finance Archives - MalaysiaSky

LHDN Update and Amend Wrongly Tax Filing

tuanshah — Fri, 05 Mar 2021 23:17:15 +0000

e-filing page

What if one day after submitted tax to LHDN, we suddenly realize we have submitted wrong info either calculation or anything and would like to amend or update or correct it. That what happen to me. Few day after I submitted the form, I realize some of claim made is not right and would like to update and amend the wrongly tax filing.

Do not afraid, all our mistake still can be fix. Here are what I did:

Call LHDN
If hotline is busy, call the branch, best if branch where your file is open
Talk to officer
Officer will advise what should do, mostly send back all the document to them. Its like audit in advance

Document to Prepare to send to LHDN

EA form – the most important one
All the receipt – book, insurance, internet, gadget, zakat, SSPN or anything you want to deduct and claim back

Once all document is submitted to officer, they will do and calculate on our behalf, any final amount will based on the document we send. Final amount might be more or might be less. More info can visit this

That’s all. Now we can relax our mind once all the wrongly submitted tax filing to LHDN mistake is corrected, update or amend .

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i-Lestari using i-account online Withdrawal

tuanshah — Sat, 04 Apr 2020 14:40:31 +0000

As recent situation, EPF has introduce new type of EPF withdrawal from account 2 called i-Lestari which allow member to make withdrawal from minimum rm 50 until max rm 500 and it can be done through e-pengeluaran using online i-account

Here are step to apply using EPF online

Login into epf online account .
- if dont have online account need to apply first
Go to withdrawal menu
i-account main page and withdrawal menu
Select new application
Click new application menu for next process
Choose withdrawal type. In this case i-Lestari.
select i-Lestari withdrawal from i-account online
Key in necessary info. Your bank account is the most important
Submit

Thats all. And wait feedback from EPF regarding your i-Lestari application.

Beside i-Lestari, there also few more option for withdrawal such as first buying house, reduce house loan, education, health, saving more than 1 million and few more from the list and changes based on EPF decision

other withdrawal option available in i-account

Hopefully this step to i-Lestari withdrawal using i-account online (Account 2) from EPF is useful.

Update: EPF has create another page for their customer apply for i-Lestari without hasle. This for anyone don’t have online account or forget password or anything related to login to i-account.

Here the new url specifically for i-Lestari : https://ilestari.kwsp.gov.my/. New application, check application status and few more info can be found here.

i-lestari page

Here are few article related with KWSP/EPF you might be interested

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myASNB Buy And Manage Investment Online Portal

tuanshah — Fri, 11 Oct 2019 13:49:59 +0000

Doing investment for Amanah Saham Nasional Berhad now getting easy when ASNB launch their system called myASNB. From this website, we can view, manage, add more or buy new funds directly as long as we registered to this online portal. For first time user, we need to activate it, they will send TAC to registered mobile number. If the number is outdated or haven’t opened any fund in ASNB, we need to update or registered for first time at ASNB itself or nearest ASNB agent. After that, just follow the step until account is created. Easy and simple.

myASNB banner taken from official myASNB portal

Using this online myASNB, we can do top up to existing fund unit, buy new investment fund (which is great no need to go counter to open or buy new fund), or even setup auto investment ( auto Labur), all in single portal. For some investment unit, we also can purchase using EPF account 1. So our EPF account 1 not just stick to public mutual fund. So we can diversify our investment depends on what we need. Thats how we can manage our investment online just using this myASNB portal.

myASNB list of account

What different this myANSB if we compare using other online banking,

Using this system no charge. Where online banking charges you depend the bank .Some RM 0.50 some RM 1
Online banking only for top up investment, cannot do for new investment.
myANSB can view detail transaction each investment fund

myASNB auto Labur menu

myASNB auto labur form detail

Beside, its also come with mobile app, so please download at your nearest store for more convenient at fingertips.

