🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ www.interactivebrokers.com/mkt/?src=zietPY2&url=%2Fen%2Fwhyib%2Foverview.php%3Fnored%3Dt 🟠 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗺𝗼𝗼𝗺𝗼𝗼 ➡ j.moomoo.com/00JRcf If you found this video helpful, it would do our team a great pleasure if you can check out Interactive Brokers (with the link above), as we will receive a very tiny kick back - we promise to make more and higher quality videos for all of you ❤ Have a nice day ahead! Note: 1. At 1:53 the Total Gross Annual Income (after EPF deduction) shouldn't be RM 42,000 (assuming a monthly income of RM 3,500) - It should be your Gaji Bersih (Net income after EPF deduction), which is roughly ~11% lower than RM 42,000. You should be able to see the Gross income "RM 42,000" and your EPF deductions "say RM 3,000" shown on your EA Form (provided by your employer). Fill those numbers into your Borang BE accordingly. Hope this clarifies!
i wished they had reinstated tax relief for looking after elderly parents instead of just for medical bills payment for parents, nowadays paying for maids to care for elderly parents is getting expensive for most of us M40
Thanks for making this video Ziet, what a coincidence! I was just struggling with trying to understand income tax when I was asking my family about it. It was just a few weeks back too! Obviously I just got even more confused with their vague statements so this help loads, all the best man 💪
I love paying tax tbh, It made me feel like a socially responsible citizen. I'm looking forward to Government taking my hard-earned money again this year!
Nice video, just a suggestion. I dont think there is a video explaining what you should do when you just start working after college. It would be an excellent opportunity to make a video about what you should do immediately as you start your working career in Malaysia. There are so many things that Malaysians don't know they need to do asap nor how to really manage their finances.
Hey Bryan! Appreciate this suggestion - I've made a video on what can a fresh grad do to head towards financial freedom - perhaps you can check it out? hehe Here's the link: ruclips.net/video/xbThtffSP8M/видео.html&ab_channel=ZietInvests
3:45 Individual and dependent tax relief RM9000 a year is not enough. Its has been ages already. As those ministers to send RM9000 a year, see they can or not.
Hi Ziet, nice video and very informative. I just completed filing for FY2022. How about reliefs for FY2023? Where can I find the details for early planning. Thx!
Appreciate it, Choon Yap! As for YA2023, can refer to this doc by pwc first: www.pwc.com/my/en/assets/publications/Taxavvy/2023/pwc-taxavvy-budget-2023-retabled-edition.pdf
Hi Ziet, question on no.(16) Life Insurance & EPF tax relief section; Is the EPF contribution = the EPF figure displayed on our EA form? Just want to confirm that.
Hi Ziet, the govnmt introduced tax on foreign sourced income last year , meaning any money remitted from overseas will now be taxed at 15%. But the methods of assessing this are very unclear. The big accountancy firms haven’t figured it out yet. Can you do some research and do a vid on this? How will the government assess each remittance? Exemptions are given if the remittance was taxed overseas. How do they assess this? Is money spent in Malaysia on a foreign credit card a remittance? Even if settled overseas? So many questions! Plenty to do a video.
Hi Ziet, thanks for replying. I had seen that video before, but I’m sorry to tell you it’s out of date and incorrect. You made that video upon the govmnt announcing in Dec 2021 that they would NOT be proceeding to tax FSI until 2026. However, in July 2022 they went back on their word and announced the FSI tax has been gazetted AND backdated(!) to Jan 1st 2022. The only relief they granted was that they would not tax FSI if it had already been taxed in the foreign source country and that country has a DTA with Malaysia. This ‘exemption’ runs until 2026 only. So anyone who believed the announcement in Dec 2021 and then remitted untaxed FSI funds in 2022 has now got a tax bill coming. The problems will arise in trying to prove your FSI remittances were already taxed abroad. It’s a huge can of worms. Think about the consequences of this. The amount of scrutiny required on every dollar remitted by thousands of tax payers could be humongous. How will this even work? Video material!
Hi Ziet, what if my daughter turned 18 middle of last year 2022 and completed her A levels last year but haven’t enrolled in Uni unti this year 2023, can I claim for the RM 2000 tax relief for children under 18 ?
Thanks such a good video. A stupid question. The statutory income from sources of employment in Malaysia which is my gross salary - tax exemption (show in EA form’s F section)? The statutory income is that If I made 4K a month 4000 *12 - EA Form’s F section?
Hey Wilker! Not a stupid question. If you are referring to which figure you should take to fill up the Statutory income part, just use the figures in section B of your EA form. For the figure in the EA Form's F section, it's more of an FYI to let you know that this figure is exempted from tax. Hope this helps!
Hi Ziet, Item No.2 (Medical treatment, special needs and carer expenses for parents) - Can we consider carer expense as monthly allowance we paid to our parents? Item No.17 (Deferred Annuity & PRS) - I would like to ask if I am using EPF money to invest into mutual funds which are also listed under those asset management such as (Public Mutual / RHB / CIMB / etc.), am I eligible to file for relief?
Hey Brandon, for no.2 - hmm technically, you can can claim for the carer expenses directly, regardless if you treat it as monthly allowance or not. As long as you have proof that your parents are in need of this service. No.17 - seems possible if you the fund is approved by EPF but however, do check with your bank agent/ accountant for better clarity! They should be able to advise you better.
