Post on 11-Jun-2015
description
transcript
Malaysia
GST seminar
GST starts on 1/4/2015
On 1/4/2015,YOUwant to go on leave
T
Ground rules
3 vitamins to get youGST-ready
S System change
Transitional measures
G
Ground rulesG S System change
A/RA/P
Filing
GST on
Invoice 3 M 1 M
PayGST
4 M
1 Maverage
2.5 M
Don’t let GST drain your cashflow
Bad & doubtful debts
Financial Accounting ≠GSTYOU Customer
Invoice
$Journal
NO GST impact
Bad & doubtful debts
Financial Accounting ≠GSTYOU Customer YOU
CustomsInvoice
$Journal
NO GST impact
Bad debt relief
GUARANTEE
GST
Money Back
100%
Step 1
1A – Bad debt relief
Step 2
2A – Bad debt irrecoverable
2B – Bad debt recovered
ClaimBad debt relief under Input tax
⇐⇐⇐⇐ Bad debt is Expense
Adjust Bad debt recovered in Output tax
⇐⇐⇐⇐ Bad debt written back is Income
Supplier invoice outstanding > 6 months
Step 1
1A – Unpaid bill GST “Refund”
Step 2
2A – Bill written off
2B – Bill later paid
DeclareUnpaid supplier in Output tax
⇐⇐⇐⇐Bill “forgiven” is Other Income
Claim backPaid supplier under Input tax
⇐⇐⇐⇐ Long outstanding bill paid is still Expense
3 common
Errors GST
Filing
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Write off
AccountingGST
Claim relief
����
Supplier invoice
outstanding
> 6 months
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ReviewAP ageing
����Blocked input tax
Passenger motor cars including hiring of cars
Family benefits
Club subscription fees
Medical & personal accident insurance
Medical expenses
Entertainment for family members & potential clients
T
SG
TodayLife as normal
1/4/2015
Upgrade ahead of time:
� Go attend GST training� Standby accounting system
Don’t be a moneylender:
� Re-evaluate customer credit terms� Start proper documentation on collection efforts
Watch out for blind spots:
� Review sales contracts & quotations (add GST clause)
� Identify blocked expenses & keep a list handy
Welcome to theworldwide GST Club
* Source: Royal Malaysian Customs Department’s official website for Malaysia GST
152 out of
190 countr
ies have im
plemented GST
/VAT *
Image credits
SunsetPill bottleBadgeWorld map
Images and/or photos in this presentation are the copyrighted property of 123RF Limited, its Contributors or Licensed Partners and are being used with permission under license. www.123rf.com
No image and/or photo may be copied or downloaded without permission from the respective copyright owner/s.
Kenny Goh, Speaker and trainer
www.advanteach.com
Presented by:
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