Asking for Increment in employee EPF contribution or basic salary or allowance?

Most people when they want to ask for a raise, we will be thinking of increment in terms of basic salary or additional allowance. For employee who are not paying much of the income tax to LHDN, whether increment in these two forms does not matter much. Employee with higher salary and tax bracket might be finding that the increment will transform into the higher tax bracket, thus higher amount of deduction for LHDN (seems like not much point asking for a raise).

Another way of increment that most people not aware of is getting an increase via higher percentage of employer EPF (KWSP) contribution monthly. Tax savvy employee will find this is a good way to escape from tax as the employer's contribution is not subjected to income tax calculation.

The statutory requirement for employer contribution is as the following

13% contribution of the monthly wages of RM 5,000 and below; 12% contribution of monthly salary above RM5,000

Companies in Malaysia are encouraged to increase the contribution beyond the statutory requirement where any extra contributions is tax deductible up to 19% of the employee’s salary.

Both increment in terms of salary and allowance will however allow more usable cash in the bank while the EPF contribution increment will pile the cash in the retirement. Hence, it is up to you, which is more important. 

MALAYSIA PROPERTY BULK PURCHASE GROUP

 PROPERTY BULK PURCHASE GROUP

The truth in property.

Walk in to the sales gallery, looking for the next best deal nearby. After visiting the showroom, the sales agent will show you all the calculations where you see how much you need to prepare for downpayment, MOT, Loan Legal Fees, progressive payments and monthly commitment. 

You are knowledgeable after doing some read up before this. You will ask for any rebates, any cash back? How much is it during launching? What are the early bird rebates? How much are phase 1 buying? How much phase 1 buyers are given rebates for phase 2?

Definitely you will feel like missing out. Then you need to think if you can afford to buy at a slightly premium price. But the agent will tell you, next time, it will be worth this this this, rental rate will be this this this, property price will rise definitely, for your own stay it's okay one. Buy now or never. Plus you see the stickers on the units are getting more and more.

Look at the facts in the chart below. 

CREDIT - DEBT TRAP CYCLE v1

Long time ago, a business owner leverages credit cards for his business cash flow. He has 2 credit cards. Month 1 draw 20k from card A. Month 2 draw 20k from card B to pay off card A. Sounds like he received a nett 20K, really?

But

Once you make a cash advance out of credit card, you will be charged 5% of the amount you withdraw or minimum of RM15. 

.

Withdraw 20K. 

Cash advance fee 5% = 1K

Debt = 21K

Every month withdraw for 1 year = 12K

To have 20K monthly, your debt now 32K.

In another way, you use 12K to get 20K for 12 months. 

You get flexibility of credit, and then end up in bad debt. 

Get a proper loan.

myTNB Pay & Win Huawei! Campaign 2020

Settle your TNB bills and stand a chance to win!

The promotion will run for three months and 3 winners will stand a chance to win Huawei P40 Pro and 90 consolidate prizes of cash vouchers worth RM300 each during the campaign period. 93 Eligible winners will be selected by on a randomizer program

The promotion runs from 12th October 2020 to 9th December 2020.

All you need to do is download myTNB App and make full payment through myTNB App during the campaign period. As long as you have made a successful transaction through myTNB App, you will stand a chance to win the prizes.

If I only paid half of the outstanding bill; can I still participate in this campaign? 

No, you must make full payment in order to participate in this campaign

GERAN KHAS PRIHATIN 2020 ���� cepat apply sekarang!

Free CTOS Report 2020

During this COVID-19 pandemic, the top priorities are our health and safety. However, you may also be concerned about how current economic conditions might affect your financial situation.

With that in mind, we are giving up to 100,000 FREE CTOS Score credit reports (worth RM2.5 million) with the goal of helping Malaysians to have a better understanding of their financial position.

We encourage you to be proactive in monitoring your credit and staying on top of your personal finances so you can get through this tough period.

To redeem, enter this promo code at the payment page:

FREEMCO20

From 1st - 14th April 2020

RPGT Malaysia 2019 with EXEMPTIONS

🏘 Real Property Gains Tax (RPGT) for Sale of Property from 1 Jan 2019. 
🏘 Cukai Keuntungan Harta Tanah (CKHT) untuk Jualan Hartanah dari 1 Jan 2019. 

One day, when you want to sell your house or property, you have to pay taxes on the profit (gain) since the day you bought it.

