It's that time of year again when you get excited just thinking about it, you look forward to getting up in the morning, and the sun shines on your face at the thought of it....Not really a description for income tax payment time, but if you are prepared and know if you're going to be either paying tax or getting a rebate, the above imagery could very well be yours.
We've come up with a fun and simplified calculator to use, to help record and put into a single sheet your income tax relief, and tax payable amount for you to use. If you'd like to get a copy, do email me at firstname.lastname@example.org and we'll send one over to you for use on Excel. Or you can click here. Do note that this requires Microsoft Excel to open to work properly, it may not operate correctly in Sheets.
In it there are formulas, and a reference table for you to easily check out your reliefs and tax rate. Let us know what you think about it. Here's a sneak peak:
For our other readers, here are some tips to look out for:
1) Did you know, you can get a tax relief for saving for your kids in the Skim Simpanan Pendidikan Nasional of up to RM 6,000 (for YA 2018) and for this year, up to RM 9,000 (for YA 2019)? FOR EACH PARENT (of course with the appropriate contribution). Example if a family has one child, and both parents do separate tax assessments at want to qualify for this relief, they CAN contribute RM 6,000 each to the same fund and claim it separately.
2) For the life insurance and EPF contribution relief for YA 2018, you get a total of RM 6,000 but in YA 2019, you can split out RM 3,000 for life insurance premiums and RM 4,000 for EPF contributions. Do get in touch with us, and we can help you look into the life insurance matters and help you protect your loved ones and save on taxes.
3) If you haven't already started a Private Retirement Scheme (PRS); its' about time to look into it. Not only do you save for yourself in a consistent manner, you get to shave off up to RM 3,000 of your taxable income too! Get in touch with us on some recommended PRS funds that can help you grow your retirement funding and save you some tax.
4) Your lifestyle does affect your taxes! Especially if it's for internet subscriptions, reading materials, and sports equipment (to name a few). Total claimable relief is up to RM 2,500 for YA 2018.
5) Do file your taxes on time. If you opt for e-filing, the deadline is 30th April 2019 for YA 2018.
We do hope this helps, and as always, feel free to get in touch with our team of friendly Financial Advisers to discuss all things finance related (both personal and corporate).
Enhanced. Continuous. Learning.