Mar 17

Is Your Accounting System Ready for a GST Increase?

As a business owner in Singapore, staying compliant with IRAS regulations is one of the most important things to take note of. Despite the numerous automation which the authorities have introduced over the past decade, many companies still find the filings and submissions process tedious and time-consuming.

With the recently announced GST increase come 2023, complying with the IRAS regulations just became more complicated. Do you know that getting an efficient accounting software can help your business to remain compliant even with the pending GST increase?

Which accounting software can help me?

Xero Cloud Accounting has the ability to prepare your GST returns with automatic recording of GST, as well as generation of GST F5 returns and IRAS Audit files. In addition, with Xero’s premium business plan, you can manage foreign currency transactions and accurately track, review and manage GST transactions easily too.

Let’s Dive Deeper

With the annual tax season approaching, here are some ways that Xero can make your GST F5 return experience more seamless and intuitive.

1. Easier Setup

With Xero’s updated platform, you can access the settings function directly in the GST F5 module. To minimise the risks of incorrect setups, the settings page now includes Singapore tax filing periods.

2. Smoother Information Sharing

Xero also has an export to PDF function, allowing users to capture all the amounts and data for specific GST periods. You can then send the PDF to your GST & Tax advisor for a quick sign-off. Lastly, you can keep the PDF as a record of what has been filed with IRAS.

3. Transaction Report Customisation

You can use Xero’s enhanced filters, for a more efficient review of transaction reports. To make reviewing easier, you can display which boxes you want to view. Excel ‘transaction by box number’ exports also include transaction details, with hyperlinks to Xero grouped by GST F5 box totals.

More GST Enhancements Ahead

Besides the GST F5, Xero is also working on direct filing of the GST F5 form and building forms F7 and F8 with direct filing to IRAS.

Filing your GST F5 returns does not need to be complicated anymore. Xero ensures IRAS compliance for businesses through helpful functions such as keeping track of due dates and amounts owed. It also makes reporting and collaborating smoother. With Xero, everyone will be fully prepared for the upcoming GST increase.

Get Xero to Support You Through the GST increase!

If you are interested in adopting Xero to support your GST F5 Returns, please contact our friendly team of consultants at 6515 7906 or email us at enquiry@361dc.com.

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