Great channel, just found you today. If a UK citizen lives in Malaysia and actively day trades US futures/Forex full-time (in one's individual name), will the gains be treated as Foreign source income by Malaysia, and hence be tax exempt? No Malaysian brokers will be used, and profits will be largely be kept in Singapore.
Hi Ayush, that’s a tough question to be answered, mainly because of 2 aspects: 1. Which tax citizenship are you? Im assuming Malaysia if you stayed over 183 days? In that case I believe such foreign sourced income is not taxable in Malaysia. But, 2. What’s the nature of the income source? Your primary source of income? Best check with a local tax accountant to get the most accurate advice ya
Hi Ziet. Great video. Thank u for making it and sharing. I have a question. Under medical, it is stated RM8,000 but for self mental health consultation, does it mean the maximum one can claim is RM1000 and it must be with a govt hospital or can private hospital be included? TQ.
Hey Avtar! Glad you find it beneficial. To my understand yes, it's maximum RM 1,000 and just be sure that your checkup or consultation is from a registered psychiatrist, clinical psychologist, or counsellor. Should be able to check here: mmc.gov.my/
Hi, it should reiterate that it's more of a forced-savings vehicle rather than a high yield savings/investment account yeah (look at its historical return, net of fees!)
Hi, may i know mobile plan like "Maxis Postpaid 109" eligible for incame tax relief under "perlepasan cukai Gaya Hidup bagi Bayaran bil bulanan untuk langganan internet (Atas nama sendiri)" ? Monthly commitment RM109. Thank you.
Quite a detailed explanation in some parts. But for the domestic travel claim part, is the domestic flight ticket count? For example a flight go to Sabah or Sarawak thru AA or firefly
@@ZietInvests Thanks for the reply. Then come to my next question which is. is it count on the purchase date or flight date? If buy for multiple people (1 family) is it can count all or just for our own flight ticket only..
From my understanding, as long as its recognised by MMC then it is acceptable - but best to give accountants a quick call to double check the details ya!
Hi Ziet, my dad had an operation in the private hospital last year and I was the one who paid for his medical bill. Is that qualified as eligible relief for Item No. 2? Thank you.
Hey there, yes as long as the medical condition is certified by a medical practitioner. Can confirm if the doctor is registered here: meritsmmc.moh.gov.my/search
Personal computer including the monitor right? Not just the dekstop PC? Thanks for the easy to digest video, really usefull for newly graduates that need to pay taxes
Hi, great vid. I’m a fresh grad and would like ask, if I start a new job this month w monthly salary of 4K, do I need to pay tax next year? If so, does my annual gross salary is 4*10?
Hi Zubair, yes you will receive EA form next year for FY2022, most likely your gross salary would be 9 months of RM 4,000 = RM 40,000 (before deduction. After deduction, you'll most likely be under the taxation threshold.
Hi Ziet, thanks alot for the detailed guide! For the domestic travel expenses tax relief, you mentioned about expenses incurred during the period between 1 March 2020 to 31 December 2022 are eligible. Does that mean expenses incurred in year 2021 can still be claimed now for YA2022?
Hey Chermaine! Glad you enjoyed the guide. You can only claim the expenses in their respective year - meaning expenses in 2021, was to be claimed in YA 2021 instead of YA 2022. Hope this clarifies!
Hi Ziet, For item number 16 EPF contribution - Is this the additional self contribution that we make then only we can claim or are we eligible to claim this as long as we contribute to our EPF from our work
Thanks for this video, Zeit. Right timing. Just a question for the internet bill, I have 100mbps plan from uni which cost RM129/month. Should I put the amount 129x12 or (129+6% SST)x12 for my tax relief?
Hi Ziet. Thank you for the video and its a good information. I have question on Caruman KWSP/Skim yang diluluskan which is terhad to RM 4000. Do I include in the amount what was deducted regularly by my employer or is in this in addition of money that we contribute to EPF.
The RM 4,000 limit for Caruman KWSP/Skim refers to the amount that you personally contribute to your EPF, including both the regular mandatory contributions deducted from your salary by your employer and any additional voluntary contributions you make. This limit is the maximum amount that is tax deductible.
Can I claim for the following: Lifestyle - purchase of Oculus Quest 2 (is this technically a mobile device?) Accomodation: can I claim for hotels stayed like Marriott but under company expenses?
Hey Kenny, for Oculus Quest 2, it's more of a VR headset, so I don't think it's considered for mobile devices (more to smartphones) For Accommodation, by company, do you mean your own company or company that employs you? On the other hand, need to also check if your hotel is registered here: www.motac.gov.my/en/check/registered-hotel
also wished they had increased the restricted tax relief of RM 4000 for EPF, t=its been the same for decades and discourage ppl from withdrawing their eepf savings
"full medical check up"...long overdue to be replaced by "approved medical check up packages" and the said medical tests come with offical receipt/tax voucher...how can?
Hi Ziet, would like to ask more about PRS contribution. My employer currently invests 4% of gross salary to PRS on top of the statutory EPF contribution, and would like to know if this portion is actually tax deductible when we are filing BE?? Thanks in advance.
Hi, newbie here, want to ask, how about business asset for sole proprietorship Enterprise? I'm still unclear about it? Just put under business expenses or got some tax relief 😅😅
Hey there, to my understanding, you can only claim for sports equipment under the Sports Development Act 1997 and monthly gym memberships under the lifestyle category. So for Zumba classes, it's not claimable.