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MPSJ House Renovation Procedure To Get Approval And Permit

tuanshah — Sat, 11 Nov 2017 15:04:46 +0000

renovation need a permit from MPSJ

If you living in MPSJ area and planning to have house renovation in legal way, here some tip might guide and help you about MPSJ house renovation procedure to get approval and permit so our renovation work didn’t get summon or illegal. Here are some procedure might help you

Get the architect/drawer. Easier if from MPSJ architect list. Some architect will charge same rate even your drawing only extend backyard or just ground floor.So better you draw the whole house for future planning, As per I understand, let say first phase you want just renovate kitchen, so later in 2 years, you want to renovate front house, just get back to your architect, they will help you to submit Borang B(if not mistaken in order to you to continue working)
Architect will advise step, drawing will include engineering, CCC or not based on your renovation planning
Some architect will help to submit to authority until you get the approval. So you just prepare document needed. And money (for drawing, engineering, CCC, MPSJ)
Some typical document needed:
1. IC copy
2. paid receipt cukai tanah(latest)
3. SNP
4. original SNP (include elevation section and site plan) if you buying subsale
5. original CF.(if don’t have just call MPSJ they will check if your house have CF before or not, and pay Rm100 to get copy(if you have).
6. More document will be advice by your architect
Wait until they complete their job, based on architect, some take week some take 1-2 month until got approve. So you might need to follow up frequently.
Good thing now MPSJ no need to get neighbor signature anymore for approval (as per 2017 and this post written).
Once you get the approval and permit, you can start your work without worry authority come and summon you

Hopefully this post about MPSJ house renovation procedure to get approval and permit help you.

There also post regarding you might be interested you can click

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Pay and Manage TNB Account With Online Portal

tuanshah — Thu, 27 Apr 2017 09:19:49 +0000

Self service portal is one of necessary things to make our life easier, or harder. Depends on the portal. That’s also for TNB. They have self portal online called myTNB Self Service Portal so we can pay and manage our TNB account online

Normally people use online to pay their bill or via agent. But this portal not just for easier for you paying bill, but also to monitor, keep track energy usage and so on, which is useful if you have multiple account and need to monitor it. Example, you want monitor your tenant paying their electricity bill on time or not, or not paying. All you can do with this portal.

If you first time, you need to register here by key in necessary info and detail .

Once you account is created and verified (check your mailbox), you can login and start manage account

TNB Portal dashboard

You can monitor and track account usage, payment history and bill due with this portal. Even payment record can be view.

Electricity and energy usage tracking

The benefit of this portal, not just to manage and monitor account, but if you want to change your rent house to your tenant name, apply electricity for new unit/house or even closing account, you also can do it with this portal. So we also can track tenant electricity usage and remind them to pay electricity bill.

Multiple TNB application management dashboard

If you wish and interested with green/solar/renewable energy, you also can apply via this portal. But for now, its still under maintenance and it will open back later once ready . With this, you can view application status online, anywhere and anytime. Its that great when we have this kind of self service portal so we able to manage and pay our TNB bill and account online

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EPF Fund and Public Mutual Fund

tuanshah — Thu, 25 Feb 2016 08:02:37 +0000

Employee Provident Fund

Employee Provident Fund (EPF) or also known as Kumpulan Wang Simpanan Pekerja (KWSP) is a government agency who manages compulsory saving plan and retirement planning for private sector employee.Did you know we can use our EPF in account 1 to invest in registered fund like Public Mutual for example.

This is the cart EPF/KWSP dividend paid since 2000-2015

No.	Year	Dividend Paid
1	2000	6.00%
2	2001	5.00%
3	2002	4.25%
4	2003	4.50%
5	2004	4.75%
6	2005	5.00%
7	2006	5.15%
8	2007	5.80%
9	2008	4.50%
10	2009	5.65%
11	2010	5.80%
12	2011	6.00%
13	2012	6.15%
14	2013	6.35%
15	2014	6.75%
16	2015	6.40%
17	2016	5.7%

Dividend paid from 2000-2015

for EPF full dividend paid report, please click here

http://www.kwsp.gov.my

Public Mutual

Public Mutual is well known as another investment company. Beside public can withdraw from EPF account 1 and invest into Public Mutual. What happen when or if i wanna close account in Public Mutual? Don’t worry, all the money including dividend will going back into EPF account 1.

one of fund performance in public mutual

Which one is the best? stay in EPF or withdraw and invest in Public Mutual? Its up to you. Study the market, study the pattern. Which one is the best for you. For me, i’m still hold the magic word ‘Don’t Put All Eggs in A Basket’.

