Xero helps small businesses to stay IRAS compliant by allowing you to prepare your GST returns with automatic recording of GST and generation of GST F5 returns and IRAS Audit files.
Premium business plan can manage foreign currency transactions and accurately track, review and manage GST transactions within Xero.
The latest updates to Xero’s suite of GST F5 features have made collaborating with your advisor easy.
Reporting tools that allow you to view your next due date and amounts owed at any time.
Transactions can also be sorted and grouped based on IRAS requirements, which simplifies reviewing and amending within each return.
Have the ability to export reports in Excel format, giving you flexibility across formats.
Setup made easy
The updated platform can access the settings function directly in the GST F5 module.
The settings page now includes Singapore tax filing periods, to reduce the chance of incorrect setup.
Share information with your advisor
There is an export to PDF function, which captures all amounts and data for the GST period at that point in time.
The PDF can be sent to your advisor for quick sign-off, as well as kept as a record of what has been filed with IRAS.
Customise your transaction reports
You can now display the specific boxes you want to review, rather than all transactions for your business at once.
Excel ‘transaction by box number’ exports now includes transaction details, with hyperlinks to Xero grouped by GST F5 box totals.
More GST enhancements are on the way !
Enabling direct filing of GST returns from Xero to IRAS, so you can streamline your processes and build more efficiency in your business.
Xero's team is also working on the direct filing of the GST F5 form, and building forms F7 and F8 with direct filing to IRAS.
Conclusion
Xero has a lot of future that helps small businesses to stay IRAS compliant and the updated platform also can access the settings function directly in the GST F5 module. There are also more GST enhancements coming!
Want to know how Xero works?
Call us at +65 6262 0402 or email us at care@acebizservices.com to get the information details on your needs.