December 2021


GST or Goods & Service Tax is an integral part of the business and consumer sector. Singapore persists to grow and evolve. In the same way, regulations associated with GST rates, paperwork, and filings are updated and enhanced consistently.

Business owners find this challenging because they need to survive the tough competition and stay compliant with the consistently changing GST regulations. Therefore, businesses need to consider hiring a GST specialist for an audit to avoid risks and penalties. 

What’s a GST audit?

It is a process, where government officials check your daily business transactions. The IRAS officers conduct the audits to make sure that your business complies with GST regulations. They check for accuracy of every information, computation, and assumption. 

GST audit occurs randomly for GST-registered businesses in Singapore. It is wise to a company that specializes in this area for GST audits. There are GST audit specialists and help you identify any errors in input tax claims or see if GST is charged properly or supplies are accurately classified. 

GRB [GST-registered businesses] can self-assess their compliance regulations before filing returns with IRAS. The IRAS has published a checklist called ASK or Assisted Self-test Kit. For certain GRBs, self-check is mandatory to take part in the Government schemes like –

  • AMCS or Approved Marine Customer Scheme
  • IGDS or Import GST Deferment Scheme
  • MES or major Exporter Schemes
  • ARCS or Approved refiner and Consolidator Scheme
  • AISS or Approved Import GST Suspension Scheme
  • ACMT or Approved Contract Manufacturer & Trader Scheme

Many GRBs find it challenging to handle GST problems, so when they are notified from IRAS about GST audit there is a situation of anxiety and concerns for business owners. Even if the business has taken preventive measures to ensure compliance, some unintentional errors can raise a red flag. 

Based on the scope, circumstance, and nature of non-compliance, the ramification of such discoveries can impact the business in terms of more investigations, penalties, or jail. 

Preparation for potential audit

When you get the first audit notice, get supporting documentation and records compiled and updated. It will need plenty of double-checking and cross-checking to ensure that there is no missing documentation or gaps in accounting. 

GST audit preparation is a stressful and monotonous process, so it is recommended to engage GST specialists. The experienced professionals will detect the areas of concern and navigate you. Even prepare you on how to answer the IRAS officer’s queries with confidence.

What to anticipate during the GST audit?

The IRAS investigators check if supplies are correctly classified, GST properly accounted for, input tax claims are right and the values of purchases, supplies, and taxes are completely reported in the GST returns. The audit interview is conducted via letters, emails, faxes, and phones. The IRAS officer may even give your business premises a visit or request to meet the CEO. Currently, digital video interviews are conducted because of the COVID-19 situation. 

The information you will need to supply to the officer will include –

  • Details about the business arrangement, administration, and supply of goods or services.
  • Purchase and sales listing to confirm the precision of the figures submitted in the GST returns.
  • Completed self-review checklist documents.
  • Business transactions supporting documents associated with export and invoices. 

The IRAS officer may even seek information from banks, suppliers, and customers to confirm if the reported transaction is correct or not. Cooperate with the IRAS officers by offering them total access to your documents, records, and even premises. 

The office may interview your staff or you and even make copies of documents and records. Supply truthful and prompt answers whenever asked for information. Causing hindrances and failing to cooperate is a punishable act and the fine is $5,000 or jail.

Post GST audit

Several aspects can delay the audit length ranging from cooperation to the nature of your industry. The audit outcome is received after the conclusion. As soon as the audit outcome is received the company has 30 days [if necessary] to challenge the audit assessments and anticipated adjustments. 

The objections must be detailed and have solid grounds. Some objections with a reason that IRAS stipulates to be sufficient include –

  • Assessment
  • Registration or de-registration
  • Claim for refund
  • Security deposit needs
  • Allowable input tax

If you disagree with the objection decision then you can file for a petition of appeal with the GST Board. 

Submitting wrong GST returns and penalties

If there is incorrect information in the GST returns then you can get penalized up to 200% of over-claimed or undercharged tax and/or imprisonment. Businesses committing fraud are handled more strictly.

Voluntary disclosure of errors in GST returns

Taxpayers can voluntarily report errors in their filed GST returns to correct. However, it should be in a self-initiated and timely manner. It means before receiving an IRAS query regarding the returns or audit notification. 


Did you know that people in the Balkans processed gold 6,500 years ago? Previously, the oldest discovered processed gold was the Varna Gold, considered the oldest gold objects in the world.

Where did gold come from, and what’s the history behind it? We dive deeper into the history of gold so you can find out.

Where Did Gold Come From?

As we mentioned above, a recent archaeological discovery uncovered a tiny gold bead in Bulgaria. It’s supposedly the oldest bit of processed gold in Europe and possibly the world.

Prior to this finding, the Varna Gold found outside the Black Sea port of Varna was thought to be the oldest found gold objects.

Archaeologists discovered 13 pounds of processed gold objects in the necropolis. The ancient people that lived in the area were understood to be farmers, and there’s still quite a bit of mystery surrounding their civilization.

