Friday, April 3, 2015

So GST Again...

Some one asked...if my business is not turning over RM500,000..... I don't need to register... but then you can claim back your input tax on everything you buy if you are GST Registered.

Simple softwares like Microsoft Quicken or Quickbooks or MYOB can help you automate.
Just make sure your paperwork are in order.

And even since my business is primarily in Singapore but I do buy things from Malaysia, I am able to escape from Singapore GST and local taxes for spending less than $150 *(RM400) if less than 48hrs or $600 per person if over 48hrs. That is based on PER PERSON PER heeee.. I can be sneaky and buy my stuff with 4 kids in tow..means I can bring in up to RM2400 duty free... saving $60 in Singapore GST and RM144 clawed back from Malaysia GST and my full tank of petrol worth of RON97...

Sneaky rite?? But many done it back in UK / EU already mate... and that is the BEAUTY of things here in Malaysia. You can write yourself everything is EXPORTED into Singapore by means of a Bill of Sale addressed to an address in Singapore and presto.. no output tax . ZERO RATED.

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