Yes, that’s correct—but only if your company meets the new audit exemption thresholds introduced by SSM!
Download the SSM guide HERE
This game-changing policy could save thousands on audit fees for eligible SMEs. However, companies still need to:
1️⃣ Submit Unaudited Financial Statements (UAFS) to SSM annually (MBRS submission fee, estimated cost: RM 1,000)
2️⃣ Tax filing : submit Form C to LHDN using final management accounts.
Key Highlights:
Phased Thresholds:
• FYE 2025: Revenue not exceeding RM1 million.
• FYE 2026: Revenue not exceeding RM2 million.
• FYE 2027: Revenue not exceeding RM3 million.
How Does Malaysia Compare Globally?
• 🇸🇬 Singapore: Audit only if revenue > SGD10M.
• 🇭🇰 Hong Kong: Audit is compulsory (except dormant companies).
• 🇦🇺 Australia: Audit only if revenue > AUD50M.
What Does This Mean for SMEs?
Lower compliance costs = More resources to reinvest in growth! This reflects SSM’s commitment to building a business-friendly environment while maintaining financial transparency.
Reminder: Stay on top of your accounts and plan your taxes wisely! A messy financial record could cost you more in the long run!
You can subscribe to “taxPOD”, a tax e-learning platform to learn how to save more tax. Only pay what we owe, not to pay a single cent of unnecessary tax.
💬 What do you think about this phased approach? Will this be a win-win for businesses and auditors?
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