At Xero, we’re dedicated to serving to Singapore small companies simplify their accounting processes. And this is the reason we’re thrilled to announce which you could now submit your GST F5 returns shortly and instantly from Xero to IRAS in a single click on, making the submitting course of easier. This implies you and your advisors can pull the monetary knowledge already sitting inside Xero into your GST F5 return report. You can too collaborate and finalise GST statements and submit the GST returns instantly from Xero to IRAS.
This newest replace will allow small companies to streamline their GST processes by automation and entry to high-integrity knowledge, and making your tax submitting expertise extra intuitive, seamless and environment friendly. This replace might be rolled out to all Xero customers within the upcoming weeks.
Save time and file correct tax returns
Xero’s GST F5 reporting functionality helps companies and their advisors cut back the time spent on guide work in assembly IRAS month-to-month and quarterly tax obligations, by mechanically calculating the GST payable for direct submitting of the GST F5 return with IRAS.
Direct submitting to IRAS myTax portal
Xero’s GST F5 direct submitting performance eliminates the necessity so that you can log into myTax portal to enter tax figures manually, which in flip reduces transposition errors and improves the accuracy of your returns submitted to IRAS. In brief, Xero’s direct connection to IRAS myTax portal means that you can submit your returns to IRAS in only one click on. To take away uncertainty round submission standing, additionally, you will obtain fast notification inside Xero of your GST F5 return submission standing from IRAS.
The small print of your GST returns acknowledgement from IRAS myTax portal will moreover be out there for viewing three working days from submission, underneath ‘view GST notices / letter’ by getting into the acknowledgment quantity you obtain inside Xero.
Collaborate along with your crew and advisor
We perceive that the stress of tax season is actual. Working collectively is made simpler whenever you and your crew and/or advisor can entry the identical set of knowledge when getting ready and reviewing your GST statements (in ‘draft’ or ‘finalise’ mode) in Xero. Collectively, you may precisely observe, evaluate and handle GST transactions in Xero, earlier than submission to IRAS. Our export to PDF and Excel features embody transaction particulars that hyperlink to Xero and are grouped by F5 field totals, supplying you with flexibility throughout codecs.
Extra GST updates on the way in which
We’re dedicated to bettering our F5 setup repeatedly for a greater expertise for you, in an effort to simply handle and file your returns instantly from Xero to IRAS. Our groups are engaged on constructing the F8 type with direct submitting to IRAS, in addition to working carefully with IRAS to make sure GST modifications are carried out inside the required timeframe. Keep tuned for extra particulars on the subsequent section of our GST enhancements.
Within the meantime, take a look at Xero Central for extra info on operating a GST F5 return and the way our newest GST F5 modifications work.
