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Wages,epf, socso, depreciation

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Wages,epf, socso, depreciation

Post by Andersonpang on Tue Apr 07, 2015 4:17 pm

1)May i know what is the tax code used for wages,epf,socso and depreciation?
2)For the gift rule, only gift value that are exceed RM500 require account for tax purpose. If a RM 800 gift is given to employee, RM500 is claimable and RM300 is not claimable. Therefore, I should claim all RM 800 first and issue a tax invoice to employee or only claim RM500 and don't claim that RM 300?

Appreciate for anyone who can help me to resolve the question!

Andersonpang

Posts : 4
Join date : 2015-04-07

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Re: Wages,epf, socso, depreciation

Post by joseph on Tue Apr 07, 2015 6:25 pm

1) Tax code for wages, EPF, SOCSO and depreciation - OP.
2) Gift Rule, input tax incurred on the purchase of the gifts claimable, account for output tax on the full RM800 (not just RM300). No need to issue tax invoice. Refer Panel Decision 2/2014 http://gst.customs.gov.my/EN/RG/Pages/rg_fai.aspx

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: Wages,epf, socso, depreciation

Post by Andersonpang on Wed Apr 08, 2015 10:18 am

Thank you for your answer joseph !
Just to confirm the director fee is subject to GST right? If yes which code? Socso, EPF payment to director also subject to GST?

Andersonpang

Posts : 4
Join date : 2015-04-07

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Re: Wages,epf, socso, depreciation

Post by joseph on Wed Apr 08, 2015 10:26 am

Only for independent directors (TX if registered, otherwise NR).

Director who is an employee of the company or an employee of the holding company and appointed to act on behalf of holding company, is not subject to GST (tax code: OP).

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: Wages,epf, socso, depreciation

Post by joseph on Wed Apr 08, 2015 10:27 am

Request Tax Invoice from the independent directors if they are GST-registered.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: Wages,epf, socso, depreciation

Post by Andersonpang on Tue Apr 14, 2015 9:15 am

Hi Joseph, may I know how do we accounted for the gift when accumulated has excess 500? Entry part confused.

Andersonpang

Posts : 4
Join date : 2015-04-07

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Re: Wages,epf, socso, depreciation

Post by joseph on Tue Apr 14, 2015 5:53 pm

If total gifts given to a person exceeds RM500 in a financial year, you will have to account for output tax on the total gifts.

Please refer to DG's Panel Decisions 1/2015 and 2/2014.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: Wages,epf, socso, depreciation

Post by Andersonpang on Thu Apr 16, 2015 10:45 am

How do I account for output tax?By pass through Journal or Issue tax invoice?

Andersonpang

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Re: Wages,epf, socso, depreciation

Post by joseph on Thu Apr 16, 2015 10:51 am

Passing journal.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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query about transection

Post by haymi on Tue May 05, 2015 10:56 pm

Ii have one query if one group have two outlet , A outlet paid rental behalf B outlet so what transection key in A company own record and what transect ion key in B company own record..kindly assist me regarding

haymi

Posts : 1
Join date : 2015-04-15

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Re: Wages,epf, socso, depreciation

Post by joseph on Wed May 06, 2015 5:30 am

This is a disbursement, no GST effect. Follow back the same previous accounting entries you were recording pre-GST.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: Wages,epf, socso, depreciation

Post by chakeli on Thu Jun 11, 2015 10:43 am

Hi,

If Director never give us the tax invoice, or they refuse to give, can we just key the tax code as OP?

chakeli

Posts : 1
Join date : 2015-06-11

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Re: Wages,epf, socso, depreciation

Post by joseph on Sat Jun 20, 2015 7:11 pm

OP if under employment. NR if independent non-executive director.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

Posts : 277
Join date : 2014-09-25

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Re: Wages,epf, socso, depreciation

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