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  • ACE Team

Effortless GST Rate Change Management with Xero!

Updated: Nov 16, 2023

In Budget 2022, it was revealed that the increase would occur in two stages.

The first increase from 7 per cent to 8 per cent will take place on Jan 1, 2023, and the second increase from 8 per cent to 9 per cent will take place on Jan 1, 2024.


man starring at reports

To make updating tax rates easier, Xero has introduced an Update to 8% defaults button that updates the default tax rates for your accounts, contacts and inventory items.

Default tax rates are the rates that Xero provides when an organisation is set up.


Benefits of using Xero Accounting software:

1)File straight to IRAS

Submit your GST return directly from Xero to IRAS in one click, making the filing process simpler.


2)Prepare GST online effortlessly

Xero calculates GST on supplies and purchases, and automatically populates a GST F5 return and IRAS Audit File (IAF).


3)Handle foreign currencies

Xero converts transactions back to SG dollars.

4)Manage GST with ease

View and adjust GST transactions and manage GST from prior periods.


Ready to update to 9% default using Xero?

Here's how:

To change the default GST rates from 7 percent to 8 percent using the button:

  1. In the Accounting menu, select Advanced.

  2. Select Chart of accounts.

  3. Click Update to 9% defaults.

  4. Click Update to confirm the change.


Heard of the Productivity Solutions Grant?

psg

About the Productivity Solutions Grant (PSG) :

The PSG supports companies keen on adopting IT solutions and equipment to enhance business processes.

PSG supports the adoption of solutions that cut across industries, such as in areas of customer management, data analytics, financial management and inventory tracking.


Ace business is XERO PSG Grant Approved Vendor.


Want to know more about PSG Grant for Xero?


Call us at +65 6262 0402 or email us at care@acebizservices.com to get the information details on your needs.


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