Friday, April 24, 2015

6 must-know facts you never knew about your income tax!

(...because you never had to pay tax!)

Filed your tax returns? Good on you!


1. Even if your salary isn't taxable, you still have to get a LHDN account and submit your income yearly. 
- Don't have one?
- Go to your nearest LHDN to register, or sign up online! (It's like Facebook. You'll get a login [your NRIC] and a password. Keep this somewhere safe)
- Once you register, you'll get an income tax number. You'll want to pass this to your employer (Yes, even if you're earning peanuts) so they can do auto debit to LHDN each month once you're taxable.

2. Your EA form is your LYFE. 
- You will normally get this from your employer around March/April. If you don't get it you may go bug them for it.

3. Books, sports equipment, medicines, personal laptops 
- Keep receipts if you purchase any of the above and scan them (because some receipts fade over time). You will be able to file this for deduction.
- Personal laptop can only be claimed once in a few years (3 or 5, can't remember) but the amount is RM3,000.
- Petrol, toll, etc cannot be claimed. Neither can car service or repair work, nevermind the fact that more Malaysians drive than they read.

4. Love your KWSP, life and medical insurance payments and PRS plan (private retirement scheme)
- All these you will also be able to claim.
- I just filed these in but I'm not getting the 100% amount, not sure why, maybe that's how this works. Please proceed to file your documents for this and input in, if you have any of these.
- Your amount for KWSP will come from your EA form under "G"

5. 30 April
- This is the deadline. Well, I'm not 100% sure, but people keep telling me to file my tax before end of April.

6. PDF after "hantar"
- The weird thing about HASIL is everything is in BM. Back is "kembali". Enter is "hantar".
- Anyway the important thing here is the thing that happens after you hantar. There is a button at the bottom of the page that says something like "Muat turun dan cetak" so you click on that, because that's your proof of submission.
- A PDF will be downloaded into your computer and you can keep and file this for your reference.


This is by no means a complete guide to filing your income tax but I just wanted to share what I know to all my friends :D And also as my guide for next year's filing.

No comments:

Post a Comment