Malaysian Income Tax Year 2010 (and BE2010 calculator)

I'm sure many have started the calculations. :)

LHDN has came up with their new BE2010 format, therefore i have also updated mine to incorporate the minor changes. Nothing much, hope you find this useful.

You can download the latest Borang BE2010 calculator HERE

Let me know if you find any errors as well as if you find it useful! Thanks guys.

P/S: If you need additional info on the new BE2010, head on to LHDN website or you can download the sample form and its explanations HERE

LAST CALL FOR MALAYSIAN TAX PAYERS 2010

I have been lazy...very lazy...despite many things i would have wanted to share, i was lazy...and still am..in fact.

In any case, just to highlight that today is the middle of December 2010. That means there is only 2 weeks more to pay, what counts, before you declare your tax next year.

You can check out my calculator to estimate how much is your income tax for this year. You will of course declare it somewhere in April 2011 but all that counts is only what had been transacted in this year 2010..So you can check if you may need to buy some books, sport equipments or even pay your outstanding 'zakat', just be sure to do it before end of the year.

I had for quite some time put on hold my plan to get a new PC/laptop; now seems to be a very good time to lower down the tax a bit... :)

P/S: Check out LHDN website HERE for the tax reliefs for 2010

Broadband Tax Relief RM500 Year Assesment 2010

So if you didn't know, there is a tax relief of RM500 provided for broadband subscriptions, however it is only applicable for year assesment 2010 which means it is for the broadband subscription from this year onwards. The details as mentioned here under item 20.

That means an allocation of approximately RM41.67 per month.. hmmm i wonder what package is there that covers such a minimum subscription.

If you also didn't know, i'm a streamyx reseller. Hihihi... So if you want to subscribe to a streamyx broadband package to minimize further your income tax, just let me know. I can advice you what you need to register and what packages are offered and may be suitable for you.

Just simply email me here or click 'contact me' from my sidebar.

You still have 9 more months to take advantage of this broadband tax relief for next year income tax filing - year assesment 2010.

Be sure that the account is under your name to avoid any hassle explaining to LHDN if ever you are audited.

Malaysian Income Tax 2009 (and BE2009 Calculator)

So its just around the corner, eh? I wouldn't dwell too much on it and start the calculations. Not much we can do about it anyway, really.

As LHDN had just released their Borang BE2009 today, i also updated my Borang BE2009 spreadsheet calculator. Not much difference, just a slight change.

But nonetheless, feel free to download it here:
BORANG INCOME TAX BE2009 (Rapidshare)

Let me know if you come into any troubles using this, yeah?

Malaysian Income Tax Year Assessment 2009 (Changes from Year 2008)

If you are starting to look into your income tax, you might want to know that the LHDN's website has a new interface, and even i just noticed this. :)

I'm actually looking for the BE2009 format but it seems that its not yet published. Anyway, i'll just review some of the changes which i find relevant to me, at the very least.

Income Tax Rate
Only changes are for the people in the tax bracket RM35,000 - RM50,000 where the tax rate for year 2009 is 12% compared to the previous 13% and also for people in the tax bracket above RM250,000 where the rate is now 27% as opposed to previous 28%. Others remain.

Tax Relief
No changes for year 2009 but do look forward to assessment year 2010! :)

Tax Rebate
Changed from RM350 to RM400. This is quite useful to most of us, even though it could have been more.

All the above can be referred to at their website HERE. Check it under 'Tax Matters' on the right column.

If the above are the only changes, then my BE2008 calculator can still be used, just change the relevant values in the calculator accordingly and you should be able to calculate your income tax value for year 2009.

Malaysia Income Tax Refund

Have you received your income tax refund? I know of some who haven't.

Anyway i made this template for request of refund from the LHDN, consider it a kind reminder to them. :) Made it in Bahasa since i thought it is the official standard for Malaysia government agencies.

