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 Income Tax Issues

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ronnie
post Dec 23 2009, 01:39 AM

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QUOTE(melthq @ Dec 23 2009, 01:18 AM)
you can claim full amount of RM3000 only once in every 3 Year Assessment, means if you claimed last year or last 2 year. you can't claim it for the current year assessment
My last computer tax relief claim was way back in 2006....
So the computer tax relief amount RM3000 is for total purchase not per computer, right ?
melthq
post Dec 23 2009, 01:41 AM

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QUOTE(ronnie @ Dec 23 2009, 01:39 AM)
My last computer tax relief claim was way back in 2006....
So the computer tax relief amount RM3000 is for total purchase not per computer, right ?
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That should be it, even books and magazine is for total purchase of RM1000 lol
clsia1001
post Dec 23 2009, 04:44 AM

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QUOTE(ir.koreadeco @ Oct 11 2009, 09:27 PM)
i'm not paying income tax for last year... haha...
what should i do now?
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Lot of my fren also not paying.. dun even receive the letter from LHDN asking them to register even though already working for year++.. doh.gif
ronnie
post Dec 23 2009, 12:44 PM

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QUOTE(clsia1001 @ Dec 23 2009, 04:44 AM)
Lot of my fren also not paying.. dun even receive the letter from LHDN asking them to register even though already working for year++..  doh.gif
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It's not LHDN's responsibility to "ask" you to register a tax file. It's YOUR OWN RESPONSIBILITY to be a good cititzen.
w3t3nu3ndo
post Dec 24 2009, 04:01 AM

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QUOTE(ronnie @ Dec 23 2009, 01:09 AM)
I bought 3 netbooks this year 2009, each at RM1099, RM1099 and RM1999. Can I claim for the full amount of RM3000 for Year Assessment 2009 ?
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I don't think you can claim for all 3 netbooks,only one.take the highest one which is RM1999 and that's your relief.
happy4ever
post Dec 24 2009, 11:15 AM

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QUOTE(w3t3nu3ndo @ Dec 24 2009, 04:01 AM)
I don't think you can claim for all 3 netbooks,only one.take the highest one which is RM1999 and that's your relief.
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Got a disclaimer saying only 1 PC/laptop claim per person?
ronnie
post Dec 24 2009, 01:29 PM

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QUOTE(w3t3nu3ndo @ Dec 24 2009, 04:01 AM)
I don't think you can claim for all 3 netbooks,only one.take the highest one which is RM1999 and that's your relief.
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Can you show where is it stated to claim one pc/notebook per person ?
the Lampiran budget says Komputer Peribadi or Personal Computer or PC, right ?
babychai
post Dec 26 2009, 02:52 AM

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i think u still can claim 3 PC as long as u can give reasonable reason y u buy 3 PC for personal use.

if u bought 20 PC...is clear that u r not buy for personal use. mayb u bought it for business purpose, eg Cyber Cafe. So this one can't claim.
patricktoh
post Dec 26 2009, 09:59 AM

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QUOTE(babychai @ Dec 26 2009, 02:52 AM)
i think u still can claim 3 PC as long as u can give reasonable reason y u buy 3 PC for personal use.

if u bought 20 PC...is clear that u r not buy for personal use. mayb u bought it for business purpose, eg Cyber Cafe. So this one can't claim.
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I don't think IRB care about 1 or more PCs. You only can claim RM3,000 examption once evry 3 years.
w3t3nu3ndo
post Dec 27 2009, 08:41 AM

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The reliefs statement shows 'personal computer' and not 'personal computerS' which represents only one.
Another example of relief will be 'purchase of bookS,journalS,magazineS..etc' which can represent one or many.

Feel free to correct me as I'm just following word by word of the reliefs shown and in this case,I might be wrong.

This post has been edited by w3t3nu3ndo: Dec 27 2009, 08:43 AM
babychai
post Dec 27 2009, 11:20 AM

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QUOTE(patricktoh @ Dec 26 2009, 09:59 AM)
I don't think IRB care about 1 or more PCs. You only can claim RM3,000 examption once evry 3 years.
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ya u r right. but if the PC is not for personal use....even 1 PC they also wont allow u to claim it.
winner
post Dec 27 2009, 11:57 AM

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Just a few more days to go before 2009 ends. It's time to top up donation as well as purchase of books and computers to the maximum claimable level. biggrin.gif
clsia1001
post Dec 27 2009, 02:25 PM

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QUOTE(ronnie @ Dec 23 2009, 12:44 PM)
It's not LHDN's responsibility to "ask" you to register a tax file. It's YOUR OWN RESPONSIBILITY to be a good cititzen.
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Did you read my post properly before you post?! I stated MY FRIEND, NOT ME OK?.. zzz doh.gif

My company already register for me even before I 'eligible' for it.. sad.gif

OTOH, paying the tax for them to 'wisely' buy obsolete laptop etc? shakehead.gif doh.gif vmad.gif mad.gif

winner
post Dec 27 2009, 06:12 PM

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I was paying income tax at 27%, the maximum level. Under the new PCB system, my monthly salary is even deducted more. It is actually over-deducted for quite a big sum. Budget 2010 announced that maximum personal income tax rate will be reduced to 26% but I doesn't help to relief me much.

