We would like to inform that effective 1st September 2018, iDynamics Software Sdn Bhd will conduct price adjustments due to the reintroduction of Sales & Services Tax (SST). In view of this, please be advised that such price adjustments will be implemented across our products.
In lieu of the reintroduction of SST, we will also have 6% Service Tax imposed on our support contracts. As of now, we have yet to receive the Service Tax Code approval, to be assigned to us, from the Customs, hence we would not be able to issue the invoice with the amount of Service Tax at the moment. Upon obtaining the approval from the Customs, we will then issue an additional bill or Debit Note for the 6% of the service billed within 1st September 2018 and the date that we received our approval.
If you have any further inquiries, please do not hesitate to contact your respective Account Manager or please contact our HOTLINE: 1300-800-828
We remain steadfast in our commitment in supporting your businesses and thank you for your continuous support.
The Malaysian Government has introduced some slight changes to the invoice print out SST requirements. We are pleased to inform that we have enclosed a video below that shows you how you can perform such invoice customization that meets the SST requirements. The steps are easy. Please follow through the step by step guidance and you will know how to easily customize your invoice in accordance to the SST requirements.
It’s as simple as A…B…C…just click the video below:
Should you have further inquiries, please do not hesitate to contact us at our HOTLINE: 1300-800-828
Sales and Service Tax (SST) in Malaysia starts soon, and we know you probably have a lot of questions for how QuickBooks can help you remain compliant. These are the answers to the questions you may have regarding the SST in QuickBooks Online:
What is Sales and Service Tax?
Sales and Service tax is a new tax regime in Malaysia where certain manufacturing businesses are required to start charging sales tax on goods they produce, and certain service businesses are required to charge service tax on the services they provide.
Where can I learn out more about Sales and Service Tax?
We recommend consulting the Malaysia Sales & Service Tax website which is being updated almost every day, and includes detailed guides for taxable goods and services under this new regime.
How does QuickBooks support Sales and Service Tax?
You can easily configure QuickBooks to charge and track Sales and Service Tax.
To do this, you will simply need to add the applicable Sales or Service tax rates for your business manually
Why do I have to set up new rates?
Not all of our customers are required to setup Sales and Service tax, nor will they necessarily have to charge BOTH sales AND service tax to their customers.
By setting it up manually based on your business needs, you get a solution right for you.
How do I set up a new tax rate?
Setting up a new rate takes just a minute, and we’ve created a short video to show you how.
Which rates should I set up?
We recommend consulting with Malaysia Customs or a tax professional directly to answer this question. Whichever rates you are required to use for your business can easily be set-up in QuickBooks when you are ready.
What do I do when it’s time to file my first return?
Once you’ve set up the new rates, you can run tax reports to find out how much you’ve sold and how much tax you may owe.
Why haven’t you updated QuickBooks yet?
We are waiting for Malaysia Customs to publish and clarify guidance around implementing Sales and Service tax before we make any changes to our product.
I’m not required to register for Sales and Service tax. What about me?
Based on this new regime, we realise there will be many customers who may no longer need to track GST in QuickBooks. We are investigating how that make that transition seamless for those customers, and hope to have more information soon.
Where can I find out more about Sales and Service Tax?
We recommend consulting the Malaysia Sales & Service Tax website – https://mysst.customs.gov.my/ or a tax professional to learn more.
How do I update my Invoice to not say ‘Tax Invoice’?
You can update the name of most QuickBooks transactions using Custom Form Styles, accessible in the Gear Icon in your QuickBooks file. Simply update your template and you will be good to go.
