Fixed Asset

Definition If fixed assets are purchased to generate business income, it was extended useful life and cannot be readily converted into cash shortly, so will be considered a fixed asset.

There are 2 types of fixed assets which are tangible and intangible.

Examples of tangible fixed assets include::

• Land
• Buildings
• Machinery & equipment
• Vehicles
• Furniture & fitting
• Computer Hardware
• Signboard

Additionally, Intangible assets such as patents, copyrights, and trademarks are also categorized as fixed assets.

What documents do I need to furnish to my accountant when I purchase and Building/vehicle?

When purchasing Land / Building, it is essential to provide the following documents:

• Purchase invoice
• Purchase agreement
• Deed of sales
• Proof of payment
• Loan Agreement

And the purchase vehicle document needed:

• Purchase invoice
• Hire purchase agreement
• Vehicle Ownership Certificate (Sijil Pemilikan Kenderaan)
• Road tax

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