Accounting Aspects of Transition from GST to SST

16 Jul, 2018, Kuala Lumpur

FOCUSING ON
  • Introduction to Sales and Service Tax (SST)
  • Handling GST transactions pre and post 01 June 2018
  • Reporting and Lodgement of SST with Kastams
  • Accounting Software changes
OVERVIEW

Now that Sales and Service Tax (SST) is going to be re-introduced and GST phased out effective 01 June 2018, this One Day course is to educate participants on the transition issues. SST operates in completely different way to GST, as there will not be any GST Output tax; it is all one-sided Tax and not imposed on all businesses. Businesses need to know under which circumstances SST applies and where SST cannot be charged. Also pricing changes must be carefully handled.

 

Key to the transition is changes to your Accounting Software. This One Day course will explain how you can minimize software changes to adapt to the new SST codes; without any major business disruption.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Understanding and familiarization of the new Sales and Service tax (SST).
  2. Handling transactions which overlap across the 01 June 2018 cut-off date.
  3. Reporting, lodgement and payment of SST with Kastams.
  4. Identifying the most cost effective method of Accounting Software changes.
WHO SHOULD ATTEND
  • All Accounting and Finance staff.
  • Marketing staff.
  • Purchasing and Operational staff.
  • Any other person in the organization that is dealing with GST & SST.
METHODOLOGY
Interactive Lectures, Exercises, Case Studies, Discussion and Q & A Session.
COURSE OUTLINE
9:00 INTRODUCTION TO SALES AND SERVICE TAX (SST)
  • The basic principles of Sales and Service Tax.
  • The Accounting double entries to record the basic SST transactions compared to GST.
  • How SST entries are captured in the Income Statement and Balance Sheet.
  • Pricing changes – ensuring new prices with SST are not in breach of the anti-profiteering law.
10:45 HANDLING GST TRANSACTIONS PRE AND POST 01 JUNE 2018
  • Understanding Kastams rule for the 30 May 2018 cut-off date for GST charging and GST claiming.
  • How to handle invoicing for projects spanning and overlapping the cut-off period.
  • Handling GST refunds for invoices received after cut-off date.
  • Handling refunds outstanding from periods before cut-off date.
1:00 Lunch

2:00

REPORTING AND LODGEMENT OF SST WITH KASTAMS

  • Kastams rules regarding time frame for changing invoice templates.
  • Process of lodging SST returns as against GST TAP platform.
  • Payment of SST and record keeping for Kastams Audit.
  • Dealing with errors in SST and how to avoid Kastams audit.
3:45 ACCOUNTING SOFTWARE CHANGES
  • Explanation of Kastams “new codes” for SST.
  • Tips to minimize software changes to cater for SST.
  • Re-structuring your Chart Of Accounts to ensure SST is captured accurately.
  • Designing and preparing SST reports
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 2 years before setting up his own accounting and management consultancy business there.

 

Throughout his working career, Mr. Gobi has held Finance Controller and Finance Director responsibilities for a wide range of finance related functions including Financial Control, Budgetary Control, Corporate Reporting, Cash Flow Management, Investment Appraisal, Project Commercials, Internal Auditing and Management Information.

 

Mr. Gobi is a registered GST agent in Australia. 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. 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. 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

Furama Hotel Kuala Lumpur
136, Jalan Changkat Thambi Dollah
55100 Kuala Lumpur

Phone :03-2788 8888

 

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