My father’s company has around RM 100,000 in the bank account. If he withdraws RM 80,000 in one go from the company’s bank account and transfers it to his personal savings account, is there any issue?

He is the only shareholder of the company.

SOLE PROPRIETOR company


Not sdn bhd company.....

He plans to deposit the amount from his bank account into his EPF (KWSP) account because he's already over age 55. This way, he can earn higher interest and withdraw funds anytime.


We want to ensure the transfer from the company to his personal account is documented correctly to avoid any potential tax or legal issues.


Should we ask the accountant to record this withdrawal under a specific name or description?


# Calculating interest on RM 80,000 at 6%

principal = 80000
interest_rate = 6 / 100

# Calculating the interest amount

interest_amount = principal * interest_rate



RM 4800 interest !!

This post has been edited by plouffle0789: Yesterday, 03:12 AM

Maybe it can be transfer as dividend?

You need to create expenses receipt for the above transaction. It can be for the following company expenses

- Entertainment cost
- Travelling cost
- Rental cost

etc

but everything paid out from company account must have an accompanying receipt with the exact amount transferred.

if the company need to submit audited report every year then talk with your accounting ppl and do the needeful entries so that u got get wierd queries later

you said not sdn bhd company. and its impossible to be bhd or LLP with sole shareholder

therefore it is sole proprietorship right? sole proprietorship don’t need supporting for withdrawals.

there is a specific box for capital withdrawals under the form B tax filing form

So just write " capital withdrawals" is ok?

Need to have black and white what is the transaction for.
Or else is considered as swindling money out.

Can just write capital withdrawals ?

Just normal withdrawal transaction will do since it is not sdn bhd

Bro u teach ppl how to evade tax openly in forum? It is illegal bro Hahahah

This post has been edited by foofoosasa: Nov 14 2024, 06:37 AM

Sole prop tak payah kisah la. You are not really company. Tax rate also follow normal rates and not company rates.

How much is the normal rate and company rates?

Now just the boss which is the only shareholder want to put in own KWSP only ....

Not go for travel or entertaiment....

Accountant : what is the purpose? Where is the receipt of proof? For claim? Receipt please, what is this what is that? U cannof produce proof, i wont endorse your audited report.
Saw many did the same for personal gain, in the long run, company slowly dying because lack of cash.

This post has been edited by Rorschach85: Nov 14 2024, 07:18 AM

Record bonus or allowance

Is it only sdn bhd have audited report?

My father only hire accountant for LHDN filling ...

if the money generated 90k is from last year or more, which already being paid profit tax, that money is consider paid tax money , clean money , that you can do whatever you want it is legal,
if the money earn is a new money this year, and not yet pay tax. then putting money into epf there is a cap of that how much will only be deductable.

key point is as long as that money in the pass already pay tax, then no need consider or worry about tax,

Just ask accountant filling lhdn as director allowance or dividend?

Nothing wrong for enterprise to have audited report.
Since its enterprise, your daddy money = company money either way will kena taxed anyways.
Don't know how LHDN will see it.

This post has been edited by Rorschach85: Nov 14 2024, 07:31 AM

Is the audited report only used for LHDN tax filing?

My father just uses a blue pen to write all received (business transactions) and outgoing (payments to suppliers) money transactions in a big book.

He does not know how to use a computer.

We hire an accountant for tax filling LHDN only.

This post has been edited by plouffle0789: Nov 14 2024, 07:35 AM

Not required, but required to be submitted to SSM annually. at least for sdn bhd.

company -> personal aka donasi. malaysian famous for it

This post has been edited by commonsense: Nov 14 2024, 07:38 AM

But later will live in sungai buloh for 6 years leh

This post has been edited by plouffle0789: Nov 17 2024, 01:50 AM

so ur dad's company is enterprise? then probably didnt audit? then jus write reimbursement also ok lo

reimbursement of director?


I worried lhdn will ask....

aiyo first you are sole prop so its personal.
so i ask you your father draw his salary from where ?
what he write in the cheque when he draw salary ?
so when he naik gaji how? work 30 years when he decide naik gaji ??

then when naik gaji how he tell LDHN ? as sole prop ?
so draw lah some gaji yearly xxx amount put in epf.
all the question marks are you answer.

See below

Where is your company secretary?

No secretary...

My father use a pen and 3 books to record all in and out transactions......

This post has been edited by plouffle0789: Nov 17 2024, 03:36 AM

90% de questions and answers given here are "kopitiam punya".

