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 EPF - self contribution, need advise

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Afterburner1.0
post Feb 27 2023, 01:19 PM

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QUOTE(MUM @ Feb 27 2023, 01:07 PM)
Depends on when it was approved.
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Any idea when is the approval ?
MUM
post Feb 27 2023, 01:27 PM

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QUOTE(Afterburner1.0 @ Feb 27 2023, 01:19 PM)
Any idea when is the approval ?
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I really got no idea.
Perhaps wait for a month or so when other financial planning websites started to come out with latest articles about it.
magika
post Feb 27 2023, 07:15 PM

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Budget presentation was such a fiasco with poor oral skills. I would have thought PMX did not even read through before practically reading it.

Touchpoint also seems to be recycled materials and poorly done at that.
RigerZ
post Feb 27 2023, 09:18 PM

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QUOTE(Cyclopes @ Feb 27 2023, 10:49 AM)
"The EPF welcomes the initiative to expand the scope of annual tax relief for life insurance premiums or life takaful contributions to cover voluntary contributions to the EPF of up to RM3,000. This initiative can be enjoyed by all workers, both in the formal or informal sector, who make voluntary contributions to the EPF. This means that a member who contributes compulsorily (tax relief up to RM4,000) and increases savings with voluntary contributions will be able to enjoy tax relief of up to RM7,000. This effort will encourage more Malaysians to increase their retirement savings for old age."

If both your mandatory EPF plus insurance premium totals less than RM7,000, you can now top up the difference as voluntary contribution.  These will also be a good time to relook on the insurance premium you are currently paying.
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Thanks for sharing
teslaman
post Feb 27 2023, 09:21 PM

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QUOTE(magika @ Feb 27 2023, 07:15 PM)
Budget presentation was such a fiasco with poor oral skills. I would have thought PMX did not even read through before practically reading it.

Touchpoint also seems to be recycled materials and poorly done at that.
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First time ma
ikanbilis
post Feb 28 2023, 01:18 PM

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This would be my only self contribution to epf this year

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mavistan89
post Feb 28 2023, 01:35 PM

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Did additional 40k tabled in budget?
magika
post Feb 28 2023, 02:13 PM

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QUOTE(mavistan89 @ Feb 28 2023, 01:35 PM)
Did additional 40k tabled in budget?
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Eventhough i was hoping for it , i dont think so. It was probably removed from his speech but not touchpoint. Its why before his speech Mazlan openly says that Epf funds is dominated by T20s, so to be on side of common B40s , it was removed


ronnie
post Feb 28 2023, 02:57 PM

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QUOTE(Human Nature @ Feb 24 2023, 07:09 PM)
Self contribution can get pelepasan cukai as well. Under premium insuran nyawa category, max 3k. This is good.
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aren't this the same as previous years... ? can enlighten ?
download88
post Feb 28 2023, 03:08 PM

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QUOTE(ikanbilis @ Feb 28 2023, 02:18 PM)
This would be my only self contribution to epf this year

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saraan already confirmed?
seem like this year need 2k to grab bonus 300, last year only 1667
Human Nature
post Feb 28 2023, 03:13 PM

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QUOTE(ronnie @ Feb 28 2023, 02:57 PM)
aren't this the same as previous years... ? can enlighten ?
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Previously only on Caruman KWSP/skim yang diluluskan.

This one can be added to premium insuran nyawa category as well, based on my understanding la.
beLIEve
post Feb 28 2023, 03:30 PM

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QUOTE(ronnie @ Feb 28 2023, 02:57 PM)
aren't this the same as previous years... ? can enlighten ?
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Previous years Self Contribution cannot offset tax.

QUOTE(Human Nature @ Feb 28 2023, 03:13 PM)
Previously only on Caruman KWSP/skim yang diluluskan.

This one can be added to premium insuran nyawa category as well, based on my understanding la.
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Previous got both EPF and Life Insurance. Then the Nobita split into 2 separate limits.
ronnie
post Feb 28 2023, 03:58 PM

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Do you mean :
RM4k for EPF contribution employment
RM3k for life insurance
RM3k for EPF self-contribution [NEW 2023]
Total = RM10k tax relief ?

This post has been edited by ronnie: Feb 28 2023, 03:59 PM
ikanbilis
post Feb 28 2023, 04:06 PM

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QUOTE(download88 @ Feb 28 2023, 03:08 PM)
saraan already confirmed?
seem like this year need 2k to grab bonus 300, last year only 1667
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Saraan already mentioned in budget. I see no reason it not approve in parliament. Its just a continuation from previous years.
MUM
post Feb 28 2023, 04:07 PM

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QUOTE(ronnie @ Feb 28 2023, 03:58 PM)
Do you mean :
RM4k for EPF contribution employment
RM3k for life insurance
RM3k for EPF self-contribution [NEW 2023]
Total = RM10k tax relief ?
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try post 1248?
poweredbydiscuz
post Feb 28 2023, 04:13 PM

 
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QUOTE(ronnie @ Feb 28 2023, 03:58 PM)
Do you mean :
RM4k for EPF contribution employment
RM3k for life insurance
RM3k for EPF self-contribution [NEW 2023]
Total = RM10k tax relief ?
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RM4k for EPF contribution employment
RM3k for life insurance + EPF self-contribution
Total = up to RM7k tax relief
ronnie
post Feb 28 2023, 04:15 PM

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QUOTE(poweredbydiscuz @ Feb 28 2023, 04:13 PM)
RM4k for EPF contribution employment
RM3k for life insurance + EPF self-contribution
Total = up to RM7k tax relief
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that means no difference lah... aiyo... i thought got extra RM3k to claim in 2023 .

The Govt would increase higher limit TAX Relief for EPF, Insurance la
poweredbydiscuz
post Feb 28 2023, 04:16 PM

 
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QUOTE(ronnie @ Feb 28 2023, 04:15 PM)
that means no difference lah... aiyo... i thought got extra RM3k to claim in 2023 .

The Govt would increase higher limit TAX Relief for EPF, Insurance la
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No difference if your life insurance already max rm3k.

For me, my life insurance is less than rm2k, so my epf self-contribution can get tax relief.

This post has been edited by poweredbydiscuz: Feb 28 2023, 04:18 PM
ronnie
post Feb 28 2023, 04:18 PM

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QUOTE(poweredbydiscuz @ Feb 28 2023, 04:16 PM)
No difference if your life insurance already max rm3k.
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bye.gif cry.gif maybe my insurance is too high hahaha
magika
post Mar 1 2023, 01:07 PM

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I was among those assuming that the contributon rate would be increased in this budget. With that in mind , i make sure my fd funds maturity date will be on March so planning to redeploy in epf this month. Well back to fd thread for best rate then.
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