DOWNLOAD HERE

EDIT: 10 days after sending the letter to LHDN, they responded that the request is being processed. Very efficient. Hope they keep up the good work :p

Malaysia E-Filing 2008

LHDN has now opened access for e-filing 2008 at their website:- E-Filing
Do take note that closing date for e-filing shall be 30th April 2009.

for those who have already used e-filing since submission year 2005, you may use the same login (I/C number) and password as the digital certificate is still valid.

For those who are still new to e-filing, you will have to go to any LHDN office and obtained your "no. pin" to enable access into the e-filing system. At their website, it also mentions that no. pin is also available by letter, fax or e-mail with the relevant details provided. Check it out at the e-filing website.

The time i collected my no. pin back then, i just showed my I/C card and the officer gave me the no. pin slip, as easy as that.

Once you have the no. pin, just "login first time" and you'll be on your way. If you need some guide, it's easily available at LHDN website: here

ADD. INFO: E-Filing is using "Roaming PKI Certificate" which means you can login and access into e-filing page from just any computer and not necessarily the computer which you registered initially. As this is very convenient, however be careful with which computer you use, if your login details are taken (for instance by means of a keylogger), anybody can simply login into your account and abuse it.

Updated Malaysian Income Tax Calculator BE2008

It has been a while since i updated the blog. Well i thought i'd update it every now and then when i have useful info to share, plus when i have the time to spare from my current work and family commitments.. :)

anyway, LHDN had just published their format for "Borang BE2008", you can easily have a look at it at their official website: LHDN Website : Borang.

On another note, i've just updated my spreadsheet income tax calculator to incorporate the changes to the new layout of the upcoming e-filing as well as to upate some calcs in the existing one. Have a try out and let me know of any errors you find.

Borang BE Income Tax Calculator Revision 2 (rapidshare)

Just a hint, most values are 'editable' and therefore i hope that the calculator can be used to plan and estimate your taxes in years to come. I'll update the spreadsheet when there is a change in layout (especially when government introduces new cuts and additional exemptions) but basically the calculations can still be used. Hope it is useful to most of you.

EDIT: Check out the latest calculator for 2009 HERE

Malaysian Income Tax 2008

So it's just around the corner..that thing i hate (or love) to do.. filing in the income tax..

Well basically, who loves to pay tax? The only thing i love about it is that it is the time to 'claim' back the extra deductions every month, if you do it right that is..

One should always take note of their spending and finances, and therefore should not neglect the most 'underrated' expenses of the year, the income tax. As most of us may be aware that every month our salary is deducted off a certain portion of it, known as PCB (potongan cukai berjadual), we often take for granted the income tax we need to pay as we might think that the PCB should cover the tax at the end of the year. Well did you know that you can actually minimize the income tax required?

You can search around the internet for fast options of saving on your taxes, but i'd recommend this read for a quick one : Income Tax: In This World Nothing Is Certain But Death And Taxes

So once you've realized about all this and starting to wonder how much is your actual income tax, it comes down to "SO HOW DO I CALCULATE MY TAXES??!!". Before this income tax was calculated manually, so one would wait till the last minute and start to fill in the income tax form and manually calculate their income tax. After all is done, "AHAH! this is how much my income tax is.." Ever since 2006, Lembaga Hasil Dalam Negeri (LHDN) had introduced a new system called E-Filing. It has made all the calculations easier, as well as remove the hassle to fill in the forms manually. But the e-forms are only available electronically in the internet, so you'll only be able to calculate your taxes once the LHDN allows you to start filling in your e-forms.

I thought of a simpler way to prepare myself, why not make my own calculator? Hihi this way i can at least know in advance what my income tax would be, and take advantage of the "allowable deductions" to minimize my taxes. Sorry it came a bit late (just thought about it, was ignorant before) but hope you guys can take whatever benefit this calculator might give you. By the way, it may not be perfect and may have errors here and there, so let me know if you come across any. Here's the calculator:

Borang BE Income Tax Calculator (rapidshare)

Note that you'll need microsoft excel to run this calculator. I doubt that'd be a problem to you all.

If you've never used rapidshare before, just click the link above (you'll be directed to rapidshare download page), then click "free user", after few seconds a download button will appear, click "download"..

Good luck in calculating your taxes. Let me know your experience using the calculator.