Declaration Of Finances for Singapore

Declaration Of Finances Template for Singapore

A Declaration of Finances is a formal document used in Singapore to provide a comprehensive statement of an individual's or entity's financial position. It includes detailed information about income, assets, liabilities, and financial obligations. The document must comply with Singapore's legal requirements, including the Income Tax Act and relevant MAS regulations. This declaration serves as a legally binding statement that can be used for various purposes including court proceedings, loan applications, or regulatory compliance.

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What is a Declaration Of Finances?

The Declaration of Finances is a crucial document in Singapore's legal and financial framework, used to provide transparent disclosure of financial status. This declaration is commonly required for various purposes including bankruptcy proceedings, divorce settlements, loan applications, and regulatory compliance. The document must adhere to Singapore's strict financial reporting standards and typically includes comprehensive details about income sources, assets, liabilities, and financial obligations. A Declaration of Finances may be requested by courts, financial institutions, or government authorities and must be certified by a Commissioner for Oaths to be legally valid.

What sections should be included in a Declaration Of Finances?

1. Declaration Header: Personal identification details and declaration purpose

2. Income Sources: List of all income sources including employment, investments, and business interests

3. Assets: Comprehensive list of owned assets including property, vehicles, investments

4. Liabilities: All outstanding debts, loans, and financial obligations

5. Bank Accounts: Details of all bank accounts and current balances

What sections are optional to include in a Declaration Of Finances?

1. Business Interests: Details of business ownership and interests, used when declarant has business holdings

2. Trust Arrangements: Information about trust funds or arrangements, included when applicable

3. Foreign Assets: Declaration of overseas assets and income, required for international holdings

What schedules should be included in a Declaration Of Finances?

1. Bank Statements: Recent statements from all declared bank accounts

2. Property Valuations: Official valuations of declared properties

3. Investment Portfolios: Detailed statements of investment holdings

4. Tax Returns: Recent tax return documents supporting declared income

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Declaration Form

Cost

Free to use
Industries

Income Tax Act (Chapter 134): Primary legislation governing income taxation in Singapore, essential for accurate declaration of income sources and tax obligations

Goods and Services Tax Act (Chapter 117A): Regulates GST obligations and requirements, relevant for business-related financial declarations

Property Tax Act (Chapter 254): Governs taxation of properties in Singapore, crucial for declaring property-related assets and liabilities

Stamp Duties Act (Chapter 312): Relates to stamp duties on documents and transactions, important for property and share transfer declarations

Monetary Authority of Singapore (MAS) Act: Establishes regulatory framework for financial institutions and monetary policies in Singapore

Banking Act (Chapter 19): Regulates banking operations and financial transactions, relevant for declaring bank accounts and financial instruments

Securities and Futures Act (Chapter 289): Governs securities, derivatives, and investment products declarations

Corruption, Drug Trafficking and Other Serious Crimes Act: Contains anti-money laundering provisions and requirements for declaring source of funds

Personal Data Protection Act 2012: Regulates the collection, use, and disclosure of personal data in financial declarations

Bankruptcy Act (Chapter 20): Relevant for financial declarations in bankruptcy proceedings

Women's Charter (Chapter 353): Applicable for financial declarations in divorce proceedings and matrimonial assets

Companies Act (Chapter 50): Governs corporate financial declarations and business-related financial disclosures

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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