To help SMEs get in good financial shape for the new year, here is a checklist:

1. Start early on your business and tax filings

You will need to file your tax returns within about three months of the close of your company’s financial year. So if your financial year ends on Dec 31, you will need to file them by March 31.

By getting a headstart on preparing your financial statements, you will have more time to assess appropriate ways to lower your tax bills before the deadline.

2. Maximise tax planning strategies for your business

While early planning helps to optimise SMEs’ tax situations, it is still not too late in December to see if your business is eligible to claim some tax deductions or credits. Here are some common ones – but do check in with a qualified tax advisor for an accurate assessment:

- Assess your current business structure: The SCCCI survey found that 29 per cent of SMEs forecast lower revenues this year. If your annual revenue falls below $5 million in 2024, you could be eligible for partial tax exemptions.
- Calculate any qualifying renovation and refurbishment expenses incurred in 2024: You may be able to take tax deductions this year for such expenses – up to $300,000 over three years – under Section 14N of the Income Tax Act.
- Use the Double Tax Deduction for Internationalisation (DTDi): If you had international expansion expenses, say, overseas investment overseas business development or investment study trips, you may qualify for 200 per cent tax deduction under the DTDi scheme.
- Review payroll deductions: Ensure accurate reporting and correct deductions, which can include Central Provident Fund contributions for employees, Skills Development Levy, and Foreign Worker Levy.
- Take stock of other contributions: If you are a sole proprietor or partner, consider making tax-deductible Supplementary Retirement Scheme contributions.

3. Review your business needs and streamline your operations

Get your SME in great shape for 2024 by streamlining and simplifying your business operational processes. By tapping into Maybank’s SME Solutions, for example, your company can improve the quality of your accounting, human resources, cybersecurity, and marketing.

You can also get ahead in your corporate sustainability journey with myimpact SME, a comprehensive suite of values-based financial and business advisory solutions anchored on sustainable and ethical principles, designed to meet your SME’s unique needs.

For women entrepreneurs, there’s even more good news: Under the myimpact SME initiative’s HERpower programme, you can receive additional support to grow your business by accessing tailored financing solutions and networking events, while enjoying fee waivers for loan applications, payroll charges, and more.