The gold bead found in Bulgaria may push the processing of gold back 200 years.

Around 3600 BC, goldsmiths in Egypt would melt gold ore.

Spanish explorers also encountered the Inca people, who had a high appreciation for silver and gold. Gold was used for their ritualistic objects, in jewelry, and to make coins.

The precious metals silver and gold have historically proven themselves an excellent source of value.

Gold in the Earth                                            

There are two theories about how gold was actually first formed. One theory involves the explosion of supernova stars creating a nuclear fusion that results in gold. The other theory is that a collision of neutron stars resulted in a gamma-ray burst.

It’s unknown when exactly humans started to mine for gold. Gold mining is at least 6,500 years old if the oldest processed gold is correctly dated. Gold exists deep inside the earth, and it’s transported by volcanic eruptions, molten lava, earthquakes, and water.

Geologists have discovered gold rocks that are billions of years old. In fact, the Witwatersrand in South Africa holds the world’s largest known gold reserves. It’s a 300km radius crater believed to have been created by a meteor impact more than 2 billion years ago.

Gold Today

Is gold a good investment today?

Gold is as coveted now as it was thousands of years ago. In fact, many people invest in gold and precious metals as it’s a solid financial strategy. Whether you invest in gold bullions, jewelry, stocks, or other types of gold, it can be a great hedge against inflation and a store of value.

You can learn more about Gold IRAs and converting your IRA when you check out this link

All That Glitters

All that glitters may not be gold, but you can rest assured gold itself remains a great investment. It’s as treasured today as it was thousands of years ago and likely will be for many years to come.

When other people ask, “Where did gold come from?” You can confidently tell them all you know.

To learn more bits of knowledge, be sure to check out some of our other posts. Our bite-sized articles are perfect for learning something new.

Welcome to Spending Notes, where we do a weekly deep dive into how our readers spend their cash.

Today: a social media specialist who makes $50,000 a year

Occupation: social media specialist

Age: 27

Location: Northwest Indiana

Salary: $50,000 (approx. $1,574 per pay period)

Day One

I’ve been working remotely for an out-of-state social media agency for the last year, but I am currently living in Northwest Indiana. I work from my laptop and utilize an extra screen from time to time because there are a lot of platforms to use when publishing posts online. My agency assigns clients to me, and we go back and forth on the best direction for their brand. Today, I just worked from home and ordered pizza via Postmates.

Total: $16.50

Day Two

Now that the temperatures are getting lower, I wanted to make sure that my heat will work throughout the winter without any issues. So, I searched up “heating and cooling in Northwest Indiana” online and found King Heating. They offer everything from furnace repair to air conditioner maintenance services. The best part is that they offer 24/7 customer service and can send a technician to my house in case something goes wrong. I decided to call them about a maintenance check for my heating system. They were really good about sending a technician at my convenience.

Total: $0

Day Three

Some of the things I do to prepare for winter include buying candles and sprucing up my home. I’ve been thinking about getting some live house plants delivered. Indoor plants are a really great way to feel like you’re outside when it’s snowing and windy. I love getting a new plant delivery. This time around, I’ll be getting a low-light plant from Lively Root. I usually get pet-friendly indoor plants because of my cat, S.

Total: $30

Day Four

One of the clients I manage social media for is a furniture store based out of Los Angeles. Today, the owner, G., sent me a box of cupcakes in the mail. I devoured two out of six of them in one sitting. I was hoping to work at a coffee shop today, but the weather wasn’t great, so I decided to stay home.

Total: $0

Day Five

The weather was a lot more bearable, so I went to one of my favorite cafes to work for a few hours. Then, I went home for a proper Zoom meeting with my coworkers. We all gave updates on our clients’ analytics. As a social media specialist, I also had to give some insight into the campaigns I am currently running for my clients. Some of my coworkers gave me suggestions for narrowing down my audience on the ad manager for a popular social networking site. After work, I went out to an Italian restaurant with a friend, where we shared three different kinds of pasta and ate way too much garlic bread. He paid for dinner. Who says no to a free meal?

Total: $8.25

Day Six

Every couple of months, I get my hair touched up. Today, I went into the salon to see my stylist, P., and we talked about going darker for the season. I have light brown hair and get highlights in the summer for some dimension. My stylist suggested adding some darker tones this time, and she really sold me on it. I always walk out of the salon feeling like a shiny new person.

Total: $120

Day Seven

Before the workweek begins, I like to tidy up the house and do a little bit of work to start my week off right. I spent some time engaging with online audiences. I also started brainstorming some posts to send over to our agency’s graphic designer for the upcoming week.

