Nov 14 2024, 07:24 AM
QUOTE(plouffle0789 @ Nov 14 2024, 04:18 AM)
My father’s company has around RM 90,000 in the bank account. If he withdraws RM 60,000 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.
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 60,000 at 5.6%
principal = 60000
interest_rate = 5.6 / 100
# Calculating the interest amount
interest_amount = principal * interest_rate
RM 3360 interest !!
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, He is the only shareholder of the 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 60,000 at 5.6%
principal = 60000
interest_rate = 5.6 / 100
# Calculating the interest amount
interest_amount = principal * interest_rate
RM 3360 interest !!
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,
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