What Bookkeepers usually do?
✅ Recording daily financial transactions.
✅ Process payment- Be it cash, cheque or credit.
✅ Summarize cash sales
✅ Prepare invoices- For receivables or payables.
✅ Maintain balance.
✅ Check AR and AP- to find out which hasn't been paid or still owing.
✅ Reports and statements- Cash flow statement, balance sheet, income statement, or any related business reports.
✅ Tax related record- Gather details for easier tax filing and reporting.
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⚠️𝗚𝗦𝗧 𝗿𝗮𝘁𝗲 will increase from 7% to 8% on 1 January 2023 and to 9% on 1 January 2024, as the rate is changing,
⚠️ Do your system able to ensure everything is in correct order and always updated to match the latest requirement?

Acquire for AutoCount now, where GST rate is always accurate according to requirement, and the GST process is automated!

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Contact us for more info or request for a demo today!

🏆🏆For Existing AutoCount Accounting Users, you may contact your solution provider or reach us for update if your company system haven’t been updated to v2

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#GST rate change tips
“𝗛𝗼𝘄 𝗮𝗯𝗼𝘂𝘁 𝗧𝗿𝗮𝗱𝗲-𝗶𝗻?”🤨🤔

What is the GST rate applicable when I trade in my old equipment previously purchased at a GST rate of 8% for a new one 𝗼𝗻 / 𝗮𝗳𝘁𝗲𝗿 1 Jan 2024?

✒️According to IRAS, it will be 9%, as trade-in transactions are regarded as two supplies for GST purposes. Similarly, when you purchase the new equipment via a trade-in on/ after 1 Jan 2024, your supplier would have to charge 9% GST on the full price of the new equipment.

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🇸🇬

#GST Rate Change Tips!

𝗚𝗲𝘁𝘁𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗥𝗲𝗮𝗱𝘆 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗦𝗲𝗰𝗼𝗻𝗱 𝗚𝗦𝗧 𝗥𝗮𝘁𝗲 𝗖𝗵𝗮𝗻𝗴𝗲🔺

3 common errors to avoid when preparing for second GST rate change. (Source: IRAS)

#1️⃣: Charging GST at 9% before 1 Jan 2024.
#2️⃣: Charging or displaying GST at 8% from 1 Jan 2024.
#3️⃣: GST amount is computed correctly but wrong GST rate is reflected on receipts/invoices issued.

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~

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#GST Rate Change Tips!

Communicating reasons for price/fee increases to consumers. (Source: IRAS)

A warm reminder from IRAS, business are advised to be transparent in communicating the reasons for price increases to consumers, if there are price increase due to other reason besides GST, businesses should explain the main reasons for the increase in price, and not misinterpret the situation to consumers by attributing the price increases primarily or solely to the increase in GST.

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#GST Rate Change Tips!

😎 3 main things to make sure you are ready for the rate change! (Source: IRAS)

#1️⃣ Update your systems to incorporate the new GST rate from 1 Jan 2024 (Tips: reach AutoCount today for a complete, accurate, TIER-3 IRAS ASR+ solution!)

#2️⃣ Prepare your price displays to reflect the new GST rate from 1 Jan 2024

#3️⃣ Understand and apply the correct GST rate for sales transactions and reverse charge supplies spanning 1 Jan 2024.

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#GST Rate Change tips
“How much 𝗚𝗦𝗧 for 𝗰𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻 𝗳𝗲𝗲𝘀 charged by real estate agent for property purchase which 𝗰𝗼𝗺𝗽𝗹𝗲𝘁𝗲𝗱 𝗔𝗙𝗧𝗘𝗥 rate change date?”🤔
According to IRAS: If your brokering services are completed in 2023 and is 𝗼𝗻𝗹𝘆 pending payment after rate change and there is 𝗻𝗼 𝗼𝘁𝗵𝗲𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗲𝗱 by you apart from the brokering services, you can charge 8% GST on your commission. 🔣
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🇸🇬

