Deposit Invoice for Singapore

Deposit Invoice Template for Singapore

A standardized deposit invoice template compliant with Singapore law, incorporating necessary elements required by the IRAS and Companies Act. The document serves as an official record of deposit payments, including GST considerations where applicable, and maintains compliance with Singapore's invoicing and record-keeping requirements. It includes essential business information, payment terms, and deposit-specific conditions.

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What is a Deposit Invoice?

The Deposit Invoice Template is a crucial business document used in Singapore when receiving advance payments or deposits from clients. It serves as an official record of partial payments made before the delivery of goods or services, ensuring compliance with Singapore's taxation and business regulations. The template includes mandatory elements such as GST details (where applicable), company information, and payment terms, while adhering to IRAS guidelines and the Companies Act requirements for proper record-keeping.

What sections should be included in a Deposit Invoice?

1. Invoice Header: Company details, invoice number, date, and GST registration number if applicable

2. Client Information: Full name, address, and contact details of the customer

3. Deposit Details: Amount, purpose, and reference to main transaction or service

4. Payment Terms: Due date, accepted payment methods, and bank details

What sections are optional to include in a Deposit Invoice?

1. GST Breakdown: Detailed breakdown of GST calculations and amounts for GST registered companies with turnover exceeding SGD 1 million

2. Special Terms: Additional conditions or restrictions specific to the deposit payment

3. Cancellation Policy: Terms and conditions regarding deposit refund or forfeiture circumstances

What schedules should be included in a Deposit Invoice?

1. Product/Service Description: Detailed breakdown of goods/services the deposit is for

2. Terms and Conditions: Standard company terms relating to deposits and payments

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

Deposit Form

Sector

Banking

Cost

Free to use
Industries

Contract Act (Cap. 53): Primary legislation governing contract formation, terms, and enforcement in Singapore

Electronic Transactions Act: Regulations governing electronic contracts and digital signatures for electronic invoices

Goods and Services Tax Act: Law governing GST application, registration requirements, and tax invoice requirements

Income Tax Act: Legislation covering taxation aspects of business transactions and record-keeping requirements

Payment Services Act 2019: Regulates payment systems and payment service providers in Singapore

Currency Act: Laws governing the use of currency and monetary transactions in Singapore

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and ensures fair trading terms

Unfair Contract Terms Act: Restricts the extent to which civil liability for breach of contract can be avoided through contract terms

Companies Act: Primary legislation governing company operations including Section 199 on record keeping requirements

Business Names Registration Act 2014: Regulates the registration and display of business names on official documents including invoices

IRAS Record Keeping Requirements: Mandatory 5-year minimum period for maintaining business and transaction records

IRAS Tax Invoice Requirements: Specific requirements for valid tax invoices including business information and GST registration details

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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