Consolidate Your GST Knowledge By Understanding GST Accounting, GST Audits and Income Tax Impact

18-19 Sep, 2017, Kuala Lumpur

OVERVIEW

It has been more than 2 years since GST was implemented and most organizations are still facing difficulties in working out the proper GST lodgement and unsure what is the impact of errors, what is their exposure to Kastams audits, how to select the correct tax codes etc.

 

Also issues faced are the uncertainty of Income Tax deductibility on the GST that is not claimed or blocked. Coupled with the latest GST Tax Codes updates, rulings, clarifications from Kastams and the recently issued Public Ruling document by LHDN on the impact of GST treatment on Income Tax, this course has been specifically designed to explain the updates and changes.

 

Kastams has in the past months stepped up their GST audits and also covered in the course is measures and processes you can implement to avoid or come through the audits, especially for refund situations. Participants should take note of the fact that this course covering GST, Income Tax Impact and GST Audits in the same course is the only one of its kind.

 

It will be facilitated by Mr Gobinathan who has a track record of being the first in GST Accounting, GST Health Check programs.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Understanding on GST principles by sharing experiences, case studies and class test.
  2. Getting updated on the latest October 2016 budget GST updates and the latest additional Tax Codes introduced by Kastams.
  3. Being updated on the newly released ruling by Lembaga Hasil Dalam Negara (LHDN) on the Income Tax deductibility benefits with respect to GST incurred.
  4. Obtaining explanation of the GAF Audit file required by Kastams and how to generate and communicate with Kastams.
  5. Learning the techniques and reports to maximise automation of GST returns in your accounting software.
  6. Understanding thoroughly the GST rules on Entertainment, Gifts, Staff Benefits, Bad Debt Relief.
  7. Implementing self-audit GST processes, reports and reconciliations to ensure accurate GST and avoiding Kastams audits.
WHO SHOULD ATTEND?

CFOs and Financial Controllers, Tax Managers and Tax Consultants, Accountants, Advisors, Auditors, Company Secretaries and Business Consultants, Key Finance Personnel Managers, Executives, Officers of Accounts, Finance, Administration, IT & Human Resource Department.

 

Staff involved in preparing for implementation of GST and Accounting staff engaged in preparing accounting records for GST registered.

METHODOLOGY

Interactive Lectures, Exercises, Case Studies, Discussion and Q & A Session

DAY 1
9:00 REFRESHER ON GST PRINCIPLES
  • Revisiting of the basic 3 GST categories what is the impact on your GST Input claimability.
  • Sharing of GST calculation and lodgement around the table on issues faced by everyone.
  • Review of Kastams audits in the last 12 months (case studies)
  • Class test to re-inforce the GST understanding so far.
10:45 REVIEW OF THE OCTOBER 2016 GST UPDATES INCLUDING NEW TAX CODES
  • GST changes announcements in summary
  • The new Tax Code changes explained and making the changes in your Accounting Software.
  • Accounting entries to cover the new Tax Codes.
  • Changes to the GST lodgement and penalty rules.
1:00 Lunch

