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CAPITAL ALLOWANCE

June 21, 2024

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Capital Allowance

What is Capital Allowance ?

Capital allowance is an amount of money spent on business assets that can be subtracted from what a business owes in tax.

 

Why Claim Capital Allowance  ?

You can retain more cash that can be reinvested to foster company growth.

 

Benefits of claiming ?

  • Reduce or completely shelter a tax liability
  • No restriction on high earners claiming wear and tear allowances and most industrial buildings allowances
  • Improve cash flow and keep cash in your business!
  • Possible cash refund / repayment of taxes

 

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CONSTITUTION

October 4, 2024

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CONSTITUTION What is a Company Constitution? In organizations, constitution determine crucial details related to the company, its shareholders, directors, and company secretary. It is a formal document outlining the regulations governing a company. It also outlines the interactions between the corporation, its owners, directors, and other significant individuals. The company’s constitution is a legally binding contract between board of company, within compliance with the Companies Act and any other applicable laws. By registering a new business, the company’s constitution must be carefully taken into account. When a new constitution is adopted or a change to the constitution has been made, a resolution made by the shareholders of the company must be passed in order for such changes to officially take effect. Importance of a Company Constitution Contract between the firm and board of the Company. The personal status of a company’s shareholders is thus unaffected by its laws. Any clauses in a constitution that could grant personal rights may not be enforced by a shareholder.   What is Included in a Malaysian Company’s Constitution? Appointments of board of Company Inspections of the company’s books Annual general and extraordinary general meetings Issues related to the company’s shares and dividends Type of company Shares & share certificates Transfer of shares Dividends Meetings of the members of the board of directors Voting rights during meetings Director Remuneration Official company documents Conflict of interests Powers and responsibilities of directors Powers and responsibilities of a company secretary Indemnities Shareholders’ loan facility   Rights of Shareholders According to a Malaysian Company’s Constitution. A guideline for how a Malaysian corporation is to be governed are laid out in its constitution. Companies without a constitution must rely on the Companies Act to determine the rights, responsibilities, and obligations of each shareholder. Shareholders are not responsible for the management of the business on a daily basis, nor are they involved. The Companies Act does specify that a company’s shareholders have some authority.

THE PROPER WAY FOR DIRECTOR TO WITHDRAW FUNDS FROM COMPANY

September 13, 2024

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6 Proper Ways For Director to Take Money From Company 1.Director Advance A director’s early advance of funds to the company Change to paid-up capital to strengthen the loan profile   2.Dividend Distribution according to the share ratio Dividend income is not taxable   3.Director Claim The expenses which are related to the business: Telephone expenses Upkeep of Motor Vehicle Fees of social events   4.Director Salary Need to pay EPF,SOCSO,EIS and PCB Prepare Director Resolution   5.Rental Assets in the name of an individual   (exp: properties/motor vehicle) Pay rental to the director on time   6.Director Borrowing      Company interest is payable A loan contract is signed between the company and the director

LANJUTAN MASA (EOT)

September 6, 2024

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Apakah itu Lanjutan Masa Lanjutan Masa Untuk Edaran dan Serahsimpan Penyata Kewangan Inisiatif Lanjutan Masa ialah langkah yang dilaksanakan oleh pihak berkuasa kawal selia di Malaysia untuk menyokong syarikat yang menghadapi kesukaran dalam memenuhi kewajipan berkanun disebabkan oleh keadaan yang tidak dijangka. Ia bertujuan untuk menyediakan masa tambahan untuk syarikat melengkapkan penyata kewangan mereka, mengadakan Mesyuarat Agung Tahunan (AGM), melengkapkan dokumen berkanun, dan membenarkan firma audit menyelesaikan tugasan yang tertangguh. Mengapa terdapat Lanjutan Masa Bagi syarikat swasta di Malaysia, penyata kewangan yang telah diaudit mesti diedarkan dalam tempoh enam bulan dari Akhir Tahun Kewangan (FYE) dan diserahkan kepada SSM dalam tempoh 30 hari dari tarikh edaran. Walau bagaimanapun, syarikat mungkin menghadapi cabaran dalam memenuhi tarikh akhir ini disebabkan oleh pelbagai sebab, seperti gangguan perniagaan, krisis kesihatan atau perubahan dalam peraturan. Dalam kes sedemikian, syarikat boleh memohon Lanjutan Masa. Apa yang akan ditawarkan oleh Pelanjutan Masa Di bawah inisiatif ini, syarikat layak untuk memohon tempoh lanjutan 90 hari untuk menyediakan penyata kewangan, laporan pengarah dan laporan audit mereka. Sebagai contoh, jika tarikh edaran penyata kewangan ialah 31 Mei 2021, tempoh lanjutan adalah sehingga 30 Ogos 2021. Begitu juga, jika tarikh penyerahan kepada SSM ialah 30 Jun 2021, tempoh lanjutan adalah sehingga 30 September 2021. Cara memohon Lanjutan Masa Untuk memohon Lanjutan Masa , Setiausaha Syarikat dikehendaki mengemukakan borang permohonan [Seksyen 259(2)] kepada SSM. Permohonan hendaklah disertakan dengan dokumen sokongan yang diperlukan. SSM akan menyemak permohonan dan menentukan sama ada syarikat layak untuk dilanjutkan berdasarkan alasan yang diberikan oleh syarikat dan keadaan sekitar kelewatan itu. Adalah penting untuk ambil perhatian bahawa Pelanjutan Masa tidak mengecualikan syarikat daripada kewajipannya untuk memfailkan penyata kewangan atau dokumen berkanun tetapi memberikan masa tambahan untuk berbuat demikian. Kegagalan untuk memenuhi tarikh akhir yang dilanjutkan boleh mengakibatkan penalti atau akibat lain seperti yang ditetapkan oleh undang-undang dan peraturan yang berkaitan. Oleh itu, adalah penting bagi syarikat untuk membuat permohonan yang tepat pada masanya dan tepat untuk Lanjutan Masa dan memastikan pematuhan kepada semua keperluan berkanun.