Direct filing of the Singapore GST F5 return is coming to Xero
At Xero, we are committed to helping Singapore small businesses simplify their accounting processes. And this is why we are thrilled to announce that you can now submit your GST F5 returns quickly and directly from Xero to IRAS in one click, making the filing process simpler. This means you and your advisors can pull the financial data already sitting within Xero into your GST F5 return report. You can also collaborate and finalise GST statements and submit the GST returns directly from Xero to IRAS.
This latest update will enable small businesses to streamline their GST processes through automation and access to high-integrity data, and making your tax filing experience more intuitive, seamless and efficient. This update will be rolled out to all Xero users in the upcoming weeks.
Save time and file accurate tax returns
Xero’s GST F5 reporting capability helps businesses and their advisors reduce the time spent on manual work in meeting IRAS monthly and quarterly tax obligations, by automatically calculating the GST payable for direct filing of the GST F5 return with IRAS.
Direct filing to IRAS myTax portal
Xero’s GST F5 direct filing functionality eliminates the need for you to log into myTax portal to input tax figures manually, which in turn reduces transposition errors and improves the accuracy of your returns submitted to IRAS. In short, Xero’s direct connection to IRAS myTax portal allows you to submit your returns to IRAS in just one click. To remove uncertainty around submission status, you will also receive immediate notification within Xero of your GST F5 return submission status from IRAS.
The details of your GST returns acknowledgement from IRAS myTax portal will additionally be available for viewing three working days from submission, under ‘view GST notices / letter’ by entering the acknowledgment number you receive within Xero.
Collaborate with your team and advisor
We understand that the stress of tax season is real. Working together is made easier when you and your team and/or advisor can access the same set of data when preparing and reviewing your GST statements (in ‘draft’ or ‘finalise’ mode) in Xero. Together, you can accurately track, review and manage GST transactions in Xero, before submission to IRAS. Our export to PDF and Excel functions include transaction details that hyperlink to Xero and are grouped by F5 box totals, giving you flexibility across formats.
More GST updates on the way
We’re committed to improving our F5 setup continuously for a better experience for you, so that you can easily manage and file your returns directly from Xero to IRAS. Our teams are working on building forms F7 and F8 with direct filing to IRAS, as well as working closely with IRAS to ensure GST changes are implemented within the required timeframe. Stay tuned for more details on the next phase of our GST enhancements.
In the meantime, check out Xero Central for more information on running a GST F5 return and how our latest GST F5 changes work.
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Source: Xero Blog