Thank you for this! I'm new to working world and just landed a job with 3.5k Salary kasar, how do I know/calculate my overall tax payment for the whole year?
Your formula is wrong, the Gross Total Annual Income is NOT after EPF deduction. It is before any deductions. Great video overall but this part is misleading a lot of people.
Woops thanks for spotting the mistake! I wanted to show the first part of the annual income should be after EPF deduction, shouldn’t use 42,000 - my bad for overlooking on this one!
A quick question, I wonder what if we are employed but at the same time we also have our own company, taking on freelance gigs outside, when it comes to income tax, which form should we fill in? I suppose nowadays many people also like me, has one or more side hustles, could you give some guidance on this how to do the tax filling in this case? Thanks
Hey there! Fill the amount under “Statutory income from interest, discounts, royalties, pensions, annuities, other periodical payments, and other gains and profits.” in your borang BE.
@@ZietInvests Thanks for reply, that means we do not have do to tax filling for freelancer before June 30 right? Everything including our income from our sole proprietor company under one Borang BE will do correct? Lol I asked ChatGpt it said that I'm required to file two separate income tax returns and use two different tax forms.
Hey Victor, as far as I understand, internet subscription here refers more to broadband plans like Time, Maxis Fibre of Unifi that is under your name. So for mobile postpaid data plans, best to check with an accountant!
Hi Ziet, do we need to file tax for capital gain/loss and dividend which earned from international stocks under section 'income from sources outside Malaysia'? Thank you so much
Welcome bro! To my understanding, only registered hotels from this lis is claimable: www.motac.gov.my/en/check/registered-hotel So, I don't think this applies to Airbnbs.
Hey there, to my understanding, upskilling courses need to be recognised under the National Skills Development Act 2006. You can check it out here: www.myspike.my/index.php?r=umum-pb%2Findex-umum-program-sldn
Hmmm by right should be under "Life insurance" / coz medical insurance i use to claim medical card (hospitalization insurance) instead. Can try asking an accountant tho!
Hi how do I calculate the EPF contribution fund? In my EA form it exceeds the amount I can claim. Would be good if there is someone that can explain! Thanks
Hey Raihanah, yes, the figure in your EA form is the one. So if it's 10k, you can only claim 4k max. So just key in RM 4,000 in the EPF field. Hope this clarifies!
Hey Wei Lee, you can check out the highlights of the budget 2023 here: www.theedgemarkets.com/node/656636. Else, the relief would either maintain or they will announce changes (if any) on the LHDN website next year.
i have a question, since I'm working based on commision, how should I know if I am exempted or not from income tax? because my monthly salary is not always above 3k, usually around 2.8k++, and sometimes 3.1k++ (gaji bersih)..
Hey Azril, if you have an employer, you should be able to see what's your total gross annual income in your EA form. Then if you are earning RM34,000 per annum after EPF deductions, then you will need to file income tax.
Hey there, for foreigners in Malaysia, perhaps you can refer to this article: www.comparehero.my/budgets-tax/articles/income-tax-foreigners-working-in-malaysia#:~:text=Foreigners%20with%20a%20non%2Dresident,eligible%20for%20any%20tax%20deductions.
Is PCB compulsory? Is it stated anywhere in the law that this is mandatory? I’d rather pay all my taxes when I declare my income and know the exact amount due.
Hey Mat, to my understanding MTD or PCB is mandatory based on the Income Tax (Deduction from Remuneration) Rules 1994. You can get more info from LHDN's website here: www.hasil.gov.my/en/employers/responsibility-of-employer/
Hi, l want to ask domestic travel tax relief RM1K. l paid for my hotel booking in year 2022 but my check-in date is in year 2023. Am l allowed to claim in YA 2022? Thanks
Hi there, to my understanding, if the income stays overseas, it will not be taxed. But best that you check with an accountant to double confirm on this!
Hey Brian! Need to check if the marathons and runs are approved and licensed by the Commissioner of Sports. Perhaps you can check with the organizers just to be sure :)
Hi Liz, im unable to comment on that because those should are foreign-sourced in nature, and its really hard to determine whether they are income or capital gains - but anyway from what I reckon they are both not taxable for Malaysians. Do check with a tax accountant just to be sure
Hi Ziet, love your content! I'm currently running my own business from home, can I actually use my personal internet bills to get the tax exemption for my business? It's my real name and not my business name that's on the bills but the address is the same. Thank you!
So I have iPrestige with Great Eastern, an investment linked account or deferred annuity as you mentioned, I can park this under deferred annuity and PRS?
Hey Jaxc, according to iPrestige's brochure here (page 13), you can park this under the Life Insurance category instead: www.greateasterntakaful.com/content/dam/great-eastern/takaful/en/homepage/personal-takaful/our-products/family-takaful/i-great-prestij/brochure.pdf But you can always double check with your agent too!
Hey Samuel, what he is implying is probably those rich people that don't take any income from their business and keep it in the business as asset, and then use it to take corporate loan and buy car/house, hence they pay very minimal individual income tax.
If we only paid around Rm1200 per annum or around Rm 90 per month, are we eligible for all that massive tax claim? or can just claimed not more than RM1.2k?
Hi Yuki, upskilling/ self-enhancement courses must be recognised under the National Skills Development Act 2006. If you are not too sure, can check with an accountant for this :)
Hey Alfred, you need will need to get a letter from a registered medical practitioner to prove that your parents are in need of a private caregiver. Best if you keep a certification of the caregiver's work permit too if anything.
