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CA (Test, Motor vehicle, Asset lifespan <2 yrs
:red_cross:CA
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CA
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Asset lifespan <2 yrs
- :red_cross:CA
- :check:ded on replacement basis
Initial cost
- :red_cross:CA
- :red_cross:ded
- when disposed, :red_cross:taxable
Replacement cost
- :check:ded
- when disposed, taxable
- set off against adj inc of particular bs
- excess CA c/f set off in same bs source (c/f 7 consecutive YAs)
Excess CA + loss :red_cross:c/f, permanent loss if:
- particular bs source cease permanently
- dormant co; & change in shareholding >=50%
SVA
- 100% CA
- value of exch asset :red_cross:exceed RM2,000
- total :red_cross:exceed RM20,000 per YA
- owner of asset
- use in bs
CA for SME
- 100% CA
- SVA :red_cross:> RM2,000
- :red_cross:restriction to RM20,000
HP asset
- deemed to be owner
- :check:CA: deposit + capital portion of instalments
- :red_cross:CA, :check:ded: interest portion
Criteria:
- CAPEX incurred is in respect of QPE
- incurred CAPEX
- used in bs
- owner at end of BP
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AA
- P&M 14%
- heavy P&M 20%
- motor vehicle 20%
- office equipment + furniture fittings 10%
Disposal of QE
AHFS = deemed disposal
sold in same period AHFS
MV @ date of classif, or
net proceeds
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when:
- sold
- discarded
- destroy
- ceased to be used in bs
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Sale, trsf / assignment
whichever higher
Insurance / compensation moneys recd
- MV, or
- insurance / compensation moneys
whichever greater
disposed <2 yrs
- CA withdrawn
- :check:BC
- :red_cross:CA withdrawn if :check:valid commercial reason
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:red_flag:computation of CA
- BC restricted to CA claimed
- DV restricted to max QE