Total: $0

Total for the week: $174.75


Saving up money for achieving a particular goal is a good feeling.  Doing so by looking for insurance coverage is one of the best methods to do so. However, if you reduce the coverage or even worse, drop all the essential coverages altogether without any second thoughts, the focus would be only on numbers and not on the results. You should never take the risk of ending up dangerously uninsured and waiting for bigger bills in case of a disaster. You could easily find the best homeowners insurance NY and cheap car insurance NY altogether from various insurance companies you could find online. However, you should carefully select an insurance company after having a clear idea about it. Look at some of the most common insurance mistakes people make in general.

  •         Getting the home insured for its real estate value rather than for the cost of rebuilding

When real estate prices go down, certain homeowners think that they can reduce the insurance amount on their homes. Insurance is designed to cover the cost of rebuilding and not the sale price of your home. It should be made sure that you have enough coverage to internally rebuild your home and replace the belongings no matter how the real estate market performs. Raising the detectable is a better way to save on insurance premium payments.

  •         Picking an insurance company only by keeping the price in mind 

It is essential to pick a company that offers competitive prices. However, you should be sure that the insurance you choose is financially strong and offers good customer service. You can save some money by checking the financial health of a company with agencies that rate independently. You could also check with family members and friends about their experiences with insurers. Pick an insurance company that would quickly respond to your needs and handle the claims efficiently and fairly. 

  •         Dropping flood insurance 

Damage that occurred as a result of flooding would not be covered under standard homeowners’ insurance policies. However, some private insurance companies might provide cover for the same. You might not be aware that you are at risk of flooding but you should keep in mind that most of the flood losses occur in low-risk areas. Yearly weather patterns might also cause flooding. One of the good methods to save upon money is to check with the insurance provider to determine if the property is situated in a flood zone or not before you purchase the home so that you might want to consider purchasing a home in a less risky area. If you are already living in a flood zone, check the mitigation efforts that could drastically reduce your risk of flood damage and consider opting for flood insurance.

  •         Purchase only the legally required amount of liability for your vehicle

You should purchase only the legally required amount of liability for your vehicle as it is the law. It means there are high chances for you to pay more out-of-pocket later. If you are sued, the course will impact your financial well-being. One of the good ways to save money is to drop comprehensive coverage on older cars that are less worth than $1000.

  •          Neglecting to opt for renters’ insurance

Renters insurance policy would cover your possessions and additional living expenses if you have to move out as a result of ensuring disasters like hurricanes or fire. It also provides liability protection in case someone is injured in your home and decides to sue. One of the best ways to save is to opt for multi-policy discounts. If you buy several policies with the same insurer like auto renters and life insurance, it would generally provide savings.

 This could be the major and common insurance mistake people usually make. All of this could be avoided if you opt for the right agency from where you could get the type of insurance you need. Before you offer any kind of insurance, learn and read about it very well, about its benefits and drawbacks (if any) so that you could take advantage of the insurance at any point in time when the need arises. 

Opting for insurance is a method to save money. You would never know no and it would be tough to predict when you would require financial assistance. It might be during a disaster, during a health crisis or when sudden accidents or incidents occur. During such a crisis, rather than borrowing money from family or friends, you could claim the insurance amount so that you want to be in a financial crunch.


Did you suffer injuries in a car crash that wasn’t your fault? Were you injured in a slip-and-fall accident? Are you a victim of medical practice? You need to get an attorney on your side. Victims of personal injury accidents often step back from calling a lawyer because they are worried about the costs. Medical bills can pile up soon following an accident, and you could be out of work due to injuries for a considerable time. Seeking legal help may seem more like an additional expense. Thanks to the contingency fee arrangement, hiring Philadelphia, PA personal injury attorneys doesn’t have to be expensive. Below is an overview of what you need to know. 

No upfront fee

Family and criminal lawyers usually ask for a fee for each hour of work, which is called the hourly rate. The attorney may work on a retainer fee or flat fee in some cases. In that context, personal injury lawyers are different. They work on a contingency fee for most cases. The lawyer cannot (and would not) ask for an upfront fee. The lawyer only gets paid when the client wins a settlement. What happens when you don’t win the lawsuit after all the work? The lawyer cannot ask for a fee – simple! This arrangement allows victims of personal injury cases to get justice and recover compensation, even when they don’t have the money to pay a lawyer. 

How is the contingency fee decided?

A professional attorney will discuss the contingency fee and costs of the case in advance. The fee depends on several factors. The first aspect is the complexity of the lawsuit. For instance, if you have a share in fault or the case requires extensive investigation, the lawyer may charge more. The attorney’s experience is also a factor, besides the nature of injuries and damages. If the case is expected to go to trial, the lawyer will take more than the standard fee of negotiating a personal injury claim. The fee varies from 25% to 40% of the final settlement for most personal injury cases. 

Contact a lawyer sooner

If you have suffered a personal injury because of someone, consider consulting an attorney soon. It is necessary to seek advice from an attorney who is experienced and can handle a trial if needed. The lawyer can investigate the case, gather evidence, and take appropriate steps to ensure that the client gets all the support they need.