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The most common mistakes discovered during a GST audit are incorrect input tax claims. Hence, a good understanding of input tax recovery rules is crucial in delivering optimal GST recovery incurred on purchases, whilst mitigating the risk of penalties.
With a clear understanding of these rules, you will know how to examine the conditions that determine when GST can be recovered and how to correctly post the accounting entries for purchases by applying the correct tax treatment for each transaction.
This practical workshop is designed specifically to give Accounting and Tax Professionals more clarity to the key areas of concern on the recovery of GST on purchases.
The Fundamental Building Blocks
- Mechanics of GST
- Basic GST concepts
- Different types of supplies / purchases
- Standard-rated, zero-rated and exempt supplies
Input Tax Recovery Rules
- Purchase GST that cannot be claimed
When can GST be Claimed
- Time of claiming: Claiming input tax in the right accounting period
- Evidence needed to claim GST
- Tax invoice
- Simplified invoice
- Import permit
- Purchases by employees
Determining the Amount of GST to Claim
- De-minimis rule
- Attribution / apportionment
- The impact of partial exemption
- Fringe benefits
- Business entertainment
- Imported services and Imported Low Value Goods
- Prescribed Goods under Customer Accounting
Common Errors on Input Tax Claims
- Understanding the common errors, and avoid making them in your claims
Practical examples and cases will be used to facilitate learning and understanding for the various sections.
What you will learn
At the end of this workshop, you will:
- Gain step by step guidance to understanding the conditions for your business to recover GST incurred on purchases correctly
- Know when to claim and when not to claim GST for your purchases
- Be updated on the GST rules on purchases: Input tax recovery conditions, deemed output tax, fringe benefits and business expenses
- Learn to avoid the common errors on input tax claims and the consequent penalties
Catherine is a Senior Consultant (GST) in Consul Biz Consultancy Services. She has previously spent 6 years in the IRAS, handling GST and Income Tax audit and almost 10 years with 2 of the Big Four international accounting firms, specialising in GST compliance and advisory work. During this period, she has accumulated extensive experience in performing GST prudential reviews, GST consultancy, GST compliance, GST audits and GST training for clients.
Catherine has a Bachelor of Accountancy (Honours) degree from the National University of Singapore. She is an Accredited Tax Advisor (GST) registered with the Singapore Chartered Tax Professionals and a member of the Institute of Singapore Chartered Accountants. Catherine is also an ACTA certified Trainer.