Since the introduction of GST in April 2015, there have been changes in the way we record and report GST. From changes in tax codes, some added, some removed, to changes in the GST-03 as well as GST Audit File reporting formats
The recent changes that came into effect in 2018 include the following 4 compliance updates as follows:
- GST Tax Code Changes
- GST 3 Return Reports
- GST 3 TAP
- GST Audit File (GAF)
The following announcement can be found when you visit the Customs website:
GOODS AND SERVICES TAX (AMENDMENT) REGULATIONS 2017 – AMENDMENT OF FIFTH SCHEDULE IN RELATION TO FORM GST-03
Please be informed that, with effect from 1 January 2018, details in item 15 of GST-03 return will be amended from “Total Value of GST Suspended under Item 14” to “Total Value of Other Supplies”.
Other supplies in this item refer to ALL SUPPLIES OTHER THAN SUPPLIES DECLARED IN ITEM 5, 10, 11, 12, 13, 14, 16, 17, 18 in the GST-03 return.
Other supplies also include disregarded supplies and out of scope supplies. Details of other supplies will be updated in the Accounting Software Guide.
The latest releases of ABSS Accounting and ABSS Premier are fully compliant with the above requirements.
View the latest GST compliance updates in ABSS Accounting and ABSS Premier.
Already using ABSS Accounting or ABSS Premier?
To ensure that the solution you are using now complies with the above, there are 2 options:
- Premium Support Plan
Premium Support Plan offers automatic product upgrades plus priority technical support via phone and email for a period of one year.
Buy Premium Support - Product Upgrade Cover Plan
If you are an advanced user and do not require technical support, then the Upgrade Cover Plan ensures that your product remains up to date and compliant.
This is an annual subscription and you will receive automatic product upgrades during the period.
Buy Product Upgrade Cover Plan
Not using ABSS yet?
Managing GST is not easy if you do not have a system to handle it. GST is transactional, which means that every transaction in your business has a GST impact.
Why not simplify the process and manage your business better?
Both ABSS Accounting and ABSS Premier are GST compliant and better yet, helps you manage your business better while keeping track of your finances.