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WHAT IS A GST?
Business
Supply all forms of supply where goods and services are given in return for a
consideration
Zero-rated not subject to GST, and supplier entitled to claim input tax credits
child-care organisations
educational organisations
financial institutions
funeral service burial and cremation
health-care organisations
highways and toll bridges
public transport providers
supplies made by associations and similar organisations, and residential real
estate
VOLUNTARY REGISTRATION
A person can apply for voluntary registration even though the value of
their taxable supplies does not exceed the prescribed threshold
(RM500,000) if:
1. The person intends to make any taxable supplies, and
2. provided they can satisfy the Director General that they are
committed to doing business by submitting the following
documents:
(a) details of business arrangements (business plans, plants, location)
(b) copies of contract for establishment of premises such as rental of
premises construction of pipelines or purchase of equipment
(c) details of any patents
(d) details of business purchases; or
(e) other documentary evidence
Taxable supply:
The definition of supply covers all forms of supply where goods and
services are given in return for a consideration.
There is also a deeming rule for circumstances where no
consideration is given
WHAT IS A BUSINESS?
A business includes any trade, commerce, profession, vocation or
any other similar activity whether or not for pecuniary profit.
The RMCD General Guide states that following criteria may be used
to determine whether an activity qualified as a business for GST
purposes:
(a) It is a serious undertaking or work earnestly pursued
(b) It is pursued with reasonable or recognisable continuity
(c) It is conducted in a regular manner and on sound and recognised
business principles (business-like nature)
(d) It is predominantly concerned with making supplies for a
consideration; or
(e) It is making supplies of a kind commonly made by commercial
organisations.
17.
18.
19.
20.
21.
22.
23.
24.
Money Lending
Passenger Transportation
Pawn Broking
Petroleum Downstream
Petroleum Upstream (revised as at 16 December 2013)
Postal and Courier Services
Property Developer
Relief for Second-Hand Goods (Margin Scheme) (revised as at 11
November 2013)
25.
26.
27.
28.
Repossession
Retailing
Venture Capital (revised as at 25 October 2013)
Warehousing Scheme (revised as at 27 October 2013)
NEXT STEPS
Businesses need to get busy preparing for registration and the
commencement date.
The GST is a whole-of-business issue, and not something solely the
domain of your tax experts.
Some examples of key issues to consider in preparing for a GST:
Registration
Pricing
Contracts spanning the implementation of the GST
Accounting systems
Training
sessions
Fact
sheets
FURTHER INFORMATION
Royal Malaysian Customs Department
Website
GST General Guide (PDF)
Goods and Services Tax Act 2014
cpaaustralia.com.au/gst