QUOTE(cpk @ Mar 15 2017, 12:02 AM)
I have same problem... if you know how to fill in please let me knowTax relief due to retrenchment
Tax relief due to retrenchment
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Mar 18 2018, 11:38 AM
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Junior Member
9 posts Joined: Mar 2011 |
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Mar 18 2018, 03:26 PM
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Senior Member
2,296 posts Joined: Jan 2008 From: From My Mummy Stomach |
i got my retrenchement also , hr give me some doc and i pass to lhdn .. lhdn will audit your 7 years if no issue , lhdn will sent you a letter to lepas the money .. give the letter to hr and they will lepas the $$$
This post has been edited by MoonRider: Mar 18 2018, 03:26 PM |
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Mar 19 2018, 05:47 AM
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Junior Member
450 posts Joined: Dec 2013 |
When u get retrenched or lost your job due to reason stated in the buku panduan u'll get exemption of 10k for every completed years.
Let say your compensation is 200k..and has worked with the same Co for 10 yrs..so u only need to declare 100k as income. Only retrenchemnment due to medical ground get full examption. To get the exemption, normally your HR will issue a request to LHDN for SPC sijil penyelesaian cukai. LHDN then will calculate the exact tax to be paid base on the amount and reason provided by HR. A copy of SPC will be issued to tax payer and HR. |
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Apr 6 2018, 07:07 PM
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63 posts Joined: Sep 2011 |
QUOTE(gogocan @ Mar 19 2018, 05:47 AM) When u get retrenched or lost your job due to reason stated in the buku panduan u'll get exemption of 10k for every completed years. i also got retrenched. In my EA form, it just show the Potongan Cukai Bulanan (PCB). The tax amount that paid to LHDN during tax clearance not in EA form. Should I just add the tax clearance amount in SPC (Surat perlepasan Cukai) into Potongan Cukai Bulanan (PCB) in Borang BE?Let say your compensation is 200k..and has worked with the same Co for 10 yrs..so u only need to declare 100k as income. Only retrenchemnment due to medical ground get full examption. To get the exemption, normally your HR will issue a request to LHDN for SPC sijil penyelesaian cukai. LHDN then will calculate the exact tax to be paid base on the amount and reason provided by HR. A copy of SPC will be issued to tax payer and HR. |
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Apr 8 2018, 12:36 AM
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122 posts Joined: Jan 2017 |
Interested to know about this.
How to declare the money receive is due to retrenchment? I can’t find any column in the e-filing form which relates to retrenchment. |
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Apr 8 2018, 04:04 PM
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3,050 posts Joined: Oct 2008 |
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Apr 10 2018, 03:02 PM
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62 posts Joined: Aug 2005 |
Need to fill in working sheet HK-2.7, it give example on how to calculate the tax exemption.
After fill in the form, no need to submit via e-filing, keep it for your own record, if lhdn ask for audit, show them the form. Mean at e-filling, you direct deduct the relief amount and submit. Say total income 100k, retrenchment relief is 40k, so you just submit 60k as income. Keep your termination letter and the letter stated how many compensation you received for record. |
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Apr 10 2018, 03:39 PM
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4,319 posts Joined: Jan 2007 From: Johor Bahru |
QUOTE(fapman @ Apr 8 2018, 12:36 AM) Interested to know about this. This explanation is for only for Retrenchment BenefitHow to declare the money receive is due to retrenchment? I can’t find any column in the e-filing form which relates to retrenchment. Here I explain simple for you. Condition: Lets say you already get you money (means CP22A etc is cleared) 1. You DONT declare what you received during efilling if what you get is LESS than 10K a year. Example, you already work 10 years, and you received 90K retrenchment benefit. Meaning 90K / 10years is only 9K a year. So that means you no need to declare that 90K. 2. You NEED declare what you received during efilling if what you get is MORE than 10K a year Example, you already work 10 years, and you received 120K retrenchment benefit. Meaning 120K / 10years is 12K a year. So that means you need to declare the 20K. Yes, only the 20K is taxable. The 20K should be plus with your Basic yearly salary. Summary: 10K a year (X your service years), anything less no need declare, anything more, need to declare the balance. I know what some of you thinking during Efilling: Basic + Retrenchment Benefit minus Retrenchment Benefit non taxable. But actually in Efilling dun have column like that. So its Basic + balance of the Retrenchment Benefit (thats more than 10K). Thats all. This post has been edited by azbro: Apr 10 2018, 04:00 PM |
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Apr 10 2018, 03:56 PM
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Senior Member
4,319 posts Joined: Jan 2007 From: Johor Bahru |
Here is another simple Example:
1. Your Salary is 8K You get X0.5 for every year you service. Lets say 10 years, means you get 4K every year. That means 0K is taxable (Cos not more than 10K a year rule) So you work there for 6 months. Company close down 6months X RM8000 = 48K Ending is what you need to declare in Efilling is 48K+ 0K (Retrenchment Benefit) 2. Your Salary is 8K You get X1.5 for every year you service. Lets say 10 years, means you get 12K every year. That means 2K is taxable. 10years means 20K is taxable. So you work there for 6 months. Company close down 6months X RM8000 = 48K Ending is what you need to declare in Efilling is 48K+20K (Retrenchment Benefit) Note: thats just simple example. |
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Apr 11 2018, 02:38 PM
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#30
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Junior Member
122 posts Joined: Jan 2017 |
QUOTE(azbro @ Apr 10 2018, 03:39 PM) This explanation is for only for Retrenchment Benefit Means for example, if I work for 7 years but my retrenchment benefit/package is less than 70k, no need for me to declare the retrenchment money in e-filing? If more than 70k, which column of the e-filing should I fill up? Is it under Pendapatan berkanun faedah, diskaun, royalti, premium, pencen, etc.?Here I explain simple for you. Condition: Lets say you already get you money (means CP22A etc is cleared) 1. You DONT declare what you received during efilling if what you get is LESS than 10K a year. Example, you already work 10 years, and you received 90K retrenchment benefit. Meaning 90K / 10years is only 9K a year. So that means you no need to declare that 90K. 2. You NEED declare what you received during efilling if what you get is MORE than 10K a year Example, you already work 10 years, and you received 120K retrenchment benefit. Meaning 120K / 10years is 12K a year. So that means you need to declare the 20K. Yes, only the 20K is taxable. The 20K should be plus with your Basic yearly salary. Summary: 10K a year (X your service years), anything less no need declare, anything more, need to declare the balance. I know what some of you thinking during Efilling: Basic + Retrenchment Benefit minus Retrenchment Benefit non taxable. But actually in Efilling dun have column like that. So its Basic + balance of the Retrenchment Benefit (thats more than 10K). Thats all. |
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Apr 13 2018, 01:04 PM
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#31
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858 posts Joined: Nov 2004 |
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Apr 13 2018, 01:37 PM
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3,050 posts Joined: Oct 2008 |
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Apr 13 2018, 04:08 PM
Show posts by this member only | IPv6 | Post
#33
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858 posts Joined: Nov 2004 |
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