Malaysia tax forms

Fixed assets disposals

Overview

These sheets are used to aggregate and reconcile all the disposals. The sheet Fixed assets disposals summary needs to be created out of the Fixed assets summary sheet.

Completing the Sheets

Fixed assets disposals summary
This sheet gathers disposals analysis amounts analysed in the following sheets and automatically includes them in the summary as separate rows. The disposals cost between Fixed asset summary and Fixed assets disposals summary is checked with each other. The total cost of fixed assets disposed off / written off is reconciled with the Income Statement.
Fixed assets disposals analysis
On this sheet, enter disposals and classify the business using the Business dropdown if multi businesses. This sheet can be inserted more than once, so each sheet can also have a unique description.
For each disposal, choose a category and insert the year of assessment/purchase. This action will automatically summarize and aggregate disposals by the year and IA – AA rate in the summary section.
Where applicable, if there is an incentive claw-back required, the Fixed assets disposals analysis sheet is linked to that incentive allowance sheet for that business.
note
If additional allowance rates are required, these can be added by configuring a Line item with the details of the new rate, and then inserting them into the calculation.
The summary rows of the Fixed asset disposals analysis sheet can also link the total qualifying cost to the disposal amount in Capital allowance sheets. Each IA-AA rate and year of purchase in the Summary section will have a dropdown and you can choose a target Capital allowance sheet to link. If you do want to use the auto-link of disposals feature, select ‘None’.
Error message
How to clear the error
No Capital allowance / Industrial buildings allowance / Agricultural allowance sheets for Business X
No Capital allowance / Industrial buildings allowance / Agricultural allowance sheets for Business X
Disposal not linked
  1. Choose a target Capital allowance sheet and the message will be updated to “Disposal linked”. The target capital allowance sheet should have a row which matches the IA - AA rate and year of assessment/purchase.
  2. Tick the error message if you don’t want to link the qualifying cost. The message will be updated to “No auto-link”
Sheet doesn’t relate to Business X
Select a relevant target Capital allowance sheet for the Business
For example, for a disposals analysis relating to Business 1, select a target capital allowance sheet for Business 1.
Fixed assets disposals adjustment
On this sheet, enter disposals adjustment and classify the analysis by business using the Business dropdown. Once you give a sheet description, after refresh, it will automatically display in the list. This sheet can be developed more than once.

This article applies to:

  • Product: ONESOURCE Corporate Tax