For Public Mutual fund performance full report, please click here to refer

http://www.publicmutual.com.my

Update: now EPF intro new module called i-invest which we can monitor and invest registered fund with FMS directly without agent. Its update everyday so we fund perfomance can be track everyday if we want.So maybe we can make decision are our investment fund really perform well or not . Here are the post you may want to take a look

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Malaysia LHDN Tax Relief and Rebate

tuanshah — Mon, 22 Feb 2016 08:51:11 +0000

LHDN logo

Malaysia LHDN Tax Relief and Rebate for individual

No.	Individual Relief Types	Amount (RM)
1	Self and Dependent Special relief of RM2,000 will be given to tax payers earning on income of up to RM8,000 per month (aggregate income of up to RM96,000 annually). This relief is applicable for Year Assessment 2013 only.	9,000
2	Medical expenses for parents	5,000 (Limited)
3	Basic supporting equipment	i) 5,000 (Limited) – year of assessment 2014 and before ii) 6,000 (Limited) – with effect from year of assessment 2015
4	Disabled Individual	6,000
5	Education Fees (Individual)	5,000 (Limited)
6	Medical expenses for serious diseases	i) 5,000 (Limited) – year of assessment 2014 and before ii) 6,000 (Limited) – with effect from year of assessment 2015
7	Complete medical examination	500 (Limited)
8	Purchase of books, journals, magazines and publications	1,000 (Limited)
9	Purchase of personal computer (once in every 3 years)	3,000 (Limited)
10	Net saving in SSPN’s scheme	3,000 (Limited)
11	Net saving in SSPN’s scheme (with effect from year assessment 2012 until year assessment 2017)	6,000 (Limited)
12	Purchase of sport equipment for sport activities	300 (Limited)
13	Subscription fees for broadband registered in the name of the individual (with effect from year of assessment 2010 – 2012)	500 (Limited)
14	Interest expended to finance purchase of residential property. Relief of up to RM10,000 a year for three consecutive years from the first year the interest is paid. Subject to the following conditions: (i) the taxpayer is a Malaysian citizen and a resident; (ii) limited to one residential unit; (iii) the sale and purchase agreement is signed between 10th March 2009 and 31st December 2010; and (iv) the residential property is not rented out. Where: (a) 2 or more individuals are eligible to claim relief for the same property ; and (b) total interest expended by those individuals exceeds the allowable amount for that year. Each individual is allowed an amount of relief for each year based on the following formula: A x B C where; A = total interest allowable in the relevant year; B = total interest expended by the relevant individual in the relevant year; C = total interest expended by all the individuals.	10,000 (Limited)
15	Husband/Wife/Alimony Payments	3,000 (Limited)
16	Disable Wife/Husband	3,500
17	Ordinary Child relief	1,000
18	Each unmarried child of 18 years and above who is receiving full-time education (“A-Level”, certificate, matriculation or preparatory courses).	1,000
19	Each unmarried child of 18 years and above that: (i) receiving further education in Malaysia in respect of an award of diploma or higher (excluding matriculation/preparatorycourses). (ii) receiving further education outside Malaysia in respect of an award of degree or its equivalent (including Master or Doctorate). (iii) the instruction and educational establishment shall be approved by the relevant government authority.	4,000 6000 (with effect from year of assessment 2013)
20	Disabled child Additional exemption of RM4,000 disable child age 18 years old and above, not married and pursuing diplomas or above qualification in Malaysia @ bachelor degree or above outside Malaysia in program and in Higher Education Institute that is accredited by related Government authorities With effect from year of assessment 2013 additional exemption is RM6,000	i) 5,000 – year of assessment 2014 and before ii) 6,000 – with effect from year of assessment 2015
21	Life insurance and EPF	6,000 (Limited)
22	Premium on new annuity scheme or additional premium paid on existing annuity scheme commencing payment from 01/01/2010 (amount exceeding RM1,000 can be claimed together with life insurance premium) – deleted from year assessment 2012 until year assessment 2021	1,000 (Limited)
23	Deferred Annuity and Private Retirement Scheme (PRS) – with effect from year assessment 2012 until year assessment 2021	3,000 (Limited)
24	Insurance premium for education or medical benefit	3,000 (Limited)

source : www.hasil.gov.my

Tax Rebate

No.	Tax Rebate	(RM)
1	Zakat/Fitrah	Subject to the maximum of tax charged

Individual can pay tax online here : https://ez.hasil.gov.my/CI/. Here where we we claim back our tax relief or rebate amount subject per LHDN approval.

Here also few post might be related with you

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