Course Detail(TAX226 : GST for SMEs)

SDF Funding, SkillsFuture Credit, UTAP Funding

TAX226 : GST for SMEs

7.00 CPE Hours (Others)
Classroom
In Collaboration with:  


Programme Objective
 
While GST administration in Singapore is coming to the 24 years mark, GST registered small and medium enterprises (SMEs) are still playing catch up in terms of GST risk management and alignment of GST updates to match the practical aspects of running business as usual.  

Considering GST is a transactional based tax and there are inherent risks on the supply (e.g. direct deductions of certain items from employee payroll might trigger a need to consider GST) and purchase perspective (e.g. a supplier who provides us with a tax invoice with GST might not be GST registered), GST registered SMEs who have not diligently managed GST risk from such angle could be in for hard landing and the financial consequences may also be significant.
 

Programme Outline

 

  • Realignment of GST concepts
  • Common GST slip-ups made by SMEs
  • GST implications relating to recovery of expenses (e.g. meals, transport, dormitory) and direct deductions from payroll (e.g. staff pass, medical co-payment)
  • Art of managing the GST reporting for SMEs
  • Importance of 12 months rule relating to accounts payable
  • Sharing of de-minimis rule and its application
  • Ring fencing the GST risks for SMEs
  • Using Technology to co-manage GST risk
  • Tapping the voluntary disclosure incentive to contain penalty exposure on incorrect classifications with GST impact    

Training Methodology
 
Tutorial style with examples and discussions.
 
Closing Date for Registration
 
1 week before programme or until full enrolment
 

Intended For

Personnel involved in GST reporting functions

Competency Mapping

Others = 7.00 Hours

Schedule & Fees

Date & Time

11 Mar 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Richard Ong

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

08 Sep 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Richard Ong

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

09 Oct 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Richard Ong

Date & Time

27 Jun 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Richard Ong

Date & Time

28 Nov 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Richard Ong

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 27 Jun 2020
Course Ref No. : CRS-N-0050097

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. The credits will not expire and periodic top-ups will be provided by the government. SFC may be accumulated to pay for skills related course fees. You may wish to use your SFC to pay for partial/full ISCA course fees.  (For more information on the SFC scheme, please visit http://www.skillsfuture.sg/credit)

If you wish to enrol for the course with SFC Funding, please proceed with the following steps:

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for SkillsFuture Credit?”, click “Yes” and input all required information. At the Cart page, please ensure that SFC funding is applied before clicking “Checkout”.
  • Step 2: After successful enrolment, please proceed to submit SFC claim on Skillsfuture Portal within 60 days before the course start date and obtain the necessary approval. Please submit SFC claim via SFC portal here: http://www.skillsfuture.sg/credit.

Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.


2] WDA Training Grant - SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply). 

Funding Period: Until 27 Jun 2020
Funded Hours: 7 hours
Course Ref No. : CRS-N-0050097

If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for WDA Funding?”, click Yes and input all required information. At the Cart page, please ensure that SDF funding is applied before clicking “Checkout”.
     
  • Step 2: After successful enrolment, please proceed to submit the Training Grant application via SkillsConnect Portal here: https://www.skillsconnect.gov.sg/

Employers of company-sponsored participants must submit training grant via SkillsConnect system to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date. Please note that there will be an administrative fee of $42.80 for any revision of invoice.

Eligibility Criteria:

  • Company must be registered or incorporated in Singapore and;
  • Applicant is taking the course for the first time.
  • Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
  • Applicant must be fully sponsored by the Company for all costs associated with the training and;
  • Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).

 

3] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. NTUC member gets to enjoy UTAP funding 50% of the unfunded course fee capped at $250 every year. This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 01 April 2019 – 31 March 2020.
 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.


To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008

 

Programme Facilitator(s)


Richard Ong
Accredited Tax Advisor (GST) of the Singapore Institute of Accredited Tax Professionals (SIATP)

Richard heads the GST Division in RSM Tax Pte Ltd.
 
He has over 20 years of experience in GST including his time with the Inland Revenue Authority of Singapore (IRAS), Deloitte & Touche LLP, and United Test and Assembly Center Ltd (UTAC). His diverse background with the tax authority, professional and commercial firms allows him to share with seminar participants a balanced view and approach towards GST risk management and compliance.
 
Richard has spoken at public seminars in Singapore and Malaysia on topics such as Understanding Goods & Services Tax, Managing GST Risks, the GST Assisted Self-help Kit (ASK) and Malaysia GST.


Programme Objective
 
While GST administration in Singapore is coming to the 24 years mark, GST registered small and medium enterprises (SMEs) are still playing catch up in terms of GST risk management and alignment of GST updates to match the practical aspects of running business as usual.  

Considering GST is a transactional based tax and there are inherent risks on the supply (e.g. direct deductions of certain items from employee payroll might trigger a need to consider GST) and purchase perspective (e.g. a supplier who provides us with a tax invoice with GST might not be GST registered), GST registered SMEs who have not diligently managed GST risk from such angle could be in for hard landing and the financial consequences may also be significant.
 

Programme Outline

 

  • Realignment of GST concepts
  • Common GST slip-ups made by SMEs
  • GST implications relating to recovery of expenses (e.g. meals, transport, dormitory) and direct deductions from payroll (e.g. staff pass, medical co-payment)
  • Art of managing the GST reporting for SMEs
  • Importance of 12 months rule relating to accounts payable
  • Sharing of de-minimis rule and its application
  • Ring fencing the GST risks for SMEs
  • Using Technology to co-manage GST risk
  • Tapping the voluntary disclosure incentive to contain penalty exposure on incorrect classifications with GST impact    

Training Methodology
 
Tutorial style with examples and discussions.
 
Closing Date for Registration
 
1 week before programme or until full enrolment
 

Intended For

Personnel involved in GST reporting functions

Competency Mapping

Others = 7.00 Hours

Programme Facilitator(s)

Richard Ong
Accredited Tax Advisor (GST) of the Singapore Institute of Accredited Tax Professionals (SIATP)

Richard heads the GST Division in RSM Tax Pte Ltd.
 
He has over 20 years of experience in GST including his time with the Inland Revenue Authority of Singapore (IRAS), Deloitte & Touche LLP, and United Test and Assembly Center Ltd (UTAC). His diverse background with the tax authority, professional and commercial firms allows him to share with seminar participants a balanced view and approach towards GST risk management and compliance.
 
Richard has spoken at public seminars in Singapore and Malaysia on topics such as Understanding Goods & Services Tax, Managing GST Risks, the GST Assisted Self-help Kit (ASK) and Malaysia GST.

Upcoming Schedule

Date & Time

11 Mar 2020 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Richard Ong

Venue

60 Cecil Street
ISCA House
Singapore 049709