Annual Tax Filling Year of Assessment 2009 - Are we ready?

The due date for filling of YA 2009 is around two months to come i.e. 30 April 2010 for those employment income earners like me (as of today). My payroll department are busy preparing the EA Form for the staff (I thought they are obliged to distribute it by end of February). Even my friends started talking about the reliefs and rebates early this week.

Now it is the time to check over all the possibilities to reduce the income tax. The following is a simple list of common deductions for salary:

• Personal relief - RM8,000 <YA 2010 RM9,000>
  
• Further self relief - disabled - RM6,000
  
• Wife / Husband relief - RM3,000
  
• Further wife/ husband relief - disabled - RM3,500
  
• Parents' medical expenses - max RM5,000
  
• Expenses for treating serious medical diseases for yourself, spouse and children - max RM5,000
  
• Disabled relief - max RM5,000 (for purchase of basic supporting equipment for self, wife, child or parent)
  
• Expenses on supporting unmarried children:
  
  • Below 18 years of age - RM1,000
    
  • Disabled child - RM5,000
    
  • Over 18 years old (pursuing tertiary education at university or college) - RM4,000
    
• EPF contributions and life insurance premiums - max RM6,000
  
• Handicapped child reliefs - RM5,000
  
• Medical/education insurance - max RM3,000
  
• Tertiary education costs - max RM5,000 <Can I claim this if later I claim the reimbursement from the company?>
  
• SSPN contributions - max RM3,000
  
• Books, journals and magazines and other similar publication (excluding newspapers) - max RM1,000 <Alhamdulillah purchases were more than this, if you are looking for extra receipts to arrive at RM1,000, perhaps I could help you after finalising my file>
  
• Purchase of computer for once every three years - max RM3,000 <Claimed in YA 2007 for wife's laptop, just helped to purchase another one in this year for my younger brother to claim in YA 2010>
  
• Interest on housing loans for properties purchased after March 10, 2009 for a total loan amount of RM300,000 - max RM10,000 <Oh my God! I miss this opportunity. Hope that I can start utilising this for YA 2010. The relief given for 3 consecutive years>
  
• Certain kinds of sports equipment - max RM300 <Make sure you keep the receipts for your shuttlecocks and golf balls purchases. Mine still have the stock from the previous two years>
  

The following are rebates to reduce tax payable:

• Rebate of RM400 for chargeable income not exceeding RM35,000.
  
• Zakat payment - cleanse and purify your wealth. In fact it is a long term investment for hereafter.
  

Now working on completing and finalising my tax file whilst waiting for EA form, as well as strategising for YA 2010.