September 25, 2009

How to calculate tax on rental income for joint name property?

Assume that you have a joint name property with your wife and this property is rented out. So how do you declare tax on the rental income for this property? Is it based on:
  • Both names in the land/strata title of the joint name property? OR
  • The name(s) listed in the tenancy agreement? OR
  • The name you filled in the form when you stamp your tenancy agreement with the Inland Revenue Department?
Based on the response from Yong Siew Chuen in the Tax Planning section of Personal Money magazine August 2009, the nett rental income should be split according to the respective shares listed in the land/strata title. Following is the exact wordings in the magazine:

"When the respective shares of the co-owners are not indicated in the title, then under the land laws, the co-owners shall be assumed to have equal shares. Where spouses co-own a rental property, each spouse is entitled to a half share of the rental income. Therefore, each spouse should declare his/her half share of the rental income.......It does not matter if the tenancy agreement cites only one spouse as the landlord. As each spouse is legally entitled to a half share of the property, each spouse is entitled to a half share of the income from the property"

September 24, 2009

Putting your child through university can be a big financial strain


PAYING for tertiary education is a major expense and parents do need to plan ahead if they want to help their offsprings avoid running into debt right after getting their scrolls. With Hari Raya just around the corner, I’m thinking we should encourage the children to put their duit raya stash into funds for their education.

Just remember that every bit counts. It pays to start early if you are hoping to have a healthy pile by the time the children finish school and are ready for higher learning.

But putting the extra cash into bank deposit accounts may not yield the best returns, especially in the current low interest rate environment. To beat inflation, your savings need to work harder.

September 22, 2009

Get Daily Unit Trust Price Direct to Your Website!

Want to get your unit trust price directly from your web site? Now, you can display all unit trusts prices directly in your blog or web site or only your selected favourite funds from here.

Favourite fund prices can be displayed if you sign up and login to the web site.

September 20, 2009

ING IMPlus Medical Card Schedule of Benefits & Premium - V1

Updates: ING has revised its MediPlus medical plans in 2010. For updated info on this revised medical plans, please read this article.

IMPlus is the medical plan from ING Insurance which can be bought as a standalone medical card or as a medical rider in other insurance policy. This medical plan which covers the patient up to 70 years old, only charge RM50 for any hospitalization within the annual limit and can be considered the leading medical card in the market nowadays. Below is the schedule of benefits for this medical card and its premium table. The information presented below is correct as of time of publish:

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