You better ask in finance section. But 10% here is correct.

This time, a lump sum of RM 90,000 will withdrawn from the company bank account to a personal bank account, leaving RM 30,000 in the company account.


The father's monthly salary is recorded as RM 3,000 in the EPF records.


The father has been running the business for over 20 years, but he has never increased his own salary.

This post has been edited by plouffle0789: Nov 17 2024, 06:02 AM

so how he come to conclusion his salary is rm3000 ?
can he draw RM90000 salary ?

why 3000 can and 90000 cannot ? who decide can or cannot ?

just pay your pcb tax la for this 1 time 90000 as salary.
next month back to rm3000 la.

Are you saying it is a SOLE PROPRIETOR company? If yes, that is his money so I suppose he can do what he wanted.

But if it is Sdn Bhd, different story.

Maybe TS need to state what type of company first

Wah 90k so rich…
Unker here very poor no income… can your kind heart donate some to unker?

Xxx trading


Not sdn bhd

Only have 1 shareholder

pinjam your friend 60k then write it off

Why would I do it this way?

The company account has money.

Write bonus can?

SOLE PROPRIETOR company

If sole prop/partnership

Tax already paid on that amount via Form B la and already considered your money

Withdraw then no problem la, as someone said just fill in the withdrawal amount in next Form B filing

Just need to make sure that amount of money already declared as per last Form B filing and tax already paid on it, then confirm clean no issue with LHDN since already bayar tax

This post has been edited by DogeGamingPRO: Jul 3 2025, 06:38 PM

it has been in the bank account so 5 years....

So can i write bonus on form B?

No need declare any extra income in next Form B
It’s not new income from this year

It’s income from past few years which is already declared and paid tax on in past few years form B

Already clean and taxed money, already considered your money can just take out. You’re just transferring your money from one bank account to another basically, not considered new income

But have to make sure lah past few years been declared properly and proper taxes paid

This post has been edited by DogeGamingPRO: Jul 3 2025, 06:45 PM

Understand

Just use MAE apps transfer money from company account to personal bank account right?


Why my accountant said cannot anyhow withdraw many amount of money?

Usually scared trigger anything from bank or LHDN side, just in general need to be careful it’s not wrong when it comes to large amounts of money

So that’s why need to make sure the previous Form Bs all done properly and conlanfirm taxes already paid on that amount of money, and got proper records of where the money came from then nothing to worry.

Since sole prop is not separate entity, if u made 100k last year and declared in Form B and paid taxes on it, that’s already considered your money and u are free to withdraw to your personal account or whatever. Just mark as withdrawal

This post has been edited by DogeGamingPRO: Jul 3 2025, 07:10 PM

just write a voucher and state fund withdrawal... it will be ok.. don't forget there's a maximum of rm3000 tax free for EPF/PRS contribution yearly, so every year, write a voucher and pay rm3k to his epf too..( provided he doesn't have to pay insurance, as the 3k encompasses this figure.. ask the accountant for clarification).. there's some personal perks for electronic gadgets rm3k every 3 years which he can use too

Creative accounting

it's provided by LHDN..,personal is rm9k for all these but keep vouchers/bills as proof, married/kids etc are also another form of tax relief..(refer your accountant for details)..

Do you know 2025 can just withdraw from bank?

This post has been edited by plouffle0789: Yesterday, 03:11 AM

no issue, bab sole proprietor.
kalau sdn bhd, lain crita...

But accountant ask the boss how they should write in lhdn borang b wor?

wtf borang B ...

DR Advance to Owner
CR Bank Account

Both balance sheet la

borang B only PL

sole proprietorship mah

? the accountant asked this question?.. do they have the required qualifications n experience? or just book keepers?.. this is necessary, as you have to check all previous years work, which they had been submitting to LHDN..
in normal cases, they know what to do n advise you if the voucher was incorrectly filled

Just keep all receipts for tax purposes, your business account can be zero also no issue.

last time, gua withdrew 50k first from company acc. after a week, withdrew another 100k. then another week later, withdrew 100k again. no declare i/tax after that. one time off...

in the benining got put in capital?

btw sole pro tak payah susah la. ambil saja.

What does an accountant usually fill in for the LHDN before April every year (if the company boss withdraw RM 80,000 one time at october) ?

for sole pro ur account got no difference with ur personal. fill in apa pun sama. sole pro account if u take money without receipt/invoice means director use. write wat aso no use.

Best is put it as company pinjam to director.. haha.. interest free loan