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Is your business be GST ready? |
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The Malaysian Government proposes to introduce the Goods and Services Tax (GST), which will replace the existing Sales and Service tax. |
GST will be a self-assessed tax which means you as a business owner will have to track your tax liabilities and remit them to the government accordingly. Failure to manage your financials properly could lead to cashflow problems. |
| Are you able to categorise your business transactions? This is the first step to understanding how the GST will affect your business. You will need to understand what items in your business will be GST-liable, GST-free and Input Taxed. |
| Are you able to analyse the GST effect on business cash flows and prices? Once you know the deadlines you have to submit tax payments to the authorities, you will have to ensure your customers’ payment terms are adjusted accordingly. There can be no worse situation than having to pay your taxes every 30 days when your customers are paying you in 45 days |
| Prepare plan for stocktake & re-pricing of goods when GST is introduced. If you have inventory in your business, don’t wait until the last minute to plan how to migrate to the new GST tax system. Depending on the government’s guidelines, you may have to ensure that any re-pricing you undertake is not construed as profiteering and follow their guidelines. Pricing labels would also have to be changed to reflect the new tax. |
MYOB software is GST-ready in the following scenarios: |
| Easy transition with all your key data in one location. With your company financials stored in your MYOB software, making the transition to GST and creating GST accounts in your Chart of Accounts will be a lot easier. |
| Ability to create new tax codes Adding on the GST tax code is easily done with MYOB software. Once set up, you can link the relevant accounts to either the ‘GST Collected’ and ‘GST Paid’ accounts. |
| GST-ready Invoices In a GST environment, your invoices will now be known as “Tax Invoices” and these words must appear at the top of these documents. MYOB can assist you by providing several Tax Invoice formats. |
| Items List Update all your item list tax codes and prices using MS Excel and then with MYOB’s unique Office Link* function you can easily import the data back into MYOB. *(applicable only for MYOB Accounting & Premier). |
| Card File The Card File is your one-stop information centre in MYOB where you can keep track of your vendors and customers. When the new tax system is introduced, you may have to pay your GST every 30 days but your customers could only be paying you in 45 days. This is the time to start reviewing the terms you give your customers and update them in your Card File. |
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