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Comply with the 2024 GST changes in Singapore

by Intuit Updated 2 months ago

The GST rates have been updated in QuickBooks Online to be in compliance with the Singapore legislative changes.

As of the 1 January 2024, you will need to use the new GST rate of 9% available in QuickBooks. We have also extended the 8% GST rate on transactions for the period between 1-15 January 2024, in compliance with the legislated transitional period.

Outside of these dates, you will need to manually create rates in QuickBooks Online to account for the 8% GST rate on transactions dated in 2024.

Learn how to manually create the rates you need by following these steps.

Manually create a new tax rate

  1. Go to Taxes.
  2. Select Add tax.
  3. Select Tax rate.
  4. Enter the Tax name (For example. GST 9%).
  5. Enter Description.
  6. Select whether this new tax rate applies for Sales or Purchases or to both. Note: It's advised that you select both options. If in doubt, please consult with your accountant.
  7. If you've selected Sales, enter the Sales rate applied for Sales transaction.
  8. Select the Account type for this tax rate. 
  9. Select an option from the Show net amount on the return line dropdown.
  10. If you've selected Purchases, enter the Purchase rate.
  11. Select the Account type for this tax rate. Note: Usually it'll be Liability. However, in case of agencies where purchase tax isn't reclaimable, this account type will be set to Expense by default. If in doubt, please consult with your accountant
  12. Select an option from the Show net amount on the return line dropdown. 
  13. Select Save.

You can now apply your newly created tax rate to transactions and sales forms.

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