Hi there! Talenox Updates Q4 2020 is here; find out what our busy developers have been working on in the last quarter.
If you’re a Talenox user or considering adopting Talenox for your HR operations, you’ll want to be updated on Talenox Updates Q3 2020. Check it out.
Advanced settings for bank file exports
We’ve recently launched the new Bank File (Advanced Settings) flow. This makes it a lot easier for users to export bank payments by payment groups after they have finished processing payroll.
Users can also view the Net Payments for both Bank File and Cheque under this new feature.
In the same Bank File (Advanced Settings) page, users will be able to view the Withholding Amount (middle row) too.
The Talenox system now helps users automatically calculate leave encashment (calculating unused leaves for resigned employees). Check out the full step-by-step guide in Talenox’s Knowledge Centre on how to process leave encashment.
Talenox users can now manage multi-currency payroll with ease in Talenox. In other words, payroll processing is now possible in different currencies; this includes expense claims, allowances, etc.
Past bank files
These are now possible to download in your Talenox system. It comes in handy for Talenox users where they accidentally paid out reconciliation.
Unpaid leave before/after payroll month
In other words, the Talenox system now helps users account for unpaid leave in a different month from the current payroll cycle.
Let’s take for instance the need to create an October unpaid leave deduction in November. With this new update, Talenox will now help you use October to calculate unpaid leave deduction amount
Payroll employee report
The payroll employee report export in Talenox now includes details on employees’ Added Additional Wage Ceiling.
Benefits-in-kind (BIK), including the value of living accommodation (VOLA),
are benefits arising from employment. These benefits are gross income
from employment under subsection 13(1) of the ITA 1967 and are taxable
under subsection 4(b) of the ITA 1967.
VOLA/BIK (non-monetary) can now be keyed in Step 3 (Tax Deduction and BIK/VOLA non-monetary Pay Items) in the Talenox Malaysia system.
Improved engineering logic
Talenox system’s 2021 Malaysia logic for payroll processing now programmatically supports the list of statutory rules and/or calculations below! This ensures that your HR processes are in-line with the latest labour regulations.
- Employees Provident Fund. The Employees Provident Fund announced in November 2020 that the statutory contribution rate for employees in 2021 will be reduced to 9% (from 11%). This latest statutory update has been reflected in the Talenox system for Malaysia users.
- Income tax reduction for resident individuals. This is reduced by 1 percentage point to 13% for the chargeable income band of RM50,001 to RM70,000.
- Individual income tax relief. Individual income tax relief of up to RM3,000 on Private Retirement Scheme contributions has been extended until the year of assessment 2025.
- Tax relief limit on medical expenses.
- In regards to the medical expenses on serious diseases, the tax relief limit on these spends have increased from RM6,000 to RM8,000; this is limited to self, spouse and child.
- Also, the tax relief limit for expenses on full medical check-up has increased from RM500 to RM1,000.
- Tax relief on expenses for medical treatment, special needs and parental care increased from RM5,000 to RM8,000.
- Additional tax relief for disabled spouses increased from RM3,500 to RM5,000.
- Lifestyle tax relief limit. This has increased from RM2,500 to RM3,000, where the additional RM500 is specifically provided for sports-related expenditure including participation fees for sports competitions. The scope of relief is also expanded to include electronic newspaper subscriptions.
- Skim Simpanan Pendidikan Nasional (SSPN). Tax relief of up to RM8,000 on net annual savings in SSPN has extended until the year of assessment 2022.
Average Daily Wage calculations.
The Average Daily Wage (ADW) exists to protect employees of wage fluctuation. It is calculated by wages earned over a period of 12 months.
In the Talenox system, ADW calculations are now updated to use working days, following the basic pay item in payroll.
Check out our Knowledge Centre article guide for a deeper understanding of how the ADW is calculated in the Talenox system.
Voluntary MPF contribution
This can be based on either an employee’s gross or net salary (after the mandatory contributions have been made). In the Talenox system, this is by net salary.
Form IR8A and IR8S
We now compute excess CPF contribution for IR8A and IR8S. It will show up in the IR8A/IR8S forms when you generate it.
We can support by employees/branches/cost centre. Users can enable tracking category here.
The tracking category result can be viewed in the user’s Xero account from there.
This feature is now more stable, and able to support larger companies better.
Bill export date
This is now customisable.
We will be providing endpoints for our app partners to create leave applications and query leave balances.