Apr 14, 2009

Malaysia tax player checklist

Tax filing almost near , it is time to think about how to file and understand where is the tax-exempt benefit for us as tax-payer.

Base on my understanding

1. Rm 5000 medical expense for parents ,include dental treatment ,medical care and treatment provided by nursing house

2. RM 1000 reading material such as book and magazine (excluding newspaper and other prohabit document)

3. RM 3000 for purchase of computer (only applicable for 3 year once)

4. Travel allowance (Fuel or toll) between home and office limited to RM 2400

5. Meal Allowance

6.Telephone and mobile phone subscription and broadbank

7.Medical expense exempted from tax to include expense on materity which subsidy by company..(How come my company don't have...:)

8.obtain tax relief of up to RM10,000 per annum for three years in respect of the interest costs incurred on loans used to finance the acquisition of residential homes

9. retrenched workers to defer repayment of their housing loans for one year.

10 Child relief for max of RM 4000 provide each child to pursuit higher education in malaysia

11. Insurance premiums for education or medical benefit (RM3000)

12. Time to think fit' ..Purchase of sports equipment (RM300)

13. Opt for separate assessment for husband and wife . If spouses income is less then rm 3000 , then only worth to consider a combined else both party can claim for rm 5000(max)

14. If we are getting rental income for our property but also paying for higher marginal tax rate than your spouse , we may wish to transfer the property as gift to our spouse or child above age of 21

15. Opt to reduce salary by increase pay to EPF

I extract those from the star , according to newspaper that we can email to
this sunday@thestar.com.my so that it can be address to a tax consultant .
Time to run and file my tax now...see ya...Good luck on e-filing.,If you know any other tips to let me know
so that i can add it inside
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