GST starts in Malaysia on 1 April 2015. Get ready today. Vit G: Ground rules Vit S: System upgrade Vit T: Transitional measures

1. Malaysia
GSTseminar

2. GSTstarts on 1/4/2015

3. On 1/4/2015,YOUwant to go on leave

4. 3vitamins to get youGST-ready
Ground rules
S System change
T
Transitional measures
G

5. Ground rules G S System change
A/R
A/P
Filing

6. Don’t let GST drain your cashflow
GST on
Invoice 3 M 1 M
Pay
GST
4 M
1 M
average
2.5 M

7. Bad & doubtful debts
Financial Accounting GST
YOU Customer
Invoice
Journal $
NO GST impact

8. Bad doubtful debts
Financial Accounting GST
YOU Customer YOU
Customs
Invoice
Journal $
NO GST impact
Bad debt relief
GST
Money Back
GUARANTEE
100%

10. Step 1
1A – Bad debt relief
Step 2
2A – Bad debt irrecoverable
2B – Bad debt recovered

11. ClaimBad debt relief under Input tax
ÜBad debt is Expense

12. Adjust Bad debt recoveredin Output tax
ÜBad debt written back is Income

13. Supplier invoice outstanding 6 months
Step 1
1A – Unpaid bill GST “Refund”
Step 2
2A – Bill written off
2B – Bill later paid

14. DeclareUnpaid supplier inOutput tax
ÜBill “forgiven” is Other Income

15. Claim backPaid supplierunder Input tax
ÜLong outstanding bill paid is still Expense

16. 3 common
Errors GST
Filing

17. GST Accounting
Claim relief
Write off

18. Supplier invoice
outstanding
6 months
Review
AP ageing

19. 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

20. Today Lifeas normal
T
G S
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

21. Welcometo theworldwide GST Club
152 out of 190 countries have implemented GST/VAT *
* Source: Royal Malaysian Customs Department’s official website for Malaysia GST

22. Image credits
Sunset
Pill bottle
Badge
World map
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23. Presented by:
Kenny Goh, Speaker and trainer
www.advanteach.com
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