Services · Tax
Whether registration is compulsory, worthwhile or premature depends on your numbers and your customers. We advise honestly, register cleanly and keep every quarterly return accurate and on time.
Registration becomes compulsory once taxable turnover passes S$1 million over the last 12 months or is reasonably expected to in the next 12. Below that, voluntary registration makes sense when your customers are GST-registered businesses or your inputs are heavy, and it hurts when you sell to consumers who cannot claim it back. We run the numbers both ways before recommending, then configure your software so the right tax code applies itself.
In practice
A seller crossed the GST threshold mid-year without noticing. We registered them within the window, set the codes per channel and their first F5 went out from reconciled numbers, not estimates.
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When taxable turnover exceeds S$1 million over the past 12 months, or when you expect it to within the next 12. The application deadline after crossing is tight, and late registration can mean accounting for GST you never collected.
If your customers are mostly GST-registered businesses and your input costs carry GST, often yes. If you sell to consumers, registration effectively raises your prices. We model your actual mix before advising.
Quarterly for most businesses, due one month after each quarter end, with payment by the same date on GIRO or earlier otherwise.
The prevailing rate is 9%. Zero-rating applies to exports and certain international services with the right documentation, and some supplies are exempt.
Corrections go through Form F7, and IRAS treats voluntary correction far better than discovery in an audit. We quantify, correct and tighten the process that caused it.
Yes. When turnover falls or a business winds down we assess the position, handle the final return including deemed supplies, and deregister cleanly.
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A 20-minute look at your revenue mix settles the registration question.
Accounting, corporate secretarial, payroll and advisory for Singapore SMEs since 2012.
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Ian & Son refers to the Ian & Son network and/or one or more of its member firms, each of which is a separate legal entity. Contact us to learn more.