There is a section for "INCOME FROM SOURCES OUTSIDE MALAYSIA". Let say I work for a company in China (full time) and receive the income in MYR, do I only fill in this section? or do I fill it in the "Statutory income from sources of employment in Malaysia"? Appreciate your advice :) Thank you.
Hey Ivan, should be can! Best to double check with the organizer if it's approved and licensed by the Commissioner of Sports under the Sports Development Act 1997
Hey Olivia, if not mistaken, there's a special deduction for landlords who rent out their property as business premises, and this is based on iproperty's article here: www.iproperty.com.my/guides/rental-income-lhdn-tax-incentives-property-owners-46565 But best to double check with an accountant on this!
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If you found this video helpful, it would do our team a great pleasure if you can check out Interactive Brokers (with the link above), as we will receive a very tiny kick back - we promise to make more and higher quality videos for all of you ❤ Have a nice day ahead!
Note:
1. At 1:53 the Total Gross Annual Income (after EPF deduction) shouldn't be RM 42,000 (assuming a monthly income of RM 3,500) - It should be your Gaji Bersih (Net income after EPF deduction), which is roughly ~11% lower than RM 42,000. You should be able to see the Gross income "RM 42,000" and your EPF deductions "say RM 3,000" shown on your EA Form (provided by your employer). Fill those numbers into your Borang BE accordingly. Hope this clarifies!
i wished they had reinstated tax relief for looking after elderly parents instead of just for medical bills payment for parents, nowadays paying for maids to care for elderly parents is getting expensive for most of us M40
Ah that's true, that "carer" needs to more inclusive
Agreed.
Thanks for making this video Ziet, what a coincidence! I was just struggling with trying to understand income tax when I was asking my family about it. It was just a few weeks back too! Obviously I just got even more confused with their vague statements so this help loads, all the best man 💪
Hehe so glad to know that, figured it's best to make a video on this because its tax season! All the best 🔥
Very detailed content, great editing and overall just an amazing video! Keep it up!
Thanks a lot! Glad you enjoyed it :)
I love paying tax tbh, It made me feel like a socially responsible citizen. I'm looking forward to Government taking my hard-earned money again this year!
Nothing wrong with that!
Thank you Ziet for this video and the helpful links.. highly appreciated! Cheers
Hehe so glad this was helpful to you my friend! 🥰
Bro this helped so much!! Thanks man I'm going to share to my friends
Glad I could help, bro! Yes, do share it to them!
Thanks for the sharing. I like your room set up :)
Thanks for watching! and hehe
content and context value added, subscribed
I'm genuinely glad you found value from this video! Thank you so much!🥰
Video terbaik. Thank you!
Hehe terima kasih!
Nice video, just a suggestion. I dont think there is a video explaining what you should do when you just start working after college. It would be an excellent opportunity to make a video about what you should do immediately as you start your working career in Malaysia. There are so many things that Malaysians don't know they need to do asap nor how to really manage their finances.
Hey Bryan! Appreciate this suggestion - I've made a video on what can a fresh grad do to head towards financial freedom - perhaps you can check it out? hehe
Here's the link: ruclips.net/video/xbThtffSP8M/видео.html&ab_channel=ZietInvests
big thanks to u ser, very helpful video
Cheers ser!
As informative as always ! Keep it up Ziet 👍👍👍
Appreciate it, Bernard!
3:45 Individual and dependent tax relief RM9000 a year is not enough. Its has been ages already. As those ministers to send RM9000 a year, see they can or not.
🤣🤣
Thanks for coming out this video. Example if I bought a device cost RM5k, can I claim RM2.5k (8) plus RM2.5k (9a)?
Hey Ice, since only 1 device, can only claim for 1 one of the categories ya.
Hi Ziet, nice video and very informative. I just completed filing for FY2022. How about reliefs for FY2023? Where can I find the details for early planning. Thx!
Appreciate it, Choon Yap! As for YA2023, can refer to this doc by pwc first: www.pwc.com/my/en/assets/publications/Taxavvy/2023/pwc-taxavvy-budget-2023-retabled-edition.pdf
good thing we learn this in the form 5 mathematics kssm
💯
Hi Ziet, question on no.(16) Life Insurance & EPF tax relief section; Is the EPF contribution = the EPF figure displayed on our EA form?
Just want to confirm that.
Hey Khai, yes you are right.
Yes, EPF figure is in our EA form but relief is limited to only rm4,000...
Hi Ziet, the govnmt introduced tax on foreign sourced income last year , meaning any money remitted from overseas will now be taxed at 15%. But the methods of assessing this are very unclear. The big accountancy firms haven’t figured it out yet. Can you do some research and do a vid on this? How will the government assess each remittance? Exemptions are given if the remittance was taxed overseas. How do they assess this? Is money spent in Malaysia on a foreign credit card a remittance? Even if settled overseas? So many questions! Plenty to do a video.
Hey there, I've made a vid covering this actually! You can check it out here: ruclips.net/video/Z23c-cTSkXg/видео.html
Hi Ziet, thanks for replying. I had seen that video before, but I’m sorry to tell you it’s out of date and incorrect. You made that video upon the govmnt announcing in Dec 2021 that they would NOT be proceeding to tax FSI until 2026. However, in July 2022 they went back on their word and announced the FSI tax has been gazetted AND backdated(!) to Jan 1st 2022. The only relief they granted was that they would not tax FSI if it had already been taxed in the foreign source country and that country has a DTA with Malaysia. This ‘exemption’ runs until 2026 only.
