What is a GST Health Check?
A GST Health Check identifies weaknesses in your GST compliance. The focus will be on the following:
STAFF TRAINING
For corporate tax, the Accountant would consolidate and report the business transactions to the Comptroller. In contrast, GST is a transaction based tax and all the staff involved from the time a quotation is received, goods delivered or services performed, and the transaction captured and reported in the GST return need to have a good understanding of what is required under the GST Act. For example, if the logistics staff does not keep track of all the documents required to support the export of goods, the Comptroller would not be "satisfied" that the goods are exported and can raise an assessment to standard rate the transaction. Our specialised In-House Training programme would equip your staff with all the necessary knowledge to meet the stringent GST compliance standards. The training materials would also be a good reference tool.
GST SUBMISSIONS
We would conduct a detailed review of the transactions reported in the selected GST period, including reviewing the nature of the transactions and verifying the supporting documents. As GST is a transaction based tax, it is crucial that all the relevant documents are maintained to support the type of supply reported in the GST Return.
REPORT
The main objective for conducting a Health Check is to identify and rectify any errors. We would issue a report detailing our findings and recommendations to correct past errors. This is important because it is an opportunity for voluntary compliance. Otherwise, there is the risk of penalties up to three times the error being imposed.
A presentation to management can be made upon request.
A GST Health Check identifies weaknesses in your GST compliance. The focus will be on the following:
STAFF TRAINING
For corporate tax, the Accountant would consolidate and report the business transactions to the Comptroller. In contrast, GST is a transaction based tax and all the staff involved from the time a quotation is received, goods delivered or services performed, and the transaction captured and reported in the GST return need to have a good understanding of what is required under the GST Act. For example, if the logistics staff does not keep track of all the documents required to support the export of goods, the Comptroller would not be "satisfied" that the goods are exported and can raise an assessment to standard rate the transaction. Our specialised In-House Training programme would equip your staff with all the necessary knowledge to meet the stringent GST compliance standards. The training materials would also be a good reference tool.
GST SUBMISSIONS
We would conduct a detailed review of the transactions reported in the selected GST period, including reviewing the nature of the transactions and verifying the supporting documents. As GST is a transaction based tax, it is crucial that all the relevant documents are maintained to support the type of supply reported in the GST Return.
REPORT
The main objective for conducting a Health Check is to identify and rectify any errors. We would issue a report detailing our findings and recommendations to correct past errors. This is important because it is an opportunity for voluntary compliance. Otherwise, there is the risk of penalties up to three times the error being imposed.
A presentation to management can be made upon request.