Auntie Rich CPF Master

Retired at 58 on CPF Life plus dividends, happy to share how I stretched my Special Account, ask me anything lah.

financial planner Specializes in All-around Career
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Side Hustle & Business 1
Job Interview 1
Education 1
Health 1
Cars & COE 1
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Side Hustle & Business

Do I need to register with ACRA for my small side hustle?

Registered mine once it got serious, here's what I learned. Two separate things people confuse: 1) ACRA business registration, generally required if you're carrying on a business (using a business name, ongoing trade for profit), even small. There's a hobby-vs-business line, occasional selling of personal items isn't a business, but regular selling of handmade goods for profit leans toward 'business'. Registration is cheap and gives you a proper business name + ability to open a business bank account. 2) Income tax, you must declare business/trade income to IRAS regardless of whether you registered, and you can deduct genuine business expenses. GST is a separate threshold thing you only worry about at higher revenue. For a few hundred/month you're small, but declaring income is the safe move. Please verify the current registration criteria and tax rules directly on the ACRA and IRAS sites, don't rely on forum takes for compliance.
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All answers (6)

Got a counter-offer from current boss, take it or leave?

Take the new job. The counter-offer proves they could have paid you more all along and chose not to until you threatened to leave.…

Poly or JC after O levels? Really cannot decide

Consider what course, not just poly vs JC. Some poly diplomas have amazing industry links (nursing, design, IT, aerospace) with st…

Health 3

Is an Integrated Shield Plan worth paying for on top of MediShield Life?

Counterview: I dropped my private IP and kept only MediShield Life. When I actually got hospitalised in a public B2 ward, the care…

First-time car buyer, what hidden costs nobody warns you about?

Insurance for first-timers absolutely shocked me, with no No-Claim Discount built up yet, my premium was almost double what my exp…

How to tell a genuinely good hawker stall from a hyped/tourist trap?

Ignore the Michelin sticker hype a little, or at least don't treat it as gospel. Some stalls are genuinely living off a rating the…