GST Liability and Reporting to IRAS
Your company will be liable for GST registration if the turnover at the end of the calendar quarter and the past three quarters is more than $1 million. Secondly, also if you can expect your compay taxable turnover in the coming 12 months to be greater than $1 million.
The GST Return detail report in MYOB simplifies the GST submission for GST registered businesses by automatically generating the Form F5 after transactions are entered and allocated by the user based on the GST Tax codes in the system.
When users enter transactions in MYOB, they will have to allocate the respective tax code so the value of the transaction will populate in the GST Form F5 above.
There are estimated around 19 GST Tax Codes which are available for users to allocate their transactions.
Some GST Tax codes for sales include SR and ZR. SR tax code(Box 1 above) being used for businesses that charge 7% GST on their sales of goods and services to customers. ZR tax code(Box 2 above) being used by businesses for 0% GST charged on their sales of goods and services exported out of singapore.
In our MYOB tutorial under tax codes reporting, we will demonstrate how your company can generate the GST Return detail report in MYOB and explain further on the remaining tax codes that are not mentioned in this article.
Facing some issue when you generate the GST return detail report? Or your company had just registered for GST to meet government regulations? Sign up for our MYOB support programme here.
