Estimating Your Income Tax

[smileyface50]

It's income tax season soon! I've had this template to estimate my tax annually for some years, and I thought to just share it if anyone finds it useful

https://docs.google.com/spreadsheet...Mnfclj6tuQMZw3-HRRI0qgP-S6weE/pub?output=xlsx

It's a simple sheet, so if you have more sophisticated stuff you'll have to make some edits.

But to use the sheet, just enter your salary and all the bonus etc, enter the reductions/ exemptions, and tier the taxable income appropriately, you should get the number out.

Comments 'not' welcomed. Hehe

 

[rafiel]

@smileyface50 I'm still new to income tax. What is annual bonus(does it count into your salary), and what are those income tax relief categories? Can I find a full comprehensive list of the income tax relief? I believe bajet has not been relased yet...

 

[1fish]

@rafiel Yes bonus count. Just get your EA form from your HR. It should show your bonus and how much is deducted. This should be shown in your payslip too though.

 

[rafiel]

@1fish Oh... I haven't even gotten my last 2 payslips because they said it's not printed out yet what bs

 

[brettjohnson90]

@rafiel I’m surprised they don’t even provide you with a soft copy!

 

[rafiel]

@brettjohnson90 Yeah my company is weird. Soft copies are so much better. They don't waste paper, are easily distributed and won't get lost as easily...

My payslips are also damn hard to read. Got my payslips ytd and there's something that looks like ITAXX(?) under the deduction section and I have no idea what that means.

 

[tearfang]

@rafiel Welcome to the world of paying tax.

Have a look at www.hasil.gov.my -> pelepasan individu. I belief the reliefs for YA 2022 doesn't differentiate much from previous year.

 

[rafiel]

@tearfang Thanks! This year will be my first time

 

[revtyl]

@smileyface50 First time filing tax as a business (not Sdn Bhd), how much allowable entertainment expenses I get? Eg if I earn 10k but spend 9k as referral... Do they really count I earn 1k?

 

[smileyface50]

@revtyl Sorry bro, I have no experience in business tax. Maybe some other more knowledgeable persons can help