Malaysia

August 2024 Malaysia

New template versions

We have released new templates for ONESOURCE Corporate Tax. When you create a new calculation, these template versions will be the default.
New template versions
Template
YA2023 (Updates)
YA2024 (New)
Malaysia Company
1.74
1.16
Malaysia Group
N/A
1.01

Upgrade to the latest template

When you open a calculation, you may be prompted to upgrade your calculation. If you want to upgrade, select
Yes
. You can also run a comparison between the old and new templates.

Upgrade to an earlier version of the template

If you want to upgrade to an earlier version of the template:
  1. Select
    More
     on the
    Calculation Management screen
     (CMS) for that entity.
  2. Select
    Upgrade to
    , then select the template you want to upgrade to.

Upgrade templates in bulk

You can upgrade multiple templates at the same time.
  1. Select the templates you want to upgrade.
  2. Select
    More
     on the
    Calculation Management
     screen (CMS) next to any of the templates.
  3. Use the
    Upgrade
     option to upgrade to the latest template or the
    Upgrade to
     option to upgrade to an earlier version of the template.

Forms and legislation updates

Title
Description
YA2024 JSON eFiling
The YA2024 template allows for the e-filing of tax computations using JSON. The software allows the JSON to be transferred to the TAeF site for submission. Please note, however, that the IRB eFiling testing services have not been made available at the time of release. If any amendments need to be made to the templates, we will release these in due course.
Capital gains
A new Capital Gains sheet has been added to the template. The sheet is similar in structure and functionality to existing sheets such as Dividend, Royalty, or Premium income sheets. The Capital Gains calculation reconciles to the income statement and can also be reconciled to the "Other foreign income" sheet.
Business and pioneer losses
The 'Losses from business' sheet has been updated to include the new column relating to pioneer losses.
Minor legislative updates
All updates and new fields required for YA2024 have been added, including "Comply with the economic substance requirements" for received exempt foreign income, and additional information relating to E-Commerce companies.

Other enhancements

Title
Description
Categorised Income Statement Analysis subheadings
The income statement sheets now include sub-headings to improve the appearance of the
Categorised Income Statement Analysis
 sheet and clarify the relationship with the
Audited Income Statement
.
The
Categorised Income Statement Analysis
 sheet features a column for
Audited Income Statement Category
 with dropdown selectors. Users can select captions from the audited income statement sheet. Once sorted, subheading rows will be inserted based on the order in the
Audited Income Statement
 sheet.
The
Audited Income Statement
 sheet remains optional, but captions should be entered to use the subheading functionality. The
Audited Income Statement Category
 selectors are available in reports and can be imported for increased automation.
Special/Further/Double Deductions sheet improvements
The
Special/Further/Double Deductions
 sheet has been enhanced to handle deductions with limits, such as the cap on
Secretarial and Tax Filing Fees
, more efficiently.
This improvement simplifies the calculation process for preparers and clearly presents restrictions for reviewers. Full amounts can be linked from the calculation to the
Special/Further/Double Deductions
 sheet. If a cap is exceeded, a row will be inserted in the Restrictions section to reduce qualifying amounts to the cap. For single business calculations, this is done automatically; for multiple business calculations, the restriction can be allocated across relevant businesses.
Trade disallowable improvements
Rows linked to the
Non-Allowable Expenses and Non-Taxable Income Summary
 sheet will now be sorted by sheet names, enhancing readability for reviewers. For example, disallowable expense amounts linked from the B1, D1, and D2 sheets will be shown on the summary sheet in that order, rather than in the order data was entered.
Permitted Expenses in Combined Analysis sheet
Permitted expenses can now be added via the
Combined Expense and Analysis
 sheets, making these sheets more usable for investment holding companies.
Display cross references to reconciliation section
Minor improvements have been made to display cross references between the income statement and income sheets such as Dividend Income and Interest Income.
Printing and display formulae improvements
Minor updates to sheet display, including the Capital Allowance summary sheet displaying the balance carried forward as zero if allowances have been utilized.

Other updates

Title
Description
Allow calculation to be submitted multiple times
The software now allows data from a calculation to be transferred to TAeF more than once. If you use eFile to transfer calculation data to TAeF and need to make a change, you can re-submit the data to TAeF.
Display issues
We have fixed minor display issues for the "Adjusted Income Before Interest Expenses Under Section 140C of ITA" row and the 'Return Summary - Income Statement' sheet. Additionally, we updated the "Analysis of Provision Utilised/Paid" sheet so the "Analysed As" column will now only display and print in review mode.
Non-allowable expenses indents
We corrected an issue with the indentation on the 'Non-Allowable Expenses and Non-Taxable Income Summary' sheet.
Minor changes
We corrected a typo in the Losses from Business sheet.

This article applies to:

  • Product: ONESOURCE Corporate Tax