GST Malaysia Workshop & Seminar 2014

Malaysia GST is scheduled to be introduced in April 2015.  The uppermost question in everybody's mind is - which accounting software provides GST invoice and calculation.

We are conducting a series of workshops, entitled  "How to use MYOB Accounting software to track GST transactions"

Register at our dedicated website   MYOB Accounting System   

This workshop is ideal for :

• existing MYOB users

• business owners who currently outsource their accounts

• business owners who currently use other accounting software which is not  GST- ready. 
  
  If you intend to buy a new accounting software in 2014, it is best you ask about the vendor's preparedness and experience in  GST implementation.  

Come and find out how MYOB Accounting software helps SME's in Singapore and Australia cope with GST calculation and GST form submission,  and how it is ready to assist Malaysian SME's in time to come.  

The current MYOB Accounting Malaysia software edition is already GST-ready.   It is capable of  calculating the correct GST amounts paid and collected, whether it is going to be Standard Rated, Zero Rated, Exempt Supplies or Out of Scope Supplies.   At the end of the period, to print GST report, just click Print. 

Come and ask your questions, on the accounting software part.  This workshop is more about how the MYOB software will help you record your transactions on a timely basis, in time for GST reporting every month, or every quarter, depending on the circumstances. 

For specific GST questions relating to your business, we ask that you refer to the Customs Department officers themselves. 

 
In this workshop, we want to share our knowledge of the following topics to help you prepare for eventual GST implementation.  

1. Overview of the proposed GST model for Malaysia
2. Scope of GST
3. Impact of GST on EVERY company's cashflow position
4. Demo on how GST and non-GST transactions are tracked in MYOB Accounting software.
5. GST reporting in MYOB software

This workshop is a sharing session with MYOB users and non-MYOB users. 

It is very important that you understand the effects of GST on your business, so that you can better prepare for it. Then go back to strategise and plan your next move.

Once again, click here to register for the GST Malaysia workshop :   MYOB Accounting System . 


If  for whatever reason, the above event is not updated, please send us a feedback.

GST to be introduced in Malaysia

It's confirmed.  The Malaysian PM has just announced that GST will be implemented in Malaysia effective from April 1, 2015, at the rate of 6%.

In line with that, expenses related to purchase of accounting software and training in preparation for GST will be entitled to double deduction.

Who will be affected should GST be implemented in Malaysia

The Malaysian Government is quite set to introduce introduce the Goods and Services Tax GST in Malaysia.  While the exact date has not being given, it is now expected in 2014.  Whichever date it is, the Government has mentioned that they will give ample time between 18 to 24 months for the businesses and industries to prepare themselves for the implementation of GST

Who are the people who will be affected by GST implementation

1. All consumers (individuals and companies) in Malaysia who buys taxable goods will be paying for the GST.  This cover practically every item sold in Malaysia except for the utilities and necessities.  

2. Companies who manufacture and sell taxable goods will  collect the GST on behalf of the government, and remit the tax when due

About 122,000 companies will be affected by the eventual implementation of the Goods and Services Tax (GST). 

 Within these companies, it will affect  everything from human resources policies,  and systems and processes relating to stock management and invoicing. The introduction of GST will involve more than just the accounts department.

How can companies prepare for GST?

The GST amount can be large for some businesses.  Company owners must make sure their  business managers have a good grasp of the mechanics of GST to enable them to develop .    strategies to tackle the implementation issues.  Proper planning and execution is necessary to ensure that the company's profitability, competitiveness, costing and cash flow will not be unduly affected by the implementation of GST. 

Some areas that companies need to take note are :

• Contracts signed from now on would need to include a provision to review for post GST implementation. 
•  Understand the scope of taxation under GST environment.  If your company is exempted from GST registration (as it falls below the income threshold) you might want to weigh the cost and benefits of applying for voluntary GST registration
• Whether it is more beneficial to register for GST registration as a single entity or as a group, and what paperwork is required
• Find out what are the grey areas in computing the taxable and non taxable component of a product, and resolve with the relevant authorities to get the most effective method to  apportion the cost
• What are the conditions for preferential treatment of GST and how you can qualify for it
• Understand clearly when the tax is due for submission so that you can plan your cashflow well.  
• For certain industries, such as the construction industries, it is important to find out how the treatment of income recognition and accrual of expenses will affect the timing of GST due and payable.  

 
 

The body that is driving the implementation of GST is the Taxation Review Panel set up by the Ministry of Finance.   You can refer to the Ministry officials if you are in doubt.

One important area that you can start looking into is to invest in an accounting system that is GST ready.

MYOB Singapore version is GST compliant

If you are looking for a GST-ready software to prepare yourselves for the introduction of GST in Malaysia, then you should consider MYOB software.

The reason being, their Singapore version of MYOB software (MYOB Premier v12.3, and MYOB Premier Plus v 12.3) are already compliant with the GST rulings under Singapore Inland Revenue Authority of Singapore (IRAS).  See the IRAS website for the confirmation that MYOB is GST-compliant.

This means that the MYOB Singapore software is complaint with the requirements set out in the Singapore IRAS e-Tax Guide.  In addition, the MYOB Singapore version has additional GST reports to help the users complete the Singapore GST submission through e-filing.

If the Malaysian GST system is modelled after Singapore (or Australia and New Zealand) , then it will be a 'piece of cake' for the Malaysian MYOB software version to be transformed  from GST-ready to GST-compliant.  (Note : MYOB software is a serious software player in Australia, New Zealand and Singapore)

The MYOB version that is being currently distributed in Malaysia is Premier v12.2, which is 1 version behind the Singapore version. 

In order for the MYOB software (Malaysian version) to be GST compliant, it will need to wait for the Malaysian Government to come out with its own set of GST guidelines, and e-filing reports, and inlcude the reports in the MYOB software.

This GST logo can be found on official MYOB documents.