Grocery shopping online:  All you need to know

With the number of things you can

do online, it was only a matter of time before grocery shopping was added to

the list. Web store giants Amazon have just launched their grocery delivery

service Amazon Fresh; which for now only serves Seattle, USA but hopes to

expand throughout the country. Fortunately for Klang Valley residents, many

good Malaysian online grocery stores have sprouted to serve you online.

In this guide, RinggitPlus takes a

good look at grocery shopping online; how it works, the pros and cons and, most

importantly, how it affects your wallet.

Shopping online basics

Trudging through a wet market or a

crowded shopping mall on a weekend just doesn’t seem a nice way to spend what

little free time working urbanites have. Now you can avoid all that with a

simple click.

For ease of comparison, we’ve chosen three with the best

variety of local and imported; premium and regular priced items.

The three we found with the best variety were:
Tesco
,
RedTick

and Presto.

Shopping

Shopping is easy. Items are

organised according to category on all three sites but you can do it the quick

way by just clicking the search bar and entering a keyword. Presto doesn’t

require you to have an account by signing up will help store your previous

order information. Tesco and Redtick require you to open an account.

Just like any other online

shopping experience: add what you want to your account and checkout!

Delivery areas and timing

Not all stores deliver everywhere.

For now, these stores deliver to Klang Valley/Kuala Lumpur areas only. There is

usually a link on the page for you to check delivery zones:

1.  Tesco

Online’s delivery area checker:

2.  Presto

Online’s delivery area and fees:

3.  RedTick

Online’s delivery

Delivery prices vary for each

store. Tesco starts at a flat RM10. Presto is RM8 for orders below RM100 and

free for those above RM100. Redtick has a range: RM5 for orders RM100-200; RM10

for orders RM50 – RM100; RM15 for orders <50, and free on orders above

RM200.

Tesco requires you to book a

delivery slot. You can book slots up to three weeks in advance with Tesco and up

to 7 days in advance with Presto.

Presto delivery slots are hourly

from 10am to 10pm and you may select the delivery time of your choice upon

checkout. RedTick has limited delivery slots (6 a day) every two hours from 10

am to 10pm.

Payment

Tesco online only accepts credit (Visa

and Mastercard – American Express not accepted at present) or debit card

payment at the moment. Your friendly delivery man will carry with him a

portable credit card reader so you only make payment once you’ve inspected the

goods and have agreed to accept the delivery. This is because,
due to stock changes, you might receive a

substituted item if the actual item you ordered isn’t in stock.

Presto, accepts cash and credit

cards (all major credit cards) also upon delivery. There is also an option to

pay at online checkout via Paypal. RedTick also offers cash or credit on

delivery or online payment via MolPay.

From a pure numbers point of view

Taking the same three online stores we mentioned

in part one; here’s how the numbers add up when compared to physical stores.

Tesco is a low price leader hypermarket and Jaya Grocer is considered to most

as an upmarket store catering to a wealthier set.

Items

Jaya Grocer (physical store)

Tesco (physical store)

Tesco
 (Online)

RedTick
 (Online)

Presto (Online)

Carton of 30 eggs

RM10.99

RM10.85 (Grade A)

RM10.85

(Grade A)

RM11.90 (Grade not stated)

RM15.60 (N/A in carton of 30. Only premium eggs in cartons of 10: RM5.20ea)

Rice 10kg (Local)

RM25.90

RM23.95

RM23.95

RM39.90

RM26

Cooking oil 5kg

RM14.70

RM14.70

RM14.70

RM14.70

RM14.70

Onions (1kg)

RM2.39

RM1.29

RM1.29

RM4 (2 packs. Pre-packed, 500gms each pack)

RM3.20 (pre-packed 800g)

Potatoes (1kg)

RM3.59

RM1.99

RM1.99

RM5 (2 packs. Pre-packed, 500gms each pack)

RM3.99

Mustard leaves (
Sawi
) (1kg)

RM3.90

RM3.70

RM3.70

RM8.70 (900g)

RM6 (900g)

Chinese Broccoli (
Kailan
) (1kg)

RM7.50

RM9.59

RM9.59

RM15

RM11.20

Milk (1L)

RM6.20

RM6.29

RM6.29

RM6.49

RM6.10

Chicken thigh (1kg)

RM9.90

RM6.99

RM6.99

RM12.25

N/A

Black Pomfret Fish (
Bawal
) (1kg)

RM30

RM12.99

RM12.99

RM23.60 (700gm)

RM35.50

Salt (1kg)

RM0.80

RM2 (900g)

RM1.30 (900g)

RM1.50

RM7.50 (imported)

Sugar (1kg)

RM2.60

RM2.60

RM2.60

RM2.60

RM2.50

Milo (2kg)

RM32.90

RM29.99

RM29.99

RM34.69

RM35.90

Floor cleaner (2L)

RM11.45

RM11.45

RM11.99

RM13.49

RM11.90

Laundry Detergent (Powder 2.5KG)

RM9.60

RM7.59

RM7.59

RM10.75

RM9.50

Delivery/ Parking charges

Parking RM2 per entry on weekends, RM2 per hour on weekdays

Free (1st 2 hours with RM30 minimum spend)

RM10 (cost will vary depending on number of items purchased) Delivery area is limited.

