ABSS has released v30 of both ABSS Accounting and ABSS Premier to ensure compliance with the increase of Service Tax rate from 6% to 8% from 1st March 2024. For more details on the increase, see Service Tax 2024. The new releases include the following service tax codes: D08 Service tax 8% on own use…
Service tax at 8% from March 2024 In the 2024 budget, it was announced that service tax rate would be increased from the current 6% to 8% effective 1st March 2024. The increase of 2% does not apply to: The service tax rate for the above will remain at 6%. The scope of service tax…
The latest versions of ABSS Accounting and ABSS Premier, released on 6th September 2022, come with compliance updates, new features as well as enhancements. New feature Transaction Journal Vouchers Some accounting transactions are required to be approved. In these newly released versions, you can print out transaction vouchers for approval. These transactions include: You can…
ABSS is an accounting and payroll solution specifically designed for small and growing businesses. In South Asia, it was originally known as MYOB, but was rebranded as ABSS in January 2018. The ABSS accounting system is based on the same design and framework as MYOB, with similar user interfaces and functionality. ABSS Application Welcome Screen…
Windows 11 is a major release of the Windows NT operating system developed by Microsoft that was announced on June 24, 2021, and is the successor to Windows 10, which was released in 2015. From October 2021, Microsoft began releasing Windows 11 as a free upgrade for Windows 10 users. However, older computers may not…
EPF Increase tax relief up to RM4,000 for EPF contributors to cover voluntary contributions Minimum employee EPF contribution rate reduction from 11% to 9% to be extended up to June 2022 SOCSO Increase the salary ceiling of the insured from RM4,000 to RM5,000 to improve social security coverage for 9 million workers covered by SOCSO…
We have often been asked “Is ABSS the same as MYOB?”. The answer is both yes and no. The same solution ABSS is generally the same as MYOB because it is the same solution, with similar user interfaces and functionality. Application Welcome Screen MYOB Accounting v24 ABSS Accounting v25 The Accounting welcome screen that you…
Released August 2021 HRDF Compliance In March 2021, HRDF coverage was expanded to cover all industries with 10 or more Malaysian employees. Read more about this here Payroll v13 has been updated to comply with these requirements. Setup HRDF Contribution In the Command Centre, click on HRDF Contribution. Alternatively, click on Command Centre, Setup, then…
Tuesday, 1st June 2021 In view of the latest lockdown in Malaysia from 1st June to 14th June 2021, the Prime Minister has announced an aid package to help ease the burden of the people and in support of business continuity. Here are some highlights from the announced package that apply to businesses: SOCSO subsidy…
In March 2021, the existing HRDF levy was extended to cover all industries, with employees of 10 or more. Business that fall into this category are required to register and make contributions towards the HRD fund. The rate of levy depends on the number of Malaysian employees as follows: Number of employees Registration Rate of…
