Tuesday, March 29, 2016

Singapore Budget 2016 - what is in it for business?

Much anticipation of Singapore budget concluded on 24 March 2016. Business owners starts to ask: what is in it for us?

Well here's the quick summary for business owners:

  1. Special Employment Credit (SEC) will be extended to  31 December 2019.
  2. The SME Working Capital Loan will provide loans of up to $300,000 for local SMEs. The Government will co-share 50% of the default risk of these loans with participating financial institutions (PFIs).
  3. Automation Support Package:
    1. SPRING’s CDG will be expanded to support the roll-out or scaling up of automation projects at up to 50% of the qualifying cost. The grant is capped at $1 million
    2. Qualifying projects may be eligible for an Investment Allowance (IA) of 100% on the amount of approved capital expenditure, net of grants. This IA is in addition to the existing capital allowance for plant and machinery. The approved capital expenditure is capped at $10 million per project.
    3. To improve access to loans for qualifying projects, the government will increase the risk-share with PFIs under SPRING’s Local Enterprise Finance Scheme (LEFS) equipment loan, from 50% to 70% for qualifying projects undertaken by SMEs. We will also expand LEFS to cover equipment loans for non-SMEs at 50% risk-share with PFIs.
    4. IE Singapore will work with SPRING where relevant to help businesses to access overseas markets.
  4. Expand the SME Mezzanine Growth Fund from the current fund size of $100 million to $150 million3, by providing additional funding of up to $25 million to match new private sector investment on a 1:1 basis.
  5. Trade Associations and Chambers (TACs), SPRING will introduce a new LEAD-Plus programme to support TACs in attracting talent, developing their capabilities, and strengthening their processes and services.
  6. Proceed with announced levy increases for Work Permit holders for all sectors except Marin and process (which will be deferred).
  7. CIT rebate will be raised to 50% for YA 2016 and YA 2017, subject to a cap of $20,000 rebate per YA.
  8. To support more M&As, the existing cap for qualifying M&A deals will be doubled from $20m to $40m, such that: a) Tax allowance of 25% will be granted for up to $40m of consideration paid for qualifying M&A deals per YA; and b) Stamp duty relief will be granted for up to $40m of consideration paid for qualifying M&A deals per financial year.
  9. Extending the Double Tax Deduction (“DTD”) for Internationalisation scheme.
  10. The cash payout rate will be lowered from 60% to 40% for qualifying expenditure incurred from 1 August 2016.
  11. Under BIPS, businesses will enjoy an additional 150% tax deduction on wages and incidental expenses when they send their employees to volunteer and provide services to IPCs, including secondments. This will be subject to the receiving IPCs’ agreement, with a yearly cap of $250,000 per business and $50,000 per IPC on the qualifying costs.

We might have missed out some portion therefore, kindly refer to http://www.singaporebudget.gov.sg/budget_2016/Business1.aspx for full update. 

You may contact us for full version in pdf http://www.amc.com.sg/contact.html

Thursday, February 11, 2016

Moneyworks Gold - Creating a new company document in 2 minutes

This is a tutorial on how you can quickly deploy an accounting software by creating a company file and start working on your company accounts in 2 minutes.


If you are keen in downloading Moneyworks, please click on the link here.

If you want to know more about Moneyworks, please send your enquiry by clicking this link.

Wednesday, October 7, 2015

Cyber Crime - Bank Payment and Transfer Scams (2015)

Recently, there are new cases where payments are being transferred into accounts not belonging to suppliers.

Perpetrators of these scam, are able to make it so real that anyone could be the next victim. Thus it is best that there is a set of policy to prevent this from happening.

The simple trick is just to ensure the bank details are correct and verified through various parties.

Setup a policy and just stick to the same policy whenever there are changes or new addition of bank accounts details.

Some example of the steps will be ...
. Verify changes in bank account details
. Verify the bank information over telephone, ideally with someone you know and have known for some time
. Ensure a faxed acknowledgement from supplier upon the change of bank details

Hope this email will help to prevent any future incidents from these scam.

Article contributed by: Moke Tsing
Date: 8th Oct 2015

Thursday, October 1, 2015

Government Grant - Innovation Capability Voucher

Referring to Spring Singapore website, this grant is to assist SME defray cost of consultancy and solutions to improve business efficiency.

Let us talk about the solutions portion of this grant. There are many solutions SMEs can tap from this grant ranging from Accounting solutions to over 20 pre-approved list of integrated solutions available in Spring website.

This is going to be simple for SMEs with the follow 3 steps:

1. Eligibility:

  • Registered and operating in Singapore
  • Have a minimum of 30% local shareholding
  • Have group annual turnover of not more than $100 million OR group employment size of not more than 200 employees

** do note that this grant do not require you to have 3 CPF paying employees as per PIC grant

2. Application:
** simple example of qualified solutions includes MYOB, Moneyworks or HR Management Solutions

3. Claims:
4. Amount:
  • 100% up to $5,000 of the qualifying cost of solution and services
  • If project exceeds $5,000, the balance you can still claim PIC (60% cash or 400% against tax)
  • Refer to the link for ICV and PIC
Advanced Micro Control Pte Ltd will also be willing to assist you in the area of MYOB and Moneyworks!

Thursday, September 3, 2015

Backup your data against Ransomware

It has caught our attention that there is a growing threat of Ransomware. So what exactly is ransomware?

You may open your computer one day with all your files encrypted. You try to run your usual file, it says "email to xxx@xxx.com" for help to decrypt your file. You are held ransom! They would ask for some payment before sending you the code to decrypt.

See below for example:

Your file name will be changed to:

Euniq Tax Invoice (Singapore).art.id-{OUXBGKMOSUXACFILNQTVYBDGJLOQUWZCEHKM-15@8@2015 7@57@24 PM3866084}-email-helpdecrypt123@gmail.com-ver-

What's next? We do not know how they charge, or will they solve your problem after paying. After all, will you attempt to bargain with your kidnapper? 

As there is no single known solution to ransomware (as there a more than one type of ransomware), we shall talk about prevention. 

There is no better prevention then to have multiple backups! If your data is critical and expensive, then there is no excuse not protecting them. 

Here are some highlights to proper backup strategy:
1. Raid and redundancy is NOT a backup. As your data gets corrupted, it is corrupted!
2. Never backup the data in the same media. Means do not backup your data in same harddisk.
3. Detached your external media from your machine after backup. If you are using external harddisk or USB drive, detach them from the machine after backup. Leaving them in the machine will give you same effect as it allows virus to change your files away.
4. Use multiple media and swap them around. For example if you use USB drive, buy a few to rotate with label "Monday/Tuesday/Wed" etc. It is know fact that USB drives do fail us. We do not want to have a situation that our backup fails us when we needed them. 
5. Test restoring your files from your backup periodically. This is to ensure your backup is done properly and works in the event of emergency.

Hopefully we will never fall prey to ransomware or other new virus ever again! 

Tuesday, May 19, 2015

MYOB New Version Launch!

MYOB is launching Singapore Premier Version 16 and Accounting Version 21. Watch out for this space...