#GST Rate Change tips

“My company receives an invoice in 2️⃣0️⃣2️⃣3️⃣ for imported goods that is due to reach Singapore ON / AFTER 1 Jan 2024”

~ What is the GST rate payable on the import❓

According to IRAS: The Singapore Customs collects the GST for imports. For imports on/ after 1 Jan 2024, the GST rate of 9% would be imposed

And, 𝗧𝗼 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗲𝘀 𝗳𝗶𝗹𝗶𝗻𝗴 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 𝗮𝗻𝗱 𝗺𝗶𝗻𝗶𝗺𝗶𝘇𝗲 𝗲𝗿𝗿𝗼𝗿? Contact AutoCount today, officially recognized by 𝗜𝗥𝗔𝗦 as the 𝗧𝗜𝗘𝗥-𝟯 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗿 in the ASR+ listing.

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#GST Rate Change tips

“Can I charge 9️⃣% GST on all invoices issued on or after 1 Jan 2024 for administrative ease, 𝗿𝗲𝗴𝗮𝗿𝗱𝗹𝗲𝘀𝘀 of the payment received date?”

The factors determining which GST rate is to be applied in your invoicing are:
a) when payment is received from your customer
b) when goods are delivered/ services are performed for your customer.
If you have received payment from your customer in 2023, it will be 8%. as the time of supply has been triggered before 1 Jan 2024.

Still facing difficulty during transition period or in tax filing?
AutoCount Accounting has been the 𝗙𝗜𝗥𝗦𝗧 𝗦𝗢𝗟𝗨𝗧𝗜𝗢𝗡 in Singapore which has been selected as the 𝗧𝗜𝗘𝗥 𝟯 solutions provider by 𝗜𝗥𝗔𝗦 , provides businesses with assurance that the software is compliant with local authorities requirements. ⚖️

#GST 𝗥𝗮𝘁𝗲 𝗖𝗵𝗮𝗻𝗴𝗲 𝗧𝗶𝗽𝘀

3 Common Errors, a reminder from IRAS.

𝗘𝗿𝗿𝗼𝗿 #𝟭 - Charging GST at 9% 𝗯𝗲𝗳𝗼𝗿𝗲 1 Jan 2024
- Your payments received before 1 Jan 2024 should be subject to the current rate of 8%. This is so even if the goods and/or services are to be delivered on or after 1 Jan 2024.

𝗘𝗿𝗿𝗼𝗿 #𝟮 – Charging or displaying GST at 8% 𝗳𝗿𝗼𝗺 1 Jan 2024
- Keep in mind that mou may have multiple sales channels (e.g. mobile apps, self-ordering kiosks, physical outlets and online websites) where you display prices.

𝗘𝗿𝗿𝗼𝗿 #𝟯 – GST amount is computed correctly but wrong GST rate is reflected on 𝗿𝗲𝗰𝗲𝗶𝗽𝘁𝘀/𝗶𝗻𝘃𝗼𝗶𝗰𝗲𝘀 issued.
- Check that the correct GST rate is reflected when you issue receipts/invoices. Such checks should be performed when testing systems and processes before and after the implementation of 9% GST.

#GST Rate Change tips

So with the GST changing into 9️⃣% on 1st January 2024.

“How if 𝗴𝗼𝗼𝗱𝘀 𝗿𝗲𝘁𝘂𝗿𝗻 𝗮𝗳𝘁𝗲𝗿 2-3 years of GST rate change?”

😎 According to IRAS, You should issue credit note(s) to adjust the GST at the rate that was originally charged and accounted for.
For example, if you had supplied goods and charged GST at 7️⃣% in 2022 and the goods were subsequently 𝗿𝗲𝘁𝘂𝗿𝗻𝗲𝗱 𝗶𝗻 2️⃣0️⃣2️⃣4️⃣, you should issue credit note(s) to adjust the GST at 7️⃣%.

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#GST Rate Change

Last year, over 𝟭𝟬𝟬’𝟬𝟬𝟬 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗲𝗱 smoothly for GST Rate Change.
𝗜𝗥𝗔𝗦 reminds all business to ensure that their system are ready to incorporate the new 9% GST rate with effect from 1 Jan 2024.

