Payment Receipt for Singapore

Payment Receipt Template for Singapore

A Payment Receipt Template compliant with Singapore regulations, including GST Act requirements and ACRA guidelines. This document serves as official proof of payment and includes mandatory elements such as business details, transaction information, and tax-related components. It meets Singapore's record-keeping requirements and can be issued in both physical and electronic formats, subject to the Electronic Transactions Act.

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What is a Payment Receipt?

The Payment Receipt Template is an essential business document used in Singapore to acknowledge the receipt of payment for goods or services. It must comply with various local regulations, including the GST Act, Income Tax Act, and Electronic Transactions Act. The template should be used for all business transactions where payment is received, providing crucial documentation for both tax purposes and business records. It includes key information such as business details, payment amount, GST (where applicable), and transaction specifics, serving as a legal record of the financial transaction.

What sections should be included in a Payment Receipt?

1. Receipt Number: Unique identifier for tracking and reference purposes

2. Business Information: Business name, registration number (UEN), address, and contact details as registered with ACRA

3. Payment Details: Amount paid, payment date, and payment method (cash/card/bank transfer etc.)

4. Transaction Description: Clear description of goods sold or services rendered

5. Date Information: Date of transaction and receipt issuance

What sections are optional to include in a Payment Receipt?

1. GST Details: GST registration number and GST amount (required only for GST-registered businesses)

2. Customer Information: Customer name, address and contact details (include when needed for business records or upon customer request)

3. Payment Terms: Details about partial payments, installment arrangements, or payment conditions

4. Additional Notes: Special conditions, warranties, return policies, or other relevant remarks

What schedules should be included in a Payment Receipt?

1. Itemized List: Detailed breakdown of multiple items or services, including individual prices and quantities

2. Payment Schedule: Schedule of installment payments or multiple transactions (if applicable)

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

Invoice Form

Sector

Sales

Cost

Free to use
Industries

GST Act Requirements: For GST-registered businesses (mandatory if annual turnover > SGD 1M): Must display GST registration number and clearly state GST amount (8%, increasing to 9% in 2024)

Income Tax Act Requirements: Receipts must be maintained for minimum 5 years for tax reporting and audit purposes

Electronic Transactions Act: For electronic receipts: Must comply with electronic record requirements; digital signatures and electronic receipts are legally recognized

Consumer Protection (Fair Trading) Act: Mandates clear disclosure of payment details and accurate representation of goods/services

ACRA Requirements: Must include business registration number and proper business name as registered with ACRA

Receipt Date: mandatory field showing the date when payment was received

Payment Amount: Clear statement of the payment amount received

Payment Method: Specification of how payment was made (cash, card, bank transfer, etc.)

Business Details: Complete business information including name, address, and contact details

Receipt Number: Unique identifier for the receipt for tracking and reference purposes

Service Description: Clear description of goods or services provided

Customer Information: Relevant customer details where applicable (name, address, contact information)

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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