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Latest news on GST

Find out how MYOB Accounting software helps you to track GST on your purchases, sales and payment transactions. 

Register for GST workshop  on   "Planning for GST with MYOB Accounting software "

 

This workshop is ideal for :

1. business owners who currently outsource their accounts

2. business owners who currently use other accounting software which is not  GST- ready.

 

MYOB software is ready for GST introduction in Malaysia.  It is widely used in other GST countries, such as Australia, Singapore and New Zealand.

In this workshop, we want to share our knowledge of the following topics to help you prepare for eventual GST implementation, scheduled for April  2015.

 
  1. Overview of the GST model for Malaysia
  2. Scope of GST
  3. Impact of GST on company's cashflow position
  4. Preparing for GST
  5. Accounting for GST
  6. How MYOB Accounting software tracks GST for Sales, Purchase, and Bad Debts relief claim
  7. GST reporting in MYOB software

 

It is very important that you understand the effects of GST on your business, so that you can better prepare for it.

 Register for GST workshop  on   "Planning for GST with MYOB Accounting software"

 

Existing MYOB users

If you are existing MYOB user, you need to upgrade your software to the GST version, and attend the hands on GST training.   

Contact us to upgrade your software,  or  register for hands-on GST training  

 

 

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October 25, 2013 (2014 Budget announcement)

June 9 , 2014 (GST Act 2014 has been gazetted)   

GST in Malaysia

 

The Malaysian Prime Minister announced in the 2014 Budget that the Malaysian GST will be implemented on April 1, 2015, at the rate of 6%.  

Parliament has debated and approved the new tax.  The GST Act has been gazetted.  GST is set to be implemented come April 1, 2015. 

GST registrations was opened in June 2014.  and will close on Dec 31, 2014.     

GST will replace the existing Service Tax (6%) and the Sales Tax (10%) that is currently imposed on certain industries and business entities.  GST is a wider tax compared to any of the existing tax.

For the business owner, GST is not about the Cost.  The Goods and Services Tax is passed on down the supply chain, until it reaches the end consumer. 

For a business, GST is about  managing your cashflow. 

It is very important to track the GST paid (input tax) and GST collected (output tax) so that you will not run into a cashflow problem when you need to remit the net GST to the Government. 

As for the consumer, you need to practice prudent spending. 

P/s :  Take note that costs incurred to purchase accounting software and to attend trainings to get your business ready for GST implementation, will be eligible for double tax deduction. 

There is also a rebate given in the form of GST eVoucher of Rm 1,000.00 to subsidise the purchase or upgrade of GST approved accounting software.  

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Is MYOB software GST compliant?

MYOB Accounting software obtained its 'seal of approval' from the Royal Malaysian Customs Department as one of the approved accounting software for SMEs to obtain financing for purchase of accounting software.  It has undergone stringent tests by Customs to ensure that it meets the requirement of Malaysian GST regulations.

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