later kena penalty then u know.

for some pipu it's kinda "big" amount

Hi all, need your advice here.

For 2015, I'm employed for 6 months (RM5k salary) & self-employed for 6 months (RM10k, no EPF). For this arrangement do I need to 2 E-filing return next year (i.e. 1 in 30-Apr & 1in 30-Jun), or 1 will settle for both? I think tax relief only applies once right,

Dear all, will receive my vss payment next week around $13x,xxx.xx.
Surely IRB will tax me as much as they can.

I checked the tax table for 2015, 1st $100K will tax $ 11,900.00 & next $50K will tax another $12K. Mean i only taxed the 1st $11,900. But then i noticed that i also hv salary from jan-jun this year mean my total income as at jun15 will around $170K where will tax around $24K. Omg, that a lot of $$$.

Is there any term that vss payment will be exampted from paying tax?

Or is there anyway i can avoid paying that much tax?

Need your advice here.

This post has been edited by taiko8148: May 31 2015, 12:53 AM

Have u deduct personal relief namely tax payer, medical exp, children, life insurance n etc?

Yea, that the final amount after deduct all the personal tax relief.

Only hope company will split the payment into 2 installment for this & next year.

I don't think there's any clause that would make VSS compensation tax exempted

sorry to say, u cannot "run" from tax

https://forum.lowyat.net/topic/1840158/+1020

Post 1038 to 1049

With the tax amount, i can buy an Axia for my dad already. Sadly it will go to gov coffer.

Will check with LHDN, hopefully Will get exampted & more meaningful to spend the $$ for my parent.

Thanks.

Dear all, below term found in LHDN page.


Pampasan untuk Kehilangan Penggajian

Pampasan adalah dikecualikan daripada cukai pendapatan dalam hal keadaan yang berikut:

Jika Ketua Pengarah berpuas hati bahawa bayaran yang dibuat atas alasan kehilangan pekerjaan disebabkan oleh keuzuran; atau

Dalam hal suatu bayaran dibuat berhubungan dengan suatu tempoh penggajian dengan majikan yang sama atau dengan syarikat dalam kumpulan yang sama, berkenaan dengan sekian banyak bayaran yang tidak melebihi suatu jumlah yang ditentukan dengan mendarabkan jumlah RM10,000.00 dengan bilangan tahun genap bekerja dengan majikan atau syarikat tersebut.
Pampasan bagi maksud perenggan ini termasuklah pemberhentian di bawah Skim Pemisahan Sukarela (VSS) atau Skim Pemisahan Persetujuan Bersama.

Baki pampasan setelah ditolak dengan pengecualian yang layak adalah tertakluk kepada PCB dan pengiraan PCB tersebut hendaklah menggunakan Formula Saraan Tambahan.

Contoh :

Pekerja mula penggajian pada 1 Mei 2004
Pekerja diberhentikan pada 25 Mac 2010
Jumlah bayaran pampasan RM75,000.00
Penentuan amaun pampasan yang tertakluk kepada cukai.

[A] Tentukan bilangan tahun genap perkhidmatan.

1/5/2004 - 30/4/2005: satu tahun genap perkhidmatan.
1/5/2005 - 30/4/2006: satu tahun genap perkhidmatan.
1/5/2006 - 30/4/2007: satu tahun genap perkhidmatan.
1/5/2007 - 30/4/2008: satu tahun genap perkhidmatan.
1/5/2008 - 30/4/2009: satu tahun genap perkhidmatan.
1/5/2009 - 25/3/2010: kurang dari satu tahun genap perkhidmatan.

Pekerja telah berkhidmat untuk 5 tahun genap perkhidmatan.

[ Pengecualian cukai ke atas pampasan hendaklah:
RM10,000.00 x 5 tahun genap perkhidmatan = RM50,000.00

Bayaran pampasan RM75,000.00
Tolak: Amaun yang dikecualikan RM50,000.00
Baki pampasan yang tertakluk PCB RM25,000.00

Baki pampasan berjumlah RM25,000.00 setelah ditolak dengan pengecualian yang layak adalah tertakluk kepada PCB dan pengiraan PCB tersebut hendaklah menggunakan Formula Saraan Tambahan.


I wonder above term still valid for now?

I tot Mas staff only get their vss payment on Sep17 & mine this month?
Sorry to say i"m not Mas staff so don't troll here.

From what i know, 30-40% mas staff was under paid bcos work only as contract staff where employed during MSS 2006.

You know how much salary for contract staff ? $900 + nothing. Unlike those work at operation field or managing level.

Just let this section a place to ask/answer topic related to income tax.

Peace.

This post has been edited by taiko8148: Jun 1 2015, 10:50 AM

Did u call 1-800-88-5436 to find out d status?

kena audit?

juz called them & ask

I also haven't got my returns yet.... HMMMMMMMMMMM.......

called their hotline, they mention is calculate by work days...so it might >1month

I receive LHDN letter said that my tax Lebihan Bayar already bank in my bank on 11May. But when check the account, no bank in yet. Anyone experience this?

crap... kena audit. jus a small misscalculation. n now they wan check all receipt... wat should i do if i cant produce enough receipt? i.e. for books i wrote rm600.....

Borrow receipts from friends n families