What is Tax Estimator

• Tax Estimator is a feature that ables to automatically calculate and alert users to notice about their estimated payable taxes which they have to pay. 

• In this feature, there is an "I want to understand about my tax situation" button that offers users an option to seek inquiry about their tax payment problem with the professional for advice and guidance. 

• When users click the button, they will be directed to the WhatsApp of the professional accountant in RW William PLT while an excel file containing their Profit/Loss, Balance Sheet, Ledger, and company profile will be downloaded. 

• This allows users to be more easily and clearly understand taxes that they need to submit in order to avoid from government penalty.

• This feature presents on two sites:

1. Home Dashboard widget:

The estimated tax amount on Home Dashboard is updated based on the current net profit/loss so that users can always view the latest estimated tax amount. 

2. Notification popup box:

Tax Estimator's notification popup box is shown whenever users navigate to Home in order to alert them about the coming tax submission date and the estimated payable tax amount. 

This popup box will keep on showing one month before the tax submission date and closing date. 

To disable it, users can tick "Don't show again" and close the popup box. 

• The tax submission date is defined as the following: 

For new businesses that have never been operated for more than a year,

For ongoing businesses that have been operated for more than a year,

• The estimated tax amount is calculated using the formula:

ESTIMATED TAX AMOUNT = CURRENT NET PROFIT OR LOSS  / CURRENT NUMBER OF MONTHS OPERATED IN                                                            CURRENT OPERATING YEAR x 12 MONTHS x TAX RATE (17%)

For example: Suppose a business with

-Net Profit/Loss                                     - RM 10,000

-Start Date of Current Operating Year   - 1 June 2019

-End Date of Current Operating Year    - 31 May 2020

If today's date is 20 December 2019, CURRENT NUMBER OF MONTHS OPERATED IN CURRENT OPERATING YEAR = 7

since December is the 7th month of the current operating year which is started in June.

Therefore, ESTIMATED TAX AMOUNT = RM 10,000 / 7 x 12 x 17% = RM 2,914.29

• External FAQ

What is Tax Estimator? 

Tax Estimator is a module that provides Biztory users get to know your estimated tax payable amount by providing a solution site as well by collaborating with RW William to understand your tax situation.

Why do I need Tax Estimator?  

Tax Estimator is important for you because it creates alert for you to be aware of your current tax situation before your CP204 submission. Instead of estimating your tax payable based on personal feelings or baseless information that might lead to wrong estimation, Tax Estimator provides a solution to identify your tax problem. 

Do I need to pay to use Tax Estimator?  

If you’re Biztory users, you don’t have to pay to use Tax Estimator. If you don’t have Biztory Account, you may register a 30 days free trial accounting.

How can I access to Tax Estimator?

You may access the Tax Estimator by logging in your Biztory account. It will show as a widget on the dashboard interface and it will automatically update the tax amount calculation whenever there is any update.

What information will I see on Tax Estimator?

The information you will see on Tax Estimator is the amount of estimated tax payable which auto computation at the back end, based on your financial data being input into the system.

How can I know more about my tax situation?

You will know your tax situation through clicking the “I want to understand about my tax situation” button when you are in your Biztory Account and professional advice will be given. 

When facing tax issues, how should I seek professional advice? 

RW William will provide consultant services to you if you are keen to know more about your company tax situation in detail after noticing the estimated tax payment amount on Biztory software’s dashboard.  RW WIlliam is a one-stop accounting and tax solution site that provides for you to manage your accounting and taxes. You may engage them to optimize your tax problem.

If there is any update for Tax Estimator in the future, how can I update it? 

Tax Estimator will update automatically whenever there are updates.