ARE YOU READY FOR THE SECOND GST RATE CHANGE?

😎𝗪𝗼𝗿𝗿𝘆 𝗡𝗼𝘁!

𝗧𝗼 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗲𝘀 𝗳𝗶𝗹𝗶𝗻𝗴 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 𝗮𝗻𝗱 𝗺𝗶𝗻𝗶𝗺𝗶𝘇𝗲 𝗲𝗿𝗿𝗼𝗿, contact AutoCount today!! A solution officially recognized by 𝗜𝗥𝗔𝗦 as the 𝗧𝗜𝗘𝗥-𝟯 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝘃𝗶𝗱𝗲𝗿 in the ASR+ listing. Reach us for Free consultation to learn more, as well as find the solution which suits your company best! 🧐

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#GST Rate Change

How if I want to 𝗮𝗯𝘀𝗼𝗿𝗯 the 𝗚𝗦𝗧 𝗳𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀?💰

💡 According to 𝗜𝗥𝗔𝗦, to maintain competitiveness and customer goodwill, you may choose to absorb the GST payable by your customer.
In doing so, you have to treat the sum of money received from your customer as inclusive of GST.

📊 However, The tax invoice should still show the GST as a separate amount. If you issue receipts or simplified tax invoices, state the GST-inclusive prices and indicate with: "Price payable is inclusive of GST".

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#GST Rate Change

Scenario:

A sales invoice has been 𝗶𝘀𝘀𝘂𝗲𝗱 𝗶𝗻 𝗗𝗲𝗰 𝟮𝟬𝟮𝟯 📄 and the goods will be delivered in 𝗝𝗮𝗻 𝟮𝟬𝟮𝟰📦. If the customer paid in Dec 2023, GST will still charge at 8% on the payment made even though the goods are delivered in Jan 2024.

However, if the customer is going to pay the invoice in Jan 2024, we as the supplier is required to charge 9% on the payment made even though the invoice is issued in Dec 2023.

There are ✌️ 𝟮 𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝗲 𝗮𝗰𝘁𝗶𝗼𝗻𝘀 can be done by users as the supplier:
1. Supplier can collect the additional 1% GST from the customer by issuing an additional invoice. ➕
2. Supplier can absorb the additional 1% GST themselves. 📥

~

👑 𝗙𝗢𝗥 𝗔𝗨𝗧𝗢𝗖𝗢𝗨𝗡𝗧 𝗔𝗖𝗖𝗢𝗨𝗡𝗧𝗜𝗡𝗚 𝗨𝗦𝗘𝗥𝗦, 𝗯𝗼𝘁𝗵 𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗰𝗮𝗻 𝗯𝗲 𝗱𝗼𝗻𝗲 𝗮𝗻𝗱 𝗿𝗲𝗰𝗼𝗿𝗱𝗲𝗱 𝗲𝗮𝘀𝗶𝗹𝘆!

Wish to know how?

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🇸🇬

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📅Date: 29 Feb 2024 (Thursday)
🕙Time: 10am – 5pm
📍Venue: Revenue House, Level 5 Multipurpose Hall
🏠Booth: A


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#GST #Sharing

Are you liable to register for GST?

Find out with IRAS’s GST Calculator, and determine if you are required to register for GST for the calendar year.

Click this link access IRAS’s GST Calculator! https://mytax.iras.gov.sg/ESVWeb/default.aspx?target=MGSTRegOnbWelcomePage

⭐️And for corporate which need to submit GST return? 📑 Go for IRAS’s ASR+ Solution now, AutoCount is a TIER-3 ASR+ provider 🏆, automating submission of GST Returns (F5, F8), along with exciting feature such as Seamless Tax Filing and InvoiceNow!

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Or visit our website at: https://autocountsoft.com.sg/

+ Please visit IRAS corporate website's ASR+ page to ensure legitimacy. https://www.iras.gov.sg/digital-collaboration/for-businesses-employers