I know it is our responsibility to pay tax based on income level. I am only an employee earning fixed salary in corporate world, and there is not much room to structure my taxable income even though I maximise donotion, medical and purchase of books and computer.

I would like to ask those who are also paying the maximum 27% income tax rate or tax consultants, that how you strategise income tax matter in order to minimise taxable income.
cherroy
post Dec 27 2009, 06:25 PM

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QUOTE(winner @ Dec 27 2009, 06:12 PM)
I was paying income tax at 27%, the maximum level. Under the new PCB system, my monthly salary is even deducted more. It is actually over-deducted for quite a big sum. Budget 2010 announced that maximum personal income tax rate will be reduced to 26% but I doesn't help to relief me much.

I know it is our responsibility to pay tax based on income level. I am only an employee earning fixed salary in corporate world, and there is not much room to structure my taxable income even though I maximise donotion, medical and purchase of books and computer.

I would like to ask those who are also paying the maximum 27% income tax rate or tax consultants, that how you strategise income tax matter in order to minimise taxable income.
*
Joke aside, having more kids also can increase your tax relief. biggrin.gif

If one is an employee and max out the relief part of story like insurance + EPF, like your example, nothing much you can do about it.

One should be glad one is paying the max bracket rate or pay more tax because it just means you are earning more. Every year if you are paying more tax, it is good sign as it means your income has increased (generally)

For sole-proprietorship, if amount is large enough, then there is an option, tax consultant generally will advise open up a sdn bhd as under SME (paid up capital not more than RM2 million <-- I don't quite remember this figure, correct me on this issue) which the first 500K profit is being taxed at 20% only.

leongal
post Dec 27 2009, 06:42 PM

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QUOTE(cherroy @ Dec 27 2009, 06:25 PM)


One should be glad one is paying the max bracket rate or pay more tax because it just means you are earning more. Every year if you are paying more tax, it is good sign as it means your income has increased (generally)


*

my mum always give this advice (the above) to us

btw, i think - It also increases our chance of getting loans when we fall into the higher income tax bracket.... smile.gif

winner
post Dec 27 2009, 07:09 PM

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QUOTE(cherroy @ Dec 27 2009, 06:25 PM)
Joke aside, having more kids also can increase your tax relief.  biggrin.gif

If one is an employee and max out the relief part of story like insurance + EPF, like your example, nothing much you can do about it.

One should be glad one is paying the max bracket rate or pay more tax because it just means you are earning more. Every year if you are paying more tax, it is good sign as it means your income has increased (generally)

For sole-proprietorship, if amount is large enough, then there is an option, tax consultant generally will advise open up a sdn bhd as under SME (paid up capital not more than RM2 million <-- I don't quite remember this figure, correct me on this issue) which the first 500K profit is being taxed at 20% only.
*
I have not got married yet, thus no wife and no kids. That's why I can't enjoy much tax relief.

Furthermore, it is pointless for me to engage a tax consultant, as I am only an employee and I do not own any business. It looks like I can't do much and have to continue being a good citizen contributing to the government. doh.gif


QUOTE(leongal @ Dec 27 2009, 06:42 PM)
btw, i think - It also increases our chance of getting loans when we fall into the higher income tax bracket.... smile.gif
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It is easier to get loans, but my cumulative loan amount becomes bigger too as I tend to buy more properties resulting in bigger commitment. smile.gif
b00n
post Dec 27 2009, 07:09 PM

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I don't think the new PCB system is over deducting. It's deducting more, yes that's a fact. But I found it more efficient as eventually I don't need to fork out additional to pay at the end of day - unless the obvious is I receive an ultra fat bonus. But anyway, over deducting still you can receive back the money. In year 2007, I got my money back in 2 months time - few hundreds. wink.gif
winner
post Dec 27 2009, 07:16 PM

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QUOTE(b00n @ Dec 27 2009, 07:09 PM)
@winner
I don't think the new PCB system is over deducting. It's deducting more, yes that's a fact. But I found it more efficient as eventually I don't need to fork out additional to pay at the end of day - unless the obvious is I receive an ultra fat bonus. But anyway, over deducting still you can receive back the money. In year 2007, I got my money back in 2 months time - few hundreds. wink.gif
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Even under the previous PCB system, my monthly income was also over-deducted. I have roughly calculated and found out that I need to claim back quite a large sum for my 2009 income tax.
b00n
post Dec 27 2009, 07:44 PM

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Than you better have a chat with your HR payroll department. good luck.

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