So anyone who believed the announcement in Dec 2021 and then remitted untaxed FSI funds in 2022 has now got a tax bill coming.
The problems will arise in trying to prove your FSI remittances were already taxed abroad. It’s a huge can of worms. Think about the consequences of this. The amount of scrutiny required on every dollar remitted by thousands of tax payers could be humongous. How will this even work?
Video material!
I also confuse about this foreign source income tax, I figure out how I can prevent this but the statement from government is unclear
Hi Ziet, what if my daughter turned 18 middle of last year 2022 and completed her A levels last year but haven’t enrolled in Uni unti this year 2023, can I claim for the RM 2000 tax relief for children under 18 ?
Good explanation but pleasee...slow down and try not to sound like you're reading off a script (although you are). Thanks
Feedback noted, thank you so much Suhan!
Thanks such a good video.
A stupid question.
The statutory income from sources of employment in Malaysia which is my gross salary - tax exemption (show in EA form’s F section)?
The statutory income is that If I made 4K a month
4000 *12 - EA Form’s F section?
Hey Wilker! Not a stupid question. If you are referring to which figure you should take to fill up the Statutory income part, just use the figures in section B of your EA form.
For the figure in the EA Form's F section, it's more of an FYI to let you know that this figure is exempted from tax. Hope this helps!
Hi Ziet,
Item No.2 (Medical treatment, special needs and carer expenses for parents) - Can we consider carer expense as monthly allowance we paid to our parents?
Item No.17 (Deferred Annuity & PRS) - I would like to ask if I am using EPF money to invest into mutual funds which are also listed under those asset management such as (Public Mutual / RHB / CIMB / etc.), am I eligible to file for relief?
Hey Brandon, for no.2 - hmm technically, you can can claim for the carer expenses directly, regardless if you treat it as monthly allowance or not. As long as you have proof that your parents are in need of this service.
No.17 - seems possible if you the fund is approved by EPF but however, do check with your bank agent/ accountant for better clarity! They should be able to advise you better.
...
Great channel, just found you today.
If a UK citizen lives in Malaysia and actively day trades US futures/Forex full-time (in one's individual name), will the gains be treated as Foreign source income by Malaysia, and hence be tax exempt?
No Malaysian brokers will be used, and profits will be largely be kept in Singapore.
Hi Ayush, that’s a tough question to be answered, mainly because of 2 aspects:
1. Which tax citizenship are you? Im assuming Malaysia if you stayed over 183 days? In that case I believe such foreign sourced income is not taxable in Malaysia. But,
2. What’s the nature of the income source? Your primary source of income?
Best check with a local tax accountant to get the most accurate advice ya
Can I buy a house around 400k using my share earning? I have never pay tax for my whole life, im 62 now, thank you for your help
Hi Ziet. Great video. Thank u for making it and sharing. I have a question. Under medical, it is stated RM8,000 but for self mental health consultation, does it mean the maximum one can claim is RM1000 and it must be with a govt hospital or can private hospital be included? TQ.
Hey Avtar! Glad you find it beneficial. To my understand yes, it's maximum RM 1,000 and just be sure that your checkup or consultation is from a registered psychiatrist, clinical psychologist, or counsellor.
Should be able to check here: mmc.gov.my/
its called Net amount after deduction.. before deduction its called gross amount..
Hey Mohamed! Yep yep, my oversight on this. I have clarified in the pinned comment.
Hey bro, mind to share more why wouldn't you recommend to invest in PRS or even the investment linked insurance?
Hi, it should reiterate that it's more of a forced-savings vehicle rather than a high yield savings/investment account yeah (look at its historical return, net of fees!)
Actually for single individual how much is eligible for income tax
So if I make less than the 34,000 threshold I don't have to do anything with LHDN?
Yes, your annual net income (from all sources of income) needs to be below the RM 34k threshold.
Hi, may i know mobile plan like "Maxis Postpaid 109" eligible for incame tax relief under "perlepasan cukai Gaya Hidup bagi Bayaran bil bulanan untuk langganan internet (Atas nama sendiri)" ? Monthly commitment RM109. Thank you.
Hi, Can we claim if bought used mobile from any person? which does not have any slip
Quite a detailed explanation in some parts. But for the domestic travel claim part, is the domestic flight ticket count? For example a flight go to Sabah or Sarawak thru AA or firefly
Yep! Domestic flight ticket counts :)
@@ZietInvests Thanks for the reply. Then come to my next question which is. is it count on the purchase date or flight date? If buy for multiple people (1 family) is it can count all or just for our own flight ticket only..
Thanks for this ziet. On the therapy expenses, does it have to be with a government clinic?
From my understanding, as long as its recognised by MMC then it is acceptable - but best to give accountants a quick call to double check the details ya!
🎉
🥇🤭
Hi Ziet, my dad had an operation in the private hospital last year and I was the one who paid for his medical bill. Is that qualified as eligible relief for Item No. 2? Thank you.