Want to know how much to pay for selling your property? Find the lawyer who help you with selling the property or we can calculate for you! 

#thebenlawfirm
#propertylawyer
#lawyermalaysia
#peguamhartanah
#rpgt2019
#ckht2019

RPGT Exemptions!

• Once-in-a-lifetime exemption on gains from selling your residential property
• Gain from disposal of property between family members (husband-wife, parents-children, grandparent-grandchildren)
• RM10,000 or 10% of Net Chargeable Gain, whichever is higher

Income from Oversea Taxable? LHDN Malaysia

Income earned from outside Malaysia and sent to Malaysia will be exempted from tax.

Remittance Income From Outside Malaysia

From year of assessment 2004, income earned from outside Malaysia and accepted in Malaysia by an individual residing and remitted to Malaysia is exempted from income tax.



Income Remitted from Outside Malaysia

With effect from the year of assessment 2004, income derived from outside Malaysia and received in Malaysia by resident individual is exempted from tax.

Pada amnya, pendapatan daripada penggajian sepatutnya dikenakan cukai di negara di mana perkhidmatan dilakukan tanpa mengira tempat di mana kontrak ditanda tangan atau di mana saraan dibayar.

Mulai Tahun Taksiran 2004, pendapatan yang diterima di Malaysia dari luar Malaysia adalah dikecualikan daripada cukai. Oleh itu, pembayar cukai sama ada yang bermastautin atau yang tidak bermastautin di Malaysia dikenakan cukai atas pendapatan yang diperoleh dari Malaysia sahaja (Perenggan 28(1), Jadual 6 Akta Cukai Pendapatan 1967).

Sekiranya tuan telah bekerja di luar negara dan pekerjaan yang dijalankan berkaitan dengan penggajian yang dijalankan di Malaysia, maka pendapatan penggajian yang diperolehi akan dikenakan cukai di Malaysia.

Tuan boleh melayari Portal Rasmi LHDNM, www.hasil.gov.my >> Pautan Dalaman >> Ketetapan Umum >> No.1/2011 – Percukaian Pekerja Malaysia Yang Dihantar Bertugas Di Luar Negara untuk semakan lanjut.

http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=1&bt_posi=2&bt_unit=5000&bt_sequ=3

How to Submit Rental Income for LHDN Malaysia

Submitting Rental Income for Lembaga Hasil Dalam Negeri (LHDN)

Rental Properties Malaysia: Income Tax Act 1967

Are you a property investor? Are you an owner of a few properties rented out?

Expenditure allowable for deductions from the rental income of a taxable property are as the following:

• Assessment tax  (cukai taksiran or cukai pintu)
• Quit rent (cukai tanah)
• Interest on borrowings/loans
• Fire insurance premium
• Rental collection expenses
• Legal expenses incurred to enforce rental collection
• Rental renewal expense (tenancy agreement, property agent)
• Repair expenses 
• Property service charges (maintenance fee, sinking fund, Indah Water)

Initial expenses are not allowed for deductions from rental income of real estate where spending is used to create this source of income. For example, the cost of getting the first tenant such as advertising costs, legal costs to make rental agreements, stamp duty and commissions to real estate agents are not eligible.

The following is an example of calculation.

Based on HK-4 Form from LHDN

GROSS RENTAL INCOME	RM2000x12 = RM24000
Allowable expenses
Interest expense (loan)	-RM1250 x12 =Rm15000 (instalment RM1650)
Tax Assessment / Door Tax	-RM130
Quit Rent	-RM30
Insurance
Repair and maintenance
Renewal of rental agreement
Indah Water	-RM30x4 = RM120
Maintenance fee, sinking, guard house
STATUTORY RENTAL INCOME	RM8720
50% off rental income	-RM4360
TAXABLE INCOME	RM4360

Reference:

PENDAPATAN DARIPADA SEWAAN HARTA TANAH KETETAPAN UMUM NO. 4/2011
PENDAPATAN DARIPADA SEWAAN HARTA TANAH KETETAPAN UMUM NO. 12/2018
http://lampiran1.hasil.gov.my/pdf/pdfam/KU_12_2018.pdf

Rental Properties Malaysia: Income Tax Act 1967

Income obtained from letting properties is taxable under the paragraph 4(a) of Income Tax Act 1967 (ITA). These includes rental from commercial properties, houses, shoplots, apartments, factories, office and etc. 

Failure to declare the income may be subjected to penalty based on the provisions under ITA 1967.

