SSPN

Following the advice on KC Lau's book "Top Money Tips for Malaysians",  I went to open an SSPN account to maximize the savings for my child's education and take advantage of the tax relief of 2012.

SSPN form

The application and savings can be submitted in any Maybank or CIMB.  So I applied for mine at a CIMB branch.  You also need to bring cash, a copy of the parent's Mykad and a copy of the child's birth cert/Mykid, and ask for the SSPN form at the bank for filling up.
After the deposit has been made, in a few weeks time I received my SSPN card with the designated account numbers.  To get a statement from SSPN, just view the e-statement from the PTPTN website.

Time for paying Cukai Pintu again

Today is Merdeka Day, Happy Celebration to all Malaysians!
Today is also the last day for paying Cukai Pintu to DBKL and MBPJ.
You can still do so today via Maybank2u even though all offices are closed for the national holidays ;-)  Otherwise there will be a nominal denda of RM5.

Tax Filing

It's that time of the year for income tax filing, and my property investor friends and I "sama-sama pening" because of the complexity.

Now, with the self-assessment system, tax returns and supporting documents must be kept for 7 years.  Also, all rental income should be declared in addition to our salary income.   Of course,the good part is some expenses are deductible from the gross rent such as interest expense, cost of repairs, assessment tax, quit rent, and agent’s commission.  I also learnt an important point, which is if I start to rent out an apartment in Oct 2010, then the rental expenses that are deductible against the rental income are only for Oct-Dec 2010, for example, the loan interest expense.  Even though the loan was taken earlier, interest expense for months earlier than October cannot be deducted.
So it has been a few days of (non-continuous) tabulating and still not completed the filing yet.  I hope to complete it by this weekend!