GST supplies,tax codes, accounting and GST return

GST AccountingSeminar

28 July 2015

CITITELMID VALLEY, KUALA LUMPUR

RM

# Early bird rate apply to registration received 10 day before event date or earlier• 5% discount for same organization registering for more than 3 seats in total• Seminar fee includes seminar hand-outs, one lunch and two refreshments

#

RM805.60 RM710.20

RM837.40 RM742.00

RM879.80 RM784.40

Members of Strategic Partners

GlobalAcc Corporate Members

Non Members

Strategic Partners:

8CPE

HOURS

www.globalacc.com

SEMINAR FEE (GST INCLUSIVE)

• Full payment is required to guarantee entry to the seminar room. You can bank in & fax bank in slip to us. Cheque is to be payable to ‘Globalacc Research & Training Sdn Bhd’• Cancellation is not allowed but replacement is welcome with prior notice• Organiser reserves the right to amend or cancel the events• Certificate of Attendance will be issued. CPE hour for members of professional bodies is subject to verification and approval of the respective bodies• Application to HRDF for claims is subject to approval by the relevant authority

(Globalacc is a registered training provider with HRDF. MyCo ID No: 755452-D)

GLOBALACC Tel: 03-7880 3028 (Johnny / Shariff)Fax: 03-7880 3009019-650 3032 (Mr. Goh)/012-311 0181 (Johnny)Email: globalaccrt@gmail.comWebsite: www.globalacc.com

Globalacc Research & Training Sdn Bhd (755452-D) [GST No. 001869217792]J-1-19 Jalan PJU 1/43, Aman Suria Damansara, 47301 Petaling Jaya, Selangor

Bank details: PBB 313 968 4822

GST Accounting SeminarGST supplies, tax codes,accounting and GST return28 July 2015Cititel Mid Valley, Kuala Lumpur

Updated!Based on latest rules from Customs

REPEAT!!

Course OutlineOne day workshop to assist accounts department to implement GST accounting.

WHO SHOULD ATTEND• Accountants and finance managers • Accounts personnel and executives • Tax agents and their staffs

• Company Auditors and their staffs • Business owners and managers • Accounting software dealers

PROFILE OF SPEAKER

Goh Kean Hoe is an approved company auditor and a licensed tax agent with past and present clients that include PLCs, MNCs, SMEs, and entrepreneurs. Previously an audit manager with a Big Four Accounting Firm and a company financial controller, he has wide exposure in many fields over the past 20 years including the property sector and international assignments. His biggest strength is his technical knowledge and analytical skill. He has published articles on deferred taxation and property development accounting in the national journal and newspapers.

Kean Hoe holds a Bachelor of Accounting from the University of Malaya. He is a member of MIA, MICPA, CTIM and FPAM and was involved in working groups and task forces of both MIA and MICPA. He was the Honorary Treasurer of Malaysia Economic Association (MEA) and a trustee for its foundation for 6 years. He has conducted seminars and workshops on financial and accounting related subjects.

In preparing for GST implementation in Malaysia, Kean Hoe has been working closely with GST Academy Singapore since 2010 to develop GST training programmes for Malaysia and has successfully completed the 10 day course conducted by the Royal Customs of Malaysia for GST consultants and agents and is now an approved GST tax agent recognised by MOF. He is currently involved in a number of GST implementation projects for his clients.

GOH KEAN HOE

INTRODUCTIONAs a registered person, your responsibilities include :• Charging and accounting for GST • Issuing tax invoices • Keeping proper records• Displaying price that is GST inclusive • Filing of GST return and payment of GST on time

On the other hand, you are eligible to claim input tax credit in respect of the taxable supply made if conditions are fulfilled. Unlike income tax which is based on profit made, GST is a transaction based tax. Almost every transaction, whether it is a regular or a special transaction, will have GST implication. Even transaction with no consideration may have GST effect. Different industries may have special GST rules. These transactions will eventually be captured in accounting system and records which form the primary basis for the preparation of GST return to be filed either monthly or quarterly. Accounts department therefore plays a crucial role to ensure the GST laws and rules are being complied and the GST treatment and reporting are correct. In preparing for the implementation of GST, the accounting system and procedures must be set up correctly and the accounting treatment and entries must be correct. The selection and use of correct software will provide a useful tool to assist in efficient compliance of GST. A strong understanding of key GST rules and the tax codes proposed by the Customs will be the foundation to the successful implementation of GST accounting and compliance.

OBJECTIVEThe objective of this workshop is to train the accounts departments of registered businesses on the following areas:• Review of the scope of GST and type of GST supplies• Review and analyses the 23 Tax Codes and know when to use them• Understanding the correct or preferred accounting treatment and entries on GST related items • Review of the GST 03 Return with regard to the amounts to be declared and its link to the Tax Codes• Understanding what adjustments, review, analysis and reconciliation need to be done before the GST return is considered ready for filing

HANDOUTS• Slides presentation• Selected guides, flowcharts and tables for reference

GST Accounting Seminar

DAILY AGENDA8.15 am : Registration start • 9.00 am : Workshop commences • 10.30 am : 15 minutes break10.45 am : Workshop continues • 1.00pm : 1 hour lunch break • 2.00pm : Workshop continues

3.45pm : 15 minutes break • 4.00pm : Workshop continues • 5.00pm : Workshop ends

Testimonials :“Able to transfer the necessary knowledge to the participants”“Technically sound and very knowledgeable”“Very details and the materials given are very useful”“The course is good and useful to highlight the differences between GST compliance vs. accounting compliance as well as GST entries vs. accounting entries”“Clearer picture and less confusion on GST treatment when it comes to the accounting entries”

OVERVIEW OF THE LINK

SEMINAR OUTLINE

Transactions GST Rules Accounting

Records Adjustments

GST Return

CustomsDepartment

TAX CODES

Tax Audit

1. Scope of GST and types of supplies • Scope of GST - What goods and services? • 3 main types of supplies - standard-rated, exempt and zero rated supplies • In the course of furtherance of business • Taxable person - registration requirement • Place of supply • Export of goods and international services • Import of goods and imported services • Relief supplies

2. GST rules on Supply and GST Treatment • Supply and deemed supplies (including gifts rule) • Deposits, compensation and other income • Reimbursements and disbursements • Value of supply & price display • Time of supply rules for different sales terms and industries • Time of supply for transitional period • Rules on non-reviewable contracts - zero-rating conditions

3. GST rules on Tax Invoice and Input Tax Credit • Tax invoice and CN/DN - requirements • Input tax credit - conditions to claim • Blocked input tax • GST adjustment - 6 months rules and bad debt relief • Incidental exempt financial supplies, De Minimis Rule and mixed supplier

4. The 23 Tax Codes • What are the 23 Tax codes • Understanding 10 Tax Codes for output using 23221 way • Understanding 13 Tax Codes for input using 661 way • Review of 23 Tax Codes and how to apply them • Setting Tax Codes as default

5. Accounting Treatment and entries • Accounting software - incorporating GST requirements • Accounting setting - how many GL accounts • Accounting treatment/policy on input tax not claimable • GST treatment vs accounting treatment - the differences • Accounting entries on regular transactions • Accounting entires on ‘GST only transactions’

6. GST Return Transactions • Filing of return and payment of tax • Link from tax codes to GST return • GST return - what information and amount to be completed • High risk areas and common errors • Penalty for incorrect return and other offences