Many people have rental income when they are retired in their golden age. Some people have rental properties as part of their wealth creation or a way to achieve financial freedom or retire young. Hence, declaration of income must be made even if you only have one source of income from rental properties.

In order to declare rental income in LHDN, a stamped tenancy agreement should be made available. Note that, this document is also an important proof of income for bankers if you are planning to buy another property.

CIMB Secret Recipe 2018 Free Cake with RM50 spend

Get one COMPLIMENTARY slice of cake when you spend minimum RM50 with CIMB debit, credit or prepaid card at Secret Recipe!

Terms & Conditions

• Payment must be made with a CIMB Bank debit, credit or prepaid card.
• CIMB Bank debit, credit or prepaid card must be presented upon ordering to pre-empt staff on the promotion redemption.
• Limited to one (1) redemption per card/visit.
• No splitting of bills or tables is allowed.
• *Valid for a la carte dine-in only, at all Secret Recipe outlets excluding KLIA, PGIA, Subang Skypark, KTIA, PPUM, Medini Mall, AEON Mall Taiping and Kuching International Airport.
• *Not valid for redemption of Premium Range cakes, Brownies and Chocolate Lava.
• Promotion is not valid with other ongoing promotions, offers, set meals, discounts, vouchers or privilege cards.
• Promotion is valid from 15 August 2018 until 31 July 2019.

Sale & Service Tax (SST) 2.0 for Credit Cards 2018

RM25 will be charged for each credit cards and its supplementary card.

Service tax will be imposed on new credit card approved from September 1 onwards.

For existing credit cards, it will be charged during anniversary of card (together with annual fees)

Debit card will not be charged SST of RM25.

Its time to review the credit cards you are holding. If you are not using, you may cancel before anniversary.

However, it is worth keeping some credit cards

• for use during purchasing of big items ($$$$)
• to get cash back ($$$)
• to create good credit score for loans
• to get special privilege (eg. access airport lounge)
• special discount for food, hotel (credit card usually better discount compared to debit card)
• and many more!

Its just RM25 per card, easily get back from the benefits offered. Annual fees are mostly waived :)

Nando's Malaysia Mother's Days Promo: Buy 3 free 1

#nandosbelanja

Buy 3 sets of the ¼ chicken with 2 sides, and get 1 set of ¼ chicken with 2 sides on us for your Mum! Just flash your member ID to request upon ordering.

Terms & Conditions:
Valid from 5 – 13 May 2018 only.
Multiple redemptions allowed in a single receipt.
Valid for dine-in only at all Nando's Malaysia restaurants.
Valid for all Nando's Malaysia members only.

Free Stamp Duty Fee for First House Malaysia

Starting January 1, 2017, First Home Worth Under RM300k Exempt Stamp Duty. Stamp duty involved in the purchase of property - Stamp Duty for The Transfer of Property AND Loan Agreement.

Both the stamp duty will be imposed by your SPA lawyer and Loan lawyer respectively. It is important to inform your lawyers regarding your first residential home purchase so that they can quote the correct legals for you.

For house under RM300,000 - Stamp duty will be waived if you purchase a residential property for the first time.

For house from RM300,000.01 to RM500,000 - The first 300k stamp duty will be waived and buyer is required to pay for the remaining stamp duty amount.

Example of Property Stamp Duty for RM400,000 property.

Instead of having to pay RM7000, you only have to pay RM2000 stamp duty because the first RM300000 stamp duty is RM5000 will be waived.

Selling price/market value of the property (whichever is higher)   :			RM
First RM 100,000	: RM 100,000	1%	RM : 1,000
RM 100,001 to 500,000	: RM 300,000	2%	RM : 6,000
RM 500,001 and above	: RM 0	3%	RM : 0
	-------------------		----------------
Total	: RM 400,000		RM: 7,000
Exemption                                                                             -RM 5,000
Total Stamp Duty Payable     =============================>			RM : 2,000

Example of Loan Agreement Stamp Duty for RM400,000 property.

Loan amount of RM360k (assuming 90% loan), you only have to pay RM300 stamp duty instead of RM1800.

Loan Amount                                                   :			RM
Any Amount	: RM 360,000	0.5%	RM : 1,800
Exemption			-RM1,500
Total Stamp Duty Payable     ===============================>			RM : 300

Buy your first house today and use your advantage!

