance

Business Services

We offer an extensive array of business advisory and accounting services, ensuring your business stays on track, complies with regulations, and thrives through informed financial decision-making.

Learn More

Specialist Solutions

Empowering Business Success Through Tailored Accounting

Specialist Solutions

Ensure your business thrives with our extensive range of specialty accounting services, tailored to enhance financial management, compliance, and efficiency, driving success in every aspect.

Learn More

Tax & Audit Services

Optimizing Business Taxes & Guiding Financial Success

Tax & Audit Services

We provide a thorough suite of tax compliance and advisory services for businesses and their owners, ensuring adherence to regulations while optimizing financial strategies.

Learn More

Online Accounting

Elevate your business anywhere with cloud-based accounting

Online Accounting

Cloud-based accounting software provides businesses an advanced solution, elevating them beyond traditional packaged software by offering real-time access, seamless updates, and efficient collaboration from anywhere.

Learn More
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Our Mission & Core Values

Trusted to Build Smarter Companies

BluTrust is committed to building smarter companies, with integrity, care, and excellence at its core

At BluTrust, we hold firm to the belief that respect, integrity, and result-driven actions should permeate all we do as a company.

Our guiding principle is to treat everyone with due regard, always adhering to what’s ethical, and aiming for impactful outcomes.

We gauge our collective triumph not just by our individual successes, but more importantly by our capacity to create more intelligent, efficient companies.

This mission binds us together, igniting our passion and shaping our unique, value-driven corporate identity.

Contact Us

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