GST System Changes Newsletter
SWPC Latest Events
Questions and Answers from training
- Written by Stanley K Wong
- Category: Questions and Answers from training
Thank you for your participation for the training held on April 14, 2016.
The following is the question and answer summary for the training on April 14, 2016 (Kota Kinabalu).
- Lookup for GST Status - Legal name and trading name. The former is legal registration entity name while the latter is brand name.
- Accounting entries using purchase clearing accounts to record K1 value. Example is given in the attached PDF file.
- Bad debt written off after claiming bad debt relief. It will reverse from the GST Refund for Bad Debt account
- Bad debt written off without claiming bad debt relief. It will treat as GST expense that is not a tax deductible item. It becomes output tax borne by the business.
Please download the attachment to understand the facts to support the answers.