Lazada 6th Birthday 2018 Malaysia Promo Codes

Promotion period is from 25 April 2018 to 27 April 2018

CIMB Lazada Prepaid Mastercard
BDCP16 (app)
- Discount of 16% with maximum discount capped at RM20 on the total nett purchase price of your purchase(s) in a single transaction (not inclusive of shipping/courier charges) made using the LAZADA App.
-BDCP14 (website)
-Discount of 14% with maximum discount capped at RM18 on the total nett purchase price of your purchase(s) in a single transaction (not inclusive of shipping/courier charges) made online in LAZADA website

Standard Chart: Lazada Birthday Treats! Get 11% off when you shop on Lazada Mobile App with yr credit card on 25-27 April 18. Use promo code: BDSC11. TC apply

Hong Leong: Enjoy 11% OFF for your Lazada in-app purchase(s) when you pay with Hong Leong Credit/Debit Card. (Application Promo Code: BDHLB11)
-capped at RM15 per transaction per Cardholder

BInfinite: Enjoy 12% off with BDBI12
-capped at RM15 per transaction per user

Public bank: 11% off with  BDPB11
-capped at RM15

More to be revealed soon

50% Tax Exemption for Rental Income Malaysia 2018

All rental income received are taxable under personal income under Seksyen 4(d) Akta Cukai Pendapatan 1967 at a rate of 0 -28%

In Budget 2018 Malaysia, it was announced that home owners are encouraged to rent out their residential at appropriate rental rate. This is done by granting 50% tax exemption on the rental income received with the following terms apply:

1) Rental income received by a Malaysian resident individual does not exceed RM 2000 per month for EACH residence.

This is not limited to only one residential property. If one has a few property rented out, each house income is entitle for tax exemption provided that the rent is below RM 2000 per month. Eg, if the house rental is RM 3000 per month, this house will not entitle.

2) Residential houses must be rented under a legal rental agreement between the owner and the tenant;

A written rental agreement is important to claim this exemption, assuming that the lease agreement should be subject to stamping tax to be eligible. Kindly refer to your legal advisor.

3) Tax exemption is given for a maximum of 3 consecutive years from 2018 to 2020.

*This is referenced from 
http://lampiran1.hasil.gov.my/pdf/pdfam/KU04_2011.pdf
http://lampiran2.hasil.gov.my/pdf/pdfam/lampiran_langkah_cukai.pdf

Jadual Gaji 2018 Kakitangan Awam Kerajaan Malaysia

Mark your Dates

Jadual Pembayaran Gaji Bulanan Bagi Tahun 2018

Seoul Garden Promotion 2018 (10-15% discount)

Seoul Garden Hot Pot and Seoul Garden Buffet

Terms and Conditions

1. The Promotion is open to all new and existing Public Bank, Public Islamic Bank Principal and Supplementary Credit/Debit Cardmembers including PB Lifestyle Cardmembers residing in Malaysia, including employees of any company in Public Bank Group, PB’s advertising agencies and their immediate families (“PB Cardmembers”). 

2. The Promotion is valid from 01 December 2017 to 28 February 2018. (“ Promotion Period ”). 

3. Cardmembers are required to present/advice their PB Credit/ Debit/ Lifestyle Cards upon reservation/ordering and payment must be charged to their PB Credit/ Debit/ Lifestyle Cards. 

4. PB Credit/ Debit/ Lifestyle Cardmembers can enjoy the following :

- 15% OFF on a la carte 10% OFF on buffet (adult) 

Seoul Garden HotPot Outlets : Klang Valley, Kelantan, Pahang, Sabah and Sarawak 

Seoul Garden Outlets : Klang Valley, Sunway Carnival Mall Penang, Kelantan, Terengganu, Pahang, Sabah and Sarawak 

5. The offer is not valid with other discount cards, vouchers and on-going promotions. 

PB FD Rush Fixed Deposit 2017 (3M 3.88%)

Effective Rate for 3 Months is 3.88%
Fresh Fund only
From 8 November to 31 December 2017

https://www.pbebank.com/Personal-Banking/Promo/Promo/PB-FD-Rush-Fixed-Deposit-Term-Deposit-i.aspx

CIMB Bank and Nando's Promotion 2017 (Buy 2 free 1)

• Buy 2 x 1/4 chicken set with 2 sides (RM20.90) free another set.
• Valid from 14 October 2017 till 30 November 2017
• Applicable for CIMB debit, credit and prepaid card. 
• For dine in only.