Ev­ery Bit Counts

Since tax sea­son is around the cor­ner, we’ll take your thank-you’s in ad­vance.

CLEO (Malaysia) - - SMART REPORT -

Spend­ing Con­sci­en­tiously

Ac­cord­ing to in­de­pen­dent tax con­sul­tant No­raini Isa, keep­ing a tab on your spend­ing and check­ing to see if it qual­i­fies you for a tax re­lief is a lu­cra­tive habit. If you’re the for­get­ful type, get Toshl, a per­sonal fi­nance man­ager app that re­minds you to key in your daily ex­pen­di­ture.

Keep It Safe

Ev­ery re­ceipt or proof of pur­chase needs to be kept for at least seven years for doc­u­men­ta­tion pur­poses. “Your re­ceipt is the only proof that you’ve spent on what­ever it is that you’re claim­ing. So in­stead of tuck­ing away in your purse or hand­bag, file in a docket,” says No­raini.

Check­ing It Twice

“Who­ever’s do­ing your monthly tax de­duc­tion (MTD) is just an­other per­son and to err is hu­man so don’t throw a fit if the cal­cu­la­tions have gone awry. In­stead, check out the tab­u­lar tax de­duc­tion ta­ble on the In­land Rev­enue Board’s web­site to see if your MTD is be­ing de­ducted prop­erly,” ad­vises No­raini.

Up-To-Date

Got mar­ried re­cently or just gave birth to a lit­tle one? Be sure to up­date your HR per­son­nel on per­sonal mat­ters that will have an ef­fect on your tax mat­ters.

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