what is gst code for life insurance?

Asked on December 27, 2016 2016-12-27 08:25:20 Business (商家)
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7 Answer(s)

TX/BL?

How should I enter the accounting entries when I receive staff’s medical claim from insurance company? However, this claim is not for me, but for my staff and it is first bank in to my company bank account. Therefore, this amount of cash couldnt considered as my company income right?

Example 1:

Dr. Cash
Cr.  Other income

Example 2:

Dr. Cash
Cr. Sundry debtor

May I know which of the above entries is correct? Please advice, thank you.

Answered on December 27, 2016. 2016-12-27 09:48:53

Example 2 is more appropriate.

on January 7, 2017. 2017-01-07 01:10:06
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Tax code for life insurance is BL (blocked item).

Answered on December 28, 2016. 2016-12-28 03:31:51
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Referring to the 2nd question :
Do you pay the full amount received from the insurance company to your staff?

Answered on December 28, 2016. 2016-12-28 03:33:46

Yes, my company pay the full amount received from the insurance company to your staff. So my company only act as a party which help the staff to receive the money first, then all money will be transferred to the staff

on January 6, 2017. 2017-01-06 12:11:35
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life insurance yang ada gst bolehlah kita letak codenya BL.
kalau life insurance yang tak ada charge gst 6% nak letak code apa ?

Answered on December 28, 2016. 2016-12-28 06:57:10
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OP

Answered on December 28, 2016. 2016-12-28 08:03:51
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thank you!

Answered on December 28, 2016. 2016-12-28 11:49:53
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tax code BL/TX-NC can not claims company income tax?

Answered on December 30, 2016. 2016-12-30 07:00:36

Yes.

on January 7, 2017. 2017-01-07 05:17:50
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