Accounting Software Malaysia Comparison Every business needs an accounting software. Which accounting software is best suited for your business? Every business needs an accounting software. Which accounting software is best suited for your business? Besides the basic recording and bookkeeping, what more can the accounting software do? How can the accounting software contribute to your business’s grow? Accounting software is a complex software. This makes it difficult to switch between different software providers, so it is most likely that once you have decided on an accounting software, yo ..read more

Payroll Software Malaysia Comparison What type of payroll software is suitable for your company? Does your company need a local payroll or cloud payroll system? Why do your company need a Payroll Software? Payroll processing is not an easy feat. In Malaysia, employers must adhere to the rules and regulation of multiple government bodies.  Currently there are 4 main government bodies related to human resource and payroll. KWSP (EPF), PERKESO (SOCSO & EIS), LHDN (PCB), and HRDF are responsible in ensuring the safety and wellbeing of workers at work, income tax collection, and savings ..read more

What is EIS? EIS is the Employment Insurance System. It is a financial scheme to provide assistance to employees who have lost their job. EIS is managed by SOCSO. EIS is meant to enable workers that have been retrenched. Monetary funds are given for up to six months. The contribution rate for EIS is 0.2% of the employee’s wages for both the employer and employee. EIS contribution is not required if employee is above the age of 60 years old and below the age of 18 years old ..read more

What to Consider Before Purchasing a Payroll Software? What makes a good payroll software? Payroll software is an unavoidable necessity for every company. Every company regardless of their size needs to process salary for their workers and adhere to the statutory contribution rules according to the country’s labor laws and regulations. Multiple elements are involved in payroll processing such as overtimes, allowances, commission, and claims must be properly keyed in. Without a good and dependable software, it is difficult to keep track of all of these things. Luckily SQL Payroll is an all-in-o ..read more

What is SOCSO? SOCSO is a social security organisation that is also known as PERKESO. They provide medical and financial assistance for employees that have their abilities reduced or incapacitated due to accidents or disease. SOCSO also provides assistance in the form of pensions to the next-of-kin of deceased employees. What does SOCSO First Category and Second Category mean? SOCSO First Category For employees under the age of 60 years old, the contribution rate under this category is 1.75% of the employer’s share and 0.5% of the employee’s monthly wages according to the contribution sched ..read more

What is PCB? What is PCB? PCB stands for Potongan Cukai Bulanan or Monthly Tax Deduction (MTD) in English. PCB/MTD is a tax deduction system where employers deduct their employee’s monthly earnings to reduce the amount of income tax that employees have to pay at the end of the year. Deduction rates as well as schedules are decided by LHDN. Employers must make deductions based on the given rates and schedule. Fortunately, SQL Payroll can automatically calculate the PCB contribution rates for every employee. Use SQL Payroll to experience convenience without sacrificing accuracy. Why is PCB use ..read more

3 Common Taxation Misconceptions About Rental Income Misconception 1: Property owners must declare the income made from renting out their property. Rental income for residential property or non-business sources is often mistaken as an INVESTMENT hence making it an exempted from taxes. When in actual fact, this rental income is taxable by LHDN. Failure to report this income, poses risk of being penalised under section113 under the Income Tax Act 1967. Regardless of how you came to own the property, if it was inherited or self-bought, the income must be declared. It is stated Under Section 4D ..read more

How to perform resubmission of KWSP Borang A , SOCSO , LHDN PCB? There could be a situation where we discover errors in our KWSP, SOCSO, or PCB documents after submitting it. There is no need to panic. You can do a resubmission of these documents in order to rectify the initial mistakes. How do we do a resubmission? For submitting Borang A with the wrong contribution amount to KWSP: Step 1: Send Letter to KWSP Prepare a letter and fax it to KWSP contact centre at 03-89226222. The letter should contain the following details: Name of company Company’s EPF number Name of the submitted file Fil ..read more