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Wednesday, July 1, 2009

NEW TAX RULE APPLY for YA2009

It is now time to look at the various provision of the Budget 2009 that will have effect from a personal tax perspective. (Refer to earlier post on Budget Summary)

One may also want to look back at YA 2008 filing done recently.

Section D of the Form B/BE provides guidance on the rebates that is available for taxpayer to legally minimise his/her tax bill.

Public Ruling 1/2006, 1/2006 addendum, 1/2006 second addendum (a new addendum is due anytime) will guide employees on ways to minimise their tax by re-structuring the remuneration package (eg converting cash salary to benefit-in-kinds, ie take home less cash but maintain the same living standards and higher disposable income).

Remember. All the necessary action need to be done before 31.12.2009 to qualify for YA2009 filing and it is advisable to seek professional advice.