Source : IRAS, filing your final GST return (GST F8)
A final GST return (GST F8) will be issued to you to file and account for GST up till the last day of the GST registration, which is one day before the effective date of cancellation of GST registration.
You are required to:
|1.||Submit the GST F8 and account for GST within one month from the end of the prescribed accounting period stated on the return; and|
|2.||File all outstanding GST returns and make any outstanding GST payment.|
Accounting for GST on assets in the final GST F8
In your final GST return (GST F8), you need to account for output tax (at the prevailing rate) on the value of the following business assets held on the last day of registration if their total value exceeds $10,000:
|•||assets for which input tax had been claimed when the assets were bought (input tax is deemed to have been claimed for goods imported under import GST suspension schemes such as the Major Exporter Scheme (MES) or Approved Third Party Logistics Company Scheme status (A3PL)); and|
|•||any assets which were obtained by you as part of the business assets transferred to you as a going concern from a GST-registered person.|
Input tax is deemed as claimed for goods imported under import GST suspension schemes such as the Major Exporter Scheme (MES) or Approved Third Party Logistics Company Scheme status (A3PL).
Business assets include:
|•||Non-residential properties; |
|•||Fixed assets (such as computers, machinery and vehicles); and|
The value of an asset refers to the price of a similar, if not identical, asset of the same condition that could be purchased from the open market.
You are not required to account for output tax on the value of your business assets on the last day of registration in the following two scenarios:
|1.||The total value of the following business assets is $10,000 or less|
|o||assets on which input tax has been claimed; and|
|o||any assets which were obtained by you as part of the business assets transferred to you as a going concern from a GST-registered person;|
Example: Accounting for GST on business assets
You have previously claimed input tax on an equipment (costing $100,000) and a non-residential property (costing $800,000).
On the last day of your GST registration, the same equipment can be purchased at a price of $120,000 and the open market value of the non-residential property is $1,000,000.
As the open market value of the assets held by you on the last day of your GST registration exceeds $10,000, you will have to account for output tax of S$78,400 on the total value of the assets
(i.e. 7% of $1,120,000) in your GST F8.