Hey there, yes as long as the medical condition is certified by a medical practitioner. Can confirm if the doctor is registered here: meritsmmc.moh.gov.my/search
U’re a great eastern client❤
Yea 😆
Personal computer including the monitor right? Not just the dekstop PC? Thanks for the easy to digest video, really usefull for newly graduates that need to pay taxes
Glad to hear this is useful for you! And if not mistaken, only the PC is claimable, not including monitor.
Hi, great vid. I’m a fresh grad and would like ask, if I start a new job this month w monthly salary of 4K, do I need to pay tax next year? If so, does my annual gross salary is 4*10?
Hi Zubair, yes you will receive EA form next year for FY2022, most likely your gross salary would be 9 months of RM 4,000 = RM 40,000 (before deduction. After deduction, you'll most likely be under the taxation threshold.
Hi Ziet, thanks alot for the detailed guide! For the domestic travel expenses tax relief, you mentioned about expenses incurred during the period between 1 March 2020 to 31 December 2022 are eligible. Does that mean expenses incurred in year 2021 can still be claimed now for YA2022?
Hey Chermaine! Glad you enjoyed the guide. You can only claim the expenses in their respective year - meaning expenses in 2021, was to be claimed in YA 2021 instead of YA 2022. Hope this clarifies!
@@ZietInvests I see...thanks ya :D
Hi Ziet,
For item number 16 EPF contribution - Is this the additional self contribution that we make then only we can claim or are we eligible to claim this as long as we contribute to our EPF from our work
Thanks for this video, Zeit. Right timing. Just a question for the internet bill, I have 100mbps plan from uni which cost RM129/month. Should I put the amount 129x12 or (129+6% SST)x12 for my tax relief?
Hey Gerald, x12 yes and exclude the SST. And make sure your internet bill is under your own name ya.
Dental treatment for self can be claimed according to 2023 budget right Ziet? But where to input that in the relief section? Thanks, great video btw.
Hey Yuva, this means this section should only be available next year ya.
Hi Ziet. Thank you for the video and its a good information. I have question on Caruman KWSP/Skim yang diluluskan which is terhad to RM 4000. Do I include in the amount what was deducted regularly by my employer or is in this in addition of money that we contribute to EPF.
The RM 4,000 limit for Caruman KWSP/Skim refers to the amount that you personally contribute to your EPF, including both the regular mandatory contributions deducted from your salary by your employer and any additional voluntary contributions you make. This limit is the maximum amount that is tax deductible.
hi, would like to ask if overseas receipts are allowed? let's say i had my dental surgery and purchased insurance from other countries. is it allowed?
Hi boss, if i take life insurance for my kids can't claim right under item no 18?
Yo yo, to my understanding, for spouse only.
@@ZietInvests noted & thanks boss
The annual income minus EPF contributions is very misleading. In that case you are only declaring 89% of your annual income in the E-Filing
Thank you for your feedback, it is indeed a little misleading, should have worded it better! (Left a note in pinned comment to clarify it)
Can I claim for the following:
Lifestyle - purchase of Oculus Quest 2 (is this technically a mobile device?)
Accomodation: can I claim for hotels stayed like Marriott but under company expenses?
Hey Kenny, for Oculus Quest 2, it's more of a VR headset, so I don't think it's considered for mobile devices (more to smartphones)
For Accommodation, by company, do you mean your own company or company that employs you? On the other hand, need to also check if your hotel is registered here: www.motac.gov.my/en/check/registered-hotel
Company that employs me, but I have the receipt under my name. But cost fully borne by employer
also wished they had increased the restricted tax relief of RM 4000 for EPF, t=its been the same for decades and discourage ppl from withdrawing their eepf savings
💯
"full medical check up"...long overdue to be replaced by "approved medical check up packages" and the said medical tests come with offical receipt/tax voucher...how can?
😂
Hi Ziet. Thank you for the video. Does a TV and Smart watch qualify for tax rebate?
Hey there! As far as I understand, nope for TV and Smart Watch. Only smartphones, PC, laptop or tablet.
Ayo man do u know If I can trade options inside EU on IBKR with only a 1k dollar account ?
Hard, they usually need 20K i think, but you can always weasel your way through by asking IBKR live chat to help you with that trading permission
Hi Ziet, would like to ask more about PRS contribution. My employer currently invests 4% of gross salary to PRS on top of the statutory EPF contribution, and would like to know if this portion is actually tax deductible when we are filing BE?? Thanks in advance.
Hey Daphne, if not mistaken, you need to be contributing to this PRS yourself. But best to check with an accountant for this to double confirm.
Hi, newbie here, want to ask, how about business asset for sole proprietorship Enterprise? I'm still unclear about it? Just put under business expenses or got some tax relief 😅😅
Hey there, perhaps can check out this article for more info: ringgitplus.com/en/blog/income-tax/how-to-file-income-tax-for-your-side-business.html
hihi is the cimb sg account considered as financial account(s) at financial institution(s) outside Malaysia? any implication to not report this?
Yes, considered as financial account(s) at financial institution(s) outside Malaysia. Under reporting may risk yourself in getting fines.
hi there, may i ask what about fitness studio like zumba studio , can we claim the monthly classes per month for 12 month ? thank you.
Hey there, to my understanding, you can only claim for sports equipment under the Sports Development Act 1997 and monthly gym memberships under the lifestyle category. So for Zumba classes, it's not claimable.
Thank you for this! I'm new to working world and just landed a job with 3.5k Salary kasar, how do I know/calculate my overall tax payment for the whole year?
