Yes, thatās correctābut 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:
1ļøā£ Submit Unaudited Financial Statements (UAFS) to SSM annually (MBRS submission fee, estimated cost: RM 1,000)
2ļøā£ Tax filing : submit Form C to LHDN using final management accounts.
Key Highlights:
Phased Thresholds:
ā¢ FYE 2025: Revenue not exceeding RM1 million.
ā¢ FYE 2026: Revenue not exceeding RM2 million.
ā¢ FYE 2027: Revenue not exceeding RM3 million.
Minimum Requirement:
Current financial year and in the immediate past two (2) financial years does not exceed the threshold.
Ā How Does Malaysia Compare Globally?
ā¢Ā šøš¬Ā Singapore: Audit only if revenue > SGD10M.
ā¢Ā šš°Ā Hong Kong: Audit is compulsory (except dormant companies).
ā¢Ā š¦šŗĀ Australia: Audit only if revenue > AUD50M.
What Does This Mean for SMEs?
Lower compliance costs = More resources to reinvest in growth! This reflects SSMās 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 ātaxPODā, 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.
š¬ What do you think about this phased approach? Will this be a win-win for businesses and auditors?
Want to learn more about starting a business? How to set up a company? What to look out for when starting a business? Join our online sharing session!
For more details, feel free to WhatsApp us!
WhatsApp: 018-7678055