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How to pay employees and Corporate Tax in Singapore
Updated over 2 months ago

Payroll Transfers

Admin and Finance users can send payroll transfers from the SGD Account!

1. On the homepage, click the "Pay salaries" button in the Frequently Used Actions section.

2. Start creating your batch payroll payment. Once done, click "Make a Giro Transfer"

  • Choose SGD as your Source account

  • Check the "Mark as Payroll transaction" box for payroll tagging. This ensures that users without payroll permission cannot view individual transactions or the total transfers made. To learn more about payroll permissions, refer to this article.

  • Choose "Same currency"

  • Choose "Giro transfer" to ensure that "Salary" is tagged and visible to the beneficiary bank. If you choose "Fast transfer", the "Salary" tag will not be visible to the beneficiary bank.

3. Click on "Open GIRO form" to be directed to a page where you can download the Payroll template in either Excel or Google sheet format.

4. Make sure that you create a copy of the Excel or Google Sheets template first before you amend the following details:

Columns

Detail

Sl No

Add the serial number based on the number of entries you will be placing on the sheet.

Currency

Only place SGD.

A/c Holder Name

Recipient's bank account name.

A/c Number

Recipient's bank account number.

Bank code

Choose the recipient's BIC from the dropdown menu.

Transfer Amount

Amount you want to send to the recipient.

Reference

Use your company name as the payee so that the recipient can see that the payment is from your company, as it will appear as "Aspire FT Pte. Ltd." on the transfer details. Keep in mind that there is a character limit of 25, so your company name may be shortened.

4. Save your Excel or Google Sheet file in .XLSX format.

5. Return to the previous tab and upload the file by clicking "Choose file."

6. Enter your local SGD account number in the "SGD Virtual Account to debit from" field, then hit "Submit"

Notes:

  • SGD 0.20 fee will be charged per processed GIRO transaction.

  • The cutoff time for submitting the payroll transfer form is 3 PM SGT during business days.

  • The Pay Salaries feature is designed specifically for sending salaries to employees within Singapore and cannot be used for overseas transfers.

After you submit the payroll transfer form, it will appear in the pending transfers section of your Aspire app for your approval on the following business day.

Please note that the cutoff time for approval is 12 PM SGT during business days.

Once the transfers are approved, you will not be able to cancel them.

Your employees should receive their salary transfers within 4-5 business days.


CPF Contributions

If your Aspire account has enabled the PayNow feature, you will have the option to conveniently make your CPF contributions using this service!

You may view our video guide or follow our step-by-step process below:

  1. Login to your Aspire account

  2. From your homepage, click on "Send via PayNow"

  3. Select "Upload QR Code" to upload your unique QR Code

  4. Place the amount and other reporting fields on the transfer

  5. Make sure that the generated reference has 20 characters*. Do NOT edit the reference populated on the transfer

  6. Click "Continue"

  7. Review the transfer and if all good, click "Confirm"

*Notes:

  • CPF provides a new QR code to scan every month. Please refrain from reusing old QR codes to prevent failed CPF payments.

  • If the generated reference field contains less than 20 characters, do NOT proceed with the transfer. Kindly reach out to our support team via the chat option for further assistance.


Paying Corporate Tax to IRAS

Notes: For information on sending funds from your SGD Account in general, please visit this page.

The Inland Revenue Authority of Singapore (IRAS) has provided several ways to pay your corporate tax. With Aspire, you can easily do this in the app by making a regular transfer with the following details.

  1. Payment mode: FAST (capped at SGD 200,000.00)

  2. IRAS Bank Account details:

    1. Payee - Commissioner of Inland Revenue

    2. Account Type - DBS Current Account

    3. Account No. - 0010468669

    4. DBS Swift Code - DBSSSGSG

    5. DBS Bank Code - 7171

    6. Bank's Address - 12 Marina Boulevard, DBS Asia Central, Marina Bay Financial Centre Tower 3, Singapore 018982

  3. What to indicate under transfer reference:

    1. Your tax reference number

    2. Tax type (e.g. GST, withholding tax)

Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.

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