Hey naia, this calculator should be useful for you! kiracukai.my/
whr do I put my capital allowance in the lhdn efiling? is the deadline for B-form is 15th May this year?
it should be calculated separately - try checking with an accountant ya.
dateline for B-form e-filing should be mid july
Does mobile data plan count under LifeStyle category for Tax Relief? I've been getting different answers from people.
If I'm not mistaken, if your bill separated the data portion, then should be ok to claim - but best to check with an accountant to double confirm!
Your formula is wrong, the Gross Total Annual Income is NOT after EPF deduction. It is before any deductions. Great video overall but this part is misleading a lot of people.
Woops thanks for spotting the mistake! I wanted to show the first part of the annual income should be after EPF deduction, shouldn’t use 42,000 - my bad for overlooking on this one!
Relief for YA2023 also pls thanks
Of course!😄
A quick question, I wonder what if we are employed but at the same time we also have our own company, taking on freelance gigs outside, when it comes to income tax, which form should we fill in? I suppose nowadays many people also like me, has one or more side hustles, could you give some guidance on this how to do the tax filling in this case? Thanks
Hey there! Fill the amount under “Statutory income from interest, discounts, royalties, pensions, annuities, other periodical payments, and other gains and profits.” in your borang BE.
@@ZietInvests Thanks for reply, that means we do not have do to tax filling for freelancer before June 30 right? Everything including our income from our sole proprietor company under one Borang BE will do correct? Lol I asked ChatGpt it said that I'm required to file two separate income tax returns and use two different tax forms.
For internet subscription. How about internet postpaid? We are paying for the internet data, and calls are free
Hey Victor, as far as I understand, internet subscription here refers more to broadband plans like Time, Maxis Fibre of Unifi that is under your name. So for mobile postpaid data plans, best to check with an accountant!
Hi.. do I need to pay tax for lottery/casino winning from oversea?
Hi Ziet, do we need to file tax for capital gain/loss and dividend which earned from international stocks under section 'income from sources outside Malaysia'? Thank you so much
Hey there, as far as I'm aware, no need. But do check with a tax consultant for this as well.
Item 8 (Lifestyle) - If i'm sending my son for swimming classes, is that claimable as well?
Hey Sanjev, to my understanding, I think this claim is more suitable for 9a ii. But do check with an accountant to double confirm on this!
Thanks bro for the tips. Just wondering what about payment of accommodation via airbnb. Is that allowed?
Welcome bro! To my understanding, only registered hotels from this lis is claimable: www.motac.gov.my/en/check/registered-hotel
So, I don't think this applies to Airbnbs.
How about online learning courses or subscription like Coursera and LinkedIn learning premium? Are they tax deductible?
Hey there, to my understanding, upskilling courses need to be recognised under the National Skills Development Act 2006. You can check it out here: www.myspike.my/index.php?r=umum-pb%2Findex-umum-program-sldn
Is this also applicable for Expats?
Should differ in certain areas as this should be applicable to all malaysian tax paying resident, not for expats (do give it a check ya)
I bought term life insurance. Is it claimable under ''Education and medical insurance'' section ? ''Life insurance and EPF'' already fully claimed.
Hmmm by right should be under "Life insurance" / coz medical insurance i use to claim medical card (hospitalization insurance) instead. Can try asking an accountant tho!
you are right
Whole Life or term life falls under ''life insurance''
Medical insurance refers to medical card.
thanks bro
No prob bro!
I pay life insurance for my husband .can i declare in my income tax?
For spouse can, but need to note that you must be the policy owner ya.
Hi how do I calculate the EPF contribution fund? In my EA form it exceeds the amount I can claim. Would be good if there is someone that can explain! Thanks
Hey Raihanah, yes, the figure in your EA form is the one. So if it's 10k, you can only claim 4k max. So just key in RM 4,000 in the EPF field.
Hope this clarifies!
How about YA2023? Is the relief for buying smart phone,internet and computer still available? I try to read thru the budget 2023 and can't found it
Hey Wei Lee, you can check out the highlights of the budget 2023 here: www.theedgemarkets.com/node/656636.
Else, the relief would either maintain or they will announce changes (if any) on the LHDN website next year.
i have a question, since I'm working based on commision, how should I know if I am exempted or not from income tax? because my monthly salary is not always above 3k, usually around 2.8k++, and sometimes 3.1k++ (gaji bersih)..
Hey Azril, if you have an employer, you should be able to see what's your total gross annual income in your EA form. Then if you are earning RM34,000 per annum after EPF deductions, then you will need to file income tax.
Hi, I have a question, what can be claimed from the use of personal car?
Hey there, don't think you can claim for this 🤔
@@ZietInvests I see, thank you 🙏
Hi..I just wanted to ask if we buy new television can claim at income tax ah
Hi! nope for TV.
This only for Malaysians? How about foreigners working in Malaysia?
Hey there, for foreigners in Malaysia, perhaps you can refer to this article: www.comparehero.my/budgets-tax/articles/income-tax-foreigners-working-in-malaysia#:~:text=Foreigners%20with%20a%20non%2Dresident,eligible%20for%20any%20tax%20deductions.
Is PCB compulsory? Is it stated anywhere in the law that this is mandatory? I’d rather pay all my taxes when I declare my income and know the exact amount due.
