Preparing for Sales and services Tax (SST)

This support note is suitable for.

• ABSS Accounting v27
• ABSS Premier v22

Introduction

From 1 September 2018, the Sales and Services Tax (SST) will replace the Goods and Services Tax (GST) in Malaysia

After you upgraded your file Premier version V22 / Accounting v27 and above, you need to import your tax code from sample file (Clearwater file) to current company company file.

P/S : Kindly note if you created new company file, so you can skip this step. 

How to import SST Tax code to existing company file. 

- Double click ABSS Premier v22/Accounting V27 Icon.

- Click on explore the sample company file to open your Clearwater file.

- Go to file > Export data > Tax code list > non-consolidated code >  Click continue > match all >     export. 

- We would like to recommend to save your NONCONTAXCODE.TXT on your desktop.

 How to record Sales transaction with SST:

• Kindly go to sales > Enter sales
• Enter the sales information example RM100 and select tax code example Sales tax (S10)
• You can see the Saleas tax amount amount RM10, will goes to Sales & Service Tax Payable ( Liability account)

 

How to record SST Payment to RMCD USING ABSS Desktop:

Registered manufacturers and persons must declare SST returns (SST-01) every two months according to the taxable period. They may apply to the Director General for a specific taxable period (e.g. in line with the financial year end). SST return has to be submitted no later than the last day of the following month after the taxable period has ended in order to avoid any penalty (10% first 30 days period, 15% second and third 30 days period, 40% after 90 days). 

SST returns have to be submitted electronically or by post to SST Processing Centre, and has to be submitted regardless of whether there is any tax to be paid or not.

To record a SST payment in ABSS Desktop, kindly follow step below:

• Go to banking > Spend Money
• Select your bank account and sales tax payable account
• Make sure your payment date is correct. ( refer below)