Budget 2022: GST increase to 8% 2023 (next year), then 9% from 2024
Budget 2022: GST increase to 8% 2023. 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. Refer to CNA article for more information on the budget 2022 announcement on 18 Feb 2022 by Finance Minister Lawrence Wong.
Are you prepared and knowing what to do?
Here are some simple screenshot for Moneyworks users to get yourselves ready.
On the top pull down menu,
1. Click on Show > Tax Rates… (or click on Ctrl+Shift+7 as the shortcut)
2. Click on the tax codes affected, for example “G” as the current standard tax code
3. Fill in the current tax rate on Rate 1 field: “7%“
4. Fill in the Changeover Date: “01/01/2023“
5. Fill in the new rate on Rate 2: “8%“
6. Click “OK” and you are done!
You are ready. On 1st Jan 2023 onwards, when you create a new invoice in Moneyworks, you will see all calculation is based on 8%. You may get ready to set for 2024 to be changed over to 9% as per announce.
If you cannot remember and would like to do it nearer the date, you may contact us to guide you along as well.
For those who are not on Moneyworks, do contact us for more information PSG grant of up to 80% is still available till May 2022. This is the last few months to get your PSG grant to get your accounting solution with up to 80% support from government.
Contact us at +65 6589 8878 now for more information to get your business goDigital with PSG Grant Now!