Hey Mat, to my understanding MTD or PCB is mandatory based on the Income Tax (Deduction from Remuneration) Rules 1994. You can get more info from LHDN's website here: www.hasil.gov.my/en/employers/responsibility-of-employer/
Is there any tax relief for purchases of baby carseat and baby stroller? If yes, in where section does it located?
Hey Syazwan, I don't think there's any relief for this!
Hi, l want to ask domestic travel tax relief RM1K. l paid for my hotel booking in year 2022 but my check-in date is in year 2023. Am l allowed to claim in YA 2022? Thanks
H i there, yes since you paid for it in 2022, you should be able to claim for YA 2022 :) Make sure under your name ya.
Hi, if one purchased a monitor and use it for work in office last year, can I put it as tax relief?
Hi there! It needs to be a PC ya - and for personal usage only.
Hi, I am Malaysian. Do I need to file tax in Malaysia if I work & earn income overseas? As I'm taxable overseas.
Hi there, to my understanding, if the income stays overseas, it will not be taxed. But best that you check with an accountant to double confirm on this!
Hi Ziet, I have few marathons/runs last year. Is it claimable?
Hey Brian! Need to check if the marathons and runs are approved and licensed by the Commissioner of Sports. Perhaps you can check with the organizers just to be sure :)
If i earn income from covered calls/puts, do i need to declare them? Are they taxable? what type of income are they?
Hi Liz, im unable to comment on that because those should are foreign-sourced in nature, and its really hard to determine whether they are income or capital gains - but anyway from what I reckon they are both not taxable for Malaysians. Do check with a tax accountant just to be sure
smartwatch not included?use for jogging?
Hey Asri, smartwatch is not included for the tax relief unfortnately :( only smartphone, laptop or tablet ya.
Hi Ziet, love your content! I'm currently running my own business from home, can I actually use my personal internet bills to get the tax exemption for my business? It's my real name and not my business name that's on the bills but the address is the same. Thank you!
Hey Sarah, depends what's your registered business name for this, whether personal or business trade name.
@@ZietInvests thank you!
So I have iPrestige with Great Eastern, an investment linked account or deferred annuity as you mentioned, I can park this under deferred annuity and PRS?
Hey Jaxc, according to iPrestige's brochure here (page 13), you can park this under the Life Insurance category instead: www.greateasterntakaful.com/content/dam/great-eastern/takaful/en/homepage/personal-takaful/our-products/family-takaful/i-great-prestij/brochure.pdf
But you can always double check with your agent too!
Would taking on debt like a loan to be invested also reduce tax to almost zero like Robert Kiyosaki says?
Hey Samuel, what he is implying is probably those rich people that don't take any income from their business and keep it in the business as asset, and then use it to take corporate loan and buy car/house, hence they pay very minimal individual income tax.
@@ZietInvests would that also imply to stocks you buy and keeping it for longer for its cash flow through dividends?
Example if apply tax deduction for 2023.. the receipt of purchase must be in 2022 only right?
Yes, you are right! As technically, you are submitting taxes for Year of Assessment 2022.
If we only paid around Rm1200 per annum or around Rm 90 per month, are we eligible for all that massive tax claim? or can just claimed not more than RM1.2k?
Hey Haff, possible to elaborate on the specifics of what your RM 1,200 per annum is for?
@@ZietInvests pcb
I'm taking CFA, can I claim the 7k for education since it's a professional cert and not a masters or doctorate?
Hi Yuki, upskilling/ self-enhancement courses must be recognised under the National Skills Development Act 2006. If you are not too sure, can check with an accountant for this :)
Now I wonder if I hire a private caregiver for my parent, is it claimable?
Hey Alfred, you need will need to get a letter from a registered medical practitioner to prove that your parents are in need of a private caregiver. Best if you keep a certification of the caregiver's work permit too if anything.
There is a section for "INCOME FROM SOURCES OUTSIDE MALAYSIA". Let say I work for a company in China (full time) and receive the income in MYR, do I only fill in this section? or do I fill it in the "Statutory income from sources of employment in Malaysia"? Appreciate your advice :) Thank you.
Hey Natalie, for this, best to check with an accountant as I'm not too sure about this as well.
Can you pls advise on expat tax slabs and resident status
Hey Gaurav! I believe this info here by LHDN themselves would be useful for you: www.hasil.gov.my/en/international/non-resident/
Thank you
How is income from investment in US stock market taxed in Malaysia?
Hey Joel, you can refer to this vid I've previously made here! ruclips.net/video/G0ldbVRDyig/видео.html&ab_channel=ZietInvests
How about master in counselling or psychology? Is it claimable for tax relief?
Yes, as long as it's in a recognised higher learning institution in Malaysia
Can marathon event fees be claimed as a relief under the 9(a) Additional Sports Relief section ?
Hey Ivan, should be can! Best to double check with the organizer if it's approved and licensed by the Commissioner of Sports under the Sports Development Act 1997
Hi, would like to ask how about rental income tax relief, how to fill up for that?
Hey Olivia, if not mistaken, there's a special deduction for landlords who rent out their property as business premises, and this is based on iproperty's article here: www.iproperty.com.my/guides/rental-income-lhdn-tax-incentives-property-owners-46565
But best to double check with an accountant on this!
Can i claim life insurance bought outside Malaysia?
Hey Ericson, hmm for this one, best to check with an accountant.
Is MLTA eligible for tax relief under life insurance?
Hey there, best to double confirm with an accountant for this!