Singapore 2024 GST 9% (ABSS MYOB and Moneyworks)

Singapore 2024 GST 9% (ABSS MYOB and Moneyworks) will commence in 1st Jan 2024. This changes will not only affect your personal consumption, it will also increase the operation cost for business in one way or another. In this article, we are not talking about effects on business, but on our business operations especially for those who are using ABSS/ MYOB as well as Moneyworks. We mainly cover this as we are the pioneer in MYOB movement since 1997 (before they change to ABSS) and we also pioneer Moneyworks since 2005.

MYOB / ABSS has launched Premier version 30.3 which will be updated to 9% for default GST rate. Some of my customer is still using MYOB Premier v12. Do refer to my last year article for how to change the your GST rate to 9%: The difference is you need to apply 9% instead of 8% as the article is written last year to change from 7% to 8%. In short, just change your default tax code TX7 or TX8 and SR to 9% (do not create new code for 9% as some of you did last year). You notice if you create a new tax code, all your products and account code are still tag to old rate which during recording new transaction another chore to change the tax code to 9%. If your business is always using only standard purchase and sales, just change the frequently used codes will do. If there is some transaction that falls back to 8%, just create the 8% tax code instead.  

Here are the steps again copied from previous articles:

  1. Create new tax code for all the existing tax code that has the rate of 8%, you can ignore the 0% rate tax code
  2. Name the new code with “8” in front for example SR now has a new code 8SR and link the account code properly and set to 8%
  3.  All the existing code in this example SR and TX7 (or TX8 or TX) from existing 8% to 9%
  4. Change all your Tax invoice forms and templates to reflect 9% GST rate and name it as 9% for 2024 tax invoice
  5. Continue using the same tax code from 1st January 2024, however do use the new code for example 8TX for purchase or 8SR for sales transactions dated before 1st January 2024
  6. Do remember to control users who key in before 2024 so that you do not apply the wrong rate
abss myob tax code

For those of you who have already changed over to Moneyworks, you can read about the changes in the article here. Moneyworks is simpler, as the function has been provisioned for change-over. As per below picture, please change your Tax Rate 1 from 7% to 8% and and Tax Rate 2 from 8% to 9% with a changeover Date: 01/01/2024.

moneyworks GST rate 9% 2024
GST Tax Rate 1 change to 8% and Tax Rate 2 change to 9% with changeover date: 01/01/2024

We are providing all these services to assist your transition of GST tax rate increase for both MYOB / ABSS and Moneyworks. Here are some options:

1. Upgrade your MYOB / ABSS version to the latest

2. Amend your tax rate from 8% to 9% as advice

3. Engage our service to help you transit to 9%

Feel free to contact us via WhatsApp or telephone call at +65 6589 8878.

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