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Individual Tax Planning, N, D, C, P - Coggle Diagram
Individual Tax Planning
Grat & CLE
Gratuity
Better choice if: employee >= 55 years old, soon to be reaching statutory employment date or the 10 years. So after that extend employment to reach required time to get full exemption. (employee is director)
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Resident Status
To enjoy reliefs, rebates and SCALE rate, must be R
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Remuneration package
Reduces S13(1)(a) inc, as whole cash amount received TAXABLE
If need to retain more S13(1)(a), better to remunerate e'ee income more in form of allowance (travelling, parking, meal, child) as eligible for exemption
Should provide more S13(1)(b) BIK to e'ee (like co car, petrol, maid, gardener, driver). These inc taxable only on amt prescribed by PUBLIC RULING and it is normally lower than actual AMT taxable
Can provide accommodation to e'ee, assessable amt only 30% of S13(1)(a) if amt lower than DV of property
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