BRASSTAX is a complete Tax Compliance solution built to support the Malaysia Tax System. We have solutions to support the major forms (Borang) and worksheets as required by Lembaga Hasil Dalam Negri Malaysia (LHDNM).
BRASSTAX is the Tax Solution used by the leading Tax Professionals and Commercial firms in Malaysia. There are several key concepts that drive the development of our Tax Solutions:
- 1. Must support the preparer and the reviewer
- 2. Must be easy to use
FEATURES
Assessment Profile
Asset Module
Income Statement
Accounts Analysis
Compliance
Reports
E-Filling
Review Notes
Sample Reports
Assessment Versioning (Web Version only)
Versioning is a core concept that runs through BRASSTAX. Each version is automatically created and managed by the system based on specific rules that allow Tax Computations to be prepared progressively, or allow versions to be deleted so that the computation can be reverted to the earlier version.
Work Flow Management
BRASSTAX understands management controls should be applied throughout the course of the Tax Preparation process. This is why we have enforced these same to controls to ensure that updates are done in a managed way.
Common Assets
Assets may be used by a single business source, or can be utilised across multiple sources. BRASSTAX® allows you to define how the asset is used by each business source, which will determine how the Capital Allowance allowances will be computed for each source.
Reclassification of Assets (WEB Version only)
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Automatically creates the necessary transactions in the Account Analysis to create Expense Transactions for assets are expensed off. Similarly, Assets will be automatically created when expenses are to be capitalised.
Partial Disposals
There may be many occasions where part of an asset is being disposed/written-off. Simply tell BRASSTAX® what portion of the asset was disposed, and it will automatically work out the Capital Allowances, Balancing Charges/Allowances.
Automated Capital Allowances
Whether you have a simple Capital Allowance calculation, or something more complicated that involves Disposals or Incentives, BRASSTAX® will take care of it automatically. Each time you change something about the asset, the system will compute the Allowances that are applicable, and update the schedules.
Hire Purchase
BRASSTAX® allows you to compute your Allowances based on Individual payments, or on the accumulated totals. Just enter in the payments that you have made, and let BRASSTAX® do the rest for you.
Incentives
BRASSTAX® provides support for a wide range of Allowances & Incentives such as:
- • Capital Allowance
- • Investment Tax Allowance
- • Reinvestment Allowance
- • Accelerated Allowances
- • Small Value Assets
- • Agriculture Allowance
- • Renovation and Refurbishment of Business Premises
Spread Sheet Imports
Quickly transfer your Additions from your asset register, or import your past years Capital Allowances. BRASSTAX provides a powerful import that allows Assets to be quickly imported from any Excel Spread Sheet and eliminates costly typing errors.
Components
For larger asset purchases, you may find it necessary to document the components (for example a large machine, or a purchase of Furniture and Fittings). In this case BRASSTAX® allows you to document the various components of the asset. In the case of disposals, you can document which parts of the asset have been disposed of, and BRASSTAX® will automatically use this information to compute your allowances.
You design the format
Easily reorder or structure your accounts by dragging and dropping them to structure the Income Statement exactly the way that you want it. In addition, you can also define how you want to format each account or total.
Sub-Schedules
You can choose to keep your main schedule clean and consistent across all companies in your portfolio, by reporting details of the account into separate schedules.
Multiple Business Sources
If your company has multiple Business Sources, BRASSTAX® lets you break-down the details of each account according to each business activity.
Automated Compliance Disclosures
BRASSTAX® ensures that the Financial Disclosure section of the Borang will be automatically synchronised with the Income Statement. Simply indicate how you want to classify selected accounts, and BRASSTAX® will transfer the totals into the Borang.
Transfer to Account Analysis
If an account requires further analysis, BRASSTAX® will transfer it into the Analysis of Accounts, and will automatically create the necessary cross-referencing in the final reports.
Import
Easily transfer your financial information from your Accounting/Audit system by importing your Income Statement directly from Microsoft Excel.
Check & Balance (Web Version Only)
Any accounts that are analysed from the Income Statement will be automatically highlighted if the analysed balance becomes different from the financial accounts.
Common Expenses
Expenses may have been incurred by a single business source, or can be shared across multiple sources. BRASSTAX® allows you to define how the expense is to be apportioned across the business sources and how it should be use up in the Tax Computation.
