ASH NEWS BITES
FEBRUARY 2024 EDITION
IN THE SPOTLIGHT
Transition to 9% GST Rate in Xero Completed!
On 1 January 2024, the Singapore GST rate increased to 9%. All Singapore organizations are subject to the increase, regardless of base currency.
The new 9% rates are now available in Xero. The former 8% rates have 2023 in their name so you can tell the difference. Any new tax rates you create after 1 January 2024 will use the new default 9% tax rate.
If you did not change your settings by 7 February 2024, Xero automatically updated any default rates set for your Chart of Accounts, Inventory Items, and Contacts to the new 9% rate.
BLOG OF THE MONTH
How AI is Revolutionizing Bookkeeping Practices in 2024
Ever wondered how AI is reshaping bookkeeping in 2024? Explore the enhanced roles of accountants, automated data entry, and real-time reporting through AI and how it can enhance software technologies like Xero and Hubdoc.
Click to delve into the future of bookkeeping practices!
NEWS AND INFO
Maybank: First Foreign Bank to Offer CPF Fund Fixed Deposits
Maybank Singapore has become the first foreign bank to offer fixed deposits for funds from the Ordinary Account (OA) of the Central Provident Fund (CPF).
The bank is promising a fixed deposit rate of 2.9 per cent per annum for a minimum placement of S$20,000 in OA funds for 12 months. ACRA Cancels Registrations Tied to Money Laundering Investigation
The Accounting and Corporate Regulatory Authority (ACRA) has canceled the registration of the filing agent linked to the 10 foreigners nabbed in 2023's mega anti-money laundering bust.The registration belonging to the agent's qualified individual has been invalidated.
TIPS AND TRICKS
Grant Application Mistakes that SMEs Need to Avoid
TARGETING THE
WRONG GRANT
ADDRESSING THE SPECIFIC
PROBLEMS WITH GENERIC
SOLUTIONS
IGNORING CRUCIAL
SUPPORTING DOCUMENTS
USING THE
WRONG PITCH