2:00

REVIEW GST ACT PROVISIONS

  • Power to re-assess GST by the DG Kastams.
  • Power to use GST refund for existing or future offsets
  • Penalties for incorrect or late GST lodgements.
  • Types of GST Audits and selection criteria of Kastams when calling for audits.
3:45 REVIEW OF INCOME TAX DEPARTMENT PUBLIC RULING (CHANGES) ON GST TRANSACTIONS RELEASED ON 07 JUNE 2017
  • Income Tax deductibility rules for Input Tax paid on following situations:
    - Purchase of Capital Goods (Fixed Assets), transfers and disposals.
    - Input Tax claimable but not claimed by GST registered companies.
    - Input Tax paid by non GST registered companies
    - Input Tax paid Exempt Supply companies.
    - Deemed supply Output Tax incurred
    - Bad Debt Relief
    - Blocked Input Tax
  • GST adjustments by Kastams after accounting period close and Income Tax revisions.
  • When it should be acceptable to do Year End adjustments which have minimal GST and Income Tax impact.
  • GST reporting: Alternative source of detecting adjustments other than year-end adjustments.
5:00 End of Day 1
DAY 2
9:00 EXPLANATION OF THE GAF AUDIT FILE IN THE ACCOUNTING SOFTWARE
  • Explanation of what is the GST “software patch” that Kastams has required in your accounting software.
  • The GAF Audit File: what it does and how it affects you.
  • Alternative to the GAF audit file acceptable to Kastams.
  • Documentation required by Kastams to substantiate the GAF Audit file.
10:45 CREATIVE USE OF YOUR ACCOUNTING SOFTWARE TO MAXIMISE AUTOMATION OF YOUR GST
  • The 30+ Tax Codes: brief overview of the important codes and how it is mapped into the GST 03 Form.
  • Tips on restructuring your Chart Of Accounts to satisfy both GST and Income Tax compliance
  • Automating the GST 03 Form completion to ensure 100% GST accuracy.
  • Fixing GST errors; how to correct GST in the Accounts and the GST 03 Form
1:00 Lunch

2:00 GST IMPACT ON EMPLOYEE BENEFITS, GIFTS AND ENTERTAINMENT BAD DEBT RELIEF RULES
  • What is “Blocked GST” and which Employee Benefits are affected.
  • GST rules for Gifts and how to reduce the GST impact.
  • Entertainment expenses policy and GST restriction.
  • Bad Debt Relief
  • Debit and Credit notes
3:45 GST AUDIT PROCESSES AND TECHNIQUES
  • The high level” 6% test ; comparison of the GST numbers against the Financial Statements
  • Designing and generating GST “Exception” reports to detect and reduce errors.
  • The GST Audit Trail ; use of GST Transaction Listing
  • Review of GST Liabilities in the Balance Sheet against the GST 03 Forms.
5:00 End of Course

 

 

 

LEARN FROM THE BEST

Gobi Sinnarajoo - FCCA (UK), MBA (USA), MIA - GST Registered Agent-Australia

 

Mr Gobi Sinnarajoo is a UK qualified accountant with over 25 years working experience including 10+ years as Financial Controller for BP units in Indonesia and Vietnam. He was also the Finance Director for Bristol-Myers Squibb Vietnam. In 2006 he re-located to Melbourne Australia and worked for BP Australia for a 2 years before setting up his own accounting and management consultancy business there.

 

In terms of GST Mr Gobi is a registered GST agent in Australia and he fully understands the practical issues to be faced when GST is implemented in Malaysia. Apart from Australia, Mr Gobi has also GST implementation experience from Vietnam as he was involved in the GST transition there in 1999 while he was the Finance Controller for BP. Over the past 12 months Mr Gobi has been a GST Implementation consultant to many companies (including public listed companies) as well as conducted numerous public and in-house GST programs. At the moment Mr Gobi is consulting on GST Audit and Compliance services. In terms of GST programs Mr Gobi has a track record of being a pioneer in designing and delivering GST Accounting and Income Tax impact specific programs in Malaysia.

 

Gobi is an experienced and well received trainer, having run training programs, both public and in-house, for the last 15 years in Malaysia in various finance areas. He spends his time travelling between Malaysia and Australia, running his management consultancy business there and conducting training programs in KL.

 

VENUE DETAILS

Hotel Istana
73 Jalan Raja Chulan
50200 Kuala Lumpur
- 50200
Phone :(603) 2141 9988
Fax :(603) 2144 0111

 

IPA TRAINING IS REGISTERED WITH

 

CONTACT US

Juliany, 
O - 03 2283 6109,
M - 019 3134436
juliany@ipa.com.my 

Michelle, 
O - 03 2283 6100, 
M - 019 363 7822
michelle@ipa.com.my 

For Customised In-House Training
Yvonne,
O - 03 2283 6101, 
M - 012 2011247,

F - 03 2283 6108
 
yvonne@ipa.com.my
 

ADDRESS 

A-28-5, 28th Floor, 
Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my