Supporting Details (Web Version Only)
Provide additional details for accounts, or transactions by attaching Excel, PDF or Image documents to them. Each document will be indexed and will be automatically included into the final Tax Computation documentation.
Automated Tax Adjustments
In most cases analysing an account can be done with a single click to indicate the treatment. BRASSTAX® will automatically create the necessary tax adjustments and post them into the Tax Computation.
Automatic Cross Referencing
Accounts that have tax implications will be automatically cross referenced with the Tax Computation. This then provides 100% traceability from the Tax Computation back to the audited accounts.
Provision Accounts (Web Version Only)
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Support for both Income and Expense Provisioning is provided, along with automated generation of movements. Each movement can be monitored at either a general or specific level, and each movement will be automatically transferred into the Tax Computation.
Cut and Paste from Word (Web Version Only)
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Quickly transfer information into Headers, Footers, or Transaction details from your word documents by copy and pasting the required text. BRASSTAX® will retain all the formatting in the printed report.
Import
If already have analysed your accounts using a Spread Sheet, then you can quickly import this work into BRASSTAX®. Each analysed transaction will be automatically transferred into the Tax Computation.
Assessment Profiles
BRASSTAX® allows you to predefine the profile of your business including Income Source, Incentives, Non-Business Income by defining Assessment Profiles, BRASSTAX® allows you to focus on the information that is really required for your Tax submission. Define the types of Income, Incentives.
Provisional Tax Computations (Web Version Only)
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Larger companies typically require tax computations to be prepared on a month by month basis. BRASSTAX® implements a versioning system that allows you to progressively prepare your final tax computation, and lets you go back in time to any version.
Support for 60F and 60FA companies
Provides support for the computation of both 60F and 60FA companies.
Drill to the details
Our unique drill-downs make it is possible to trace the source of all computed values back to the original transactions. This makes it easy to answer any questions relating to how the assessment figures were computed.
Incentives
BRASSTAX® provides support for multiple incentives*. The incentives that are currently provided are:
- • Pioneer (Pre and Post periods)
- • Reinvestment Allowances
- • Investment Tax Allowance
Customise your Company Logo
Customise both the look of the application and the reports by adding on your own company logo.
Customisable reports (Web Version Only)
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The most important part of the Tax Computation is the final presentation; this is why we have developed a sophisticated reporting engine that allows us to customise the look of the reports to your exact needs. If you require certain reports to reflect your processes, just let us know and we will be happy to speak to you about your requirements.
Automatic Indexes and Cross-References
Print multiple reports, and BRASSTAX® will automatically add on an index page, with references to each of the reports (including any supporting schedules). We are also able to preset the schedule name, reference and standard remarks according to your requirements, so that every staff member will generate the same type of documents.
Prepare Excel Workbook (Web Version Only)
Our reporting engine allows BRASSTAX® to compile all documents into a finished excel workbook that looks similar to the workbooks that are manually produced. Alternatively you can also elect to produce a PDF version of the report.
Direct Link to LHDN e-filing
BRASSTAX® provides a seamless link to the LHDN e-Filing system, making it possible to transfer all your compliance information directly to the LHDN, accurately and securely.
Single Signon
Our single automated signon technology ensures that staff never need to directly access the e-filing. This eliminates the possibility of anyone being able to manually logon to the e-filng and change information, and ensures that the submitted information is always consistent with the information stored in BRASSTAX®
Pre-Filing Checks and Warnings
BRASSTAX® performs automatic validation checks to ensure that all required information has been supplied before the assessment can be electronically submitted.
Auto download of documents
Draft documents and final acknowledgements are automatically downloaded once the electronic submission has been successfully completed.
Communicate with the team
BRASSTAX allows you to create discussion threads against specific things that may need clarification, and the Review Note Wall makes it easy to locate discussions that items again.
Virtual Post-it notes
Attach notes to virtually anything, to keep yourself and others informed of activities that need to be completed, or as a reminder of why certain decisions have been made.
Get Action on time
Set ‘due by’ dates against selected review notes, and broadcast your requirements via email to others who have access to the selected file. They can be sent emails that provide links that allow them to quickly find your note.
To-do list
Each item tagged with a due date will be classified according to urgency and can be easily accessed via the to-do list. This makes it easier to keep track of action items for each assessment.