Free (order above RM100)

RM5 (orders RM100-200)

Grand total

RM174.42

RM145.97

RM155.81

RM204.57

RM194.59

*All prices are correct

at the time of writing. Prices subject to change due to store promotions and

other internal factors.

With the exception of Tesco

Online, it does appear that shopping online can be expensive choice. The

majority of online sites stock premium and imported items which is indicative

of the target market being upper income groups and expats. Tesco promises that

all prices online will match that of physical Tesco stores. Promotions and

prices at Tesco can change frequently, so unless you’ve compared both the site

and the physical store on the same day; you may see small discrepancies in

prices.

The pros and cons of buying online

If you’re the kind who’s concerned

with more than just the ringgit value, there are some other considerations.

Here is a checklist of pros and cons to shopping online:

Pros

Convenient
. This definitely tops the

list as it’s as easy as clicking a button. No more fighting with other shoppers

for parking and at cashier lines.

Time saving
. If you’ve got a hectic

schedule, this is the way for you. It also frees up a lot more time on your

weekends for you to do things you care about.

Great for budgeting
. Shopping online is

one way to ensure you stick to your budget. Without the temptation of smells

and sights at a mall that urges you to stray from your shopping list; you’ll

simply buy what’s on your list.

Great for those who aren’t mobile
. If

you are handicapped or rely on public transport, shopping for large quantities

of goods can be challenging. Buying online saves the trouble of lugging around

large amounts of groceries. It’s delivered to your door.

Cons

Unable to inspect goods
. Although many

offer the opportunity to turn away goods that aren’t to your satisfaction, you

will then either have to wait for a new delivery or go without until you head

to the store.

No current stock update
. Many online

grocery stores don’t update as often as products are constantly being brought

in and sold. This makes it nigh impossible to determine if the item you want is

in stock or if you will be given a replacement.

Limited delivery areas and times
. You

may not always get the time slot you want and if you have a hectic schedule,

you may not have hours to spare rushing home to wait for the delivery man at a

non-peak time. Sometimes, it is a lot easier to just pop into a store.

Not worthwhile for small purchases
. A

full cart like the one above makes the RM8-RM15 delivery fee and planning of

delivery times negligible. But if you are a single person household; you may

not buy so much and paying RM10 for a delivery of a few items plus the hassle

of planning out delivery times may not be worth it.

Anything else?

Online grocery shopping is definitely going to be more

popular in days to come. It’s not hard to see why. The convenience it offers is

quite unparalleled. But for those of you who still prefer taking a good look

(and squeeze, yes we know you do it!) at your produce before buying – nothing

will beat heading down for some good old fashioned aisle hopping.

Nb: The list of online stores above were chosen based on the

wide variety of products available. Smaller, niche online shopping sites are

also available. Check out MatRuncit and
YouBeli
 for limited sundry items;
FoodWorld
 for

gourmet fresh meat and seafood; or DoorStep for office pantry supplies.

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Bank Negara Keeps OPR Unchanged At 3.00% In July 2023 MPC Meeting

The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has decided to maintain the country’s overnight policy rate (OPR) at 3.00% in its July 2023 meeting today. Accordingly, the ceiling and floor rates of the corridor of the OPR will also be kept at 3.25% and 2.75%, respectively.

BNM said that its decision is attributed to the fact that the Malaysian economy has been expanding at a more moderate pace in recent months, after a strong growth in the first quarter of the year. This is as exports were weighed down by slower external demand.

The central bank also expects that Malaysia’s economic growth for the rest of the year will continue to be driven by domestic demand, with household spending spurred on by the improved labour market conditions. The tourism industry, too, is expected to continue recovering, thereby contributing to the economy.

“At the current OPR level, the monetary policy stance is slightly accommodative and remains supportive of the economy. The MPC continues to see limited risks of future financial imbalances. The MPC remains vigilant to ongoing developments, and will continue to monitor incoming data to inform the assessment on the outlook of domestic inflation and growth,” said the central bank.

(Image: The Star)

With regard to domestic inflation, BNM noted that Malaysia’s headline inflation has continued to ease, along with core inflation. That said, both remains elevated relative to the long-term average, due to lingering demand and cost factors.

“For the second half of 2023, both headline and core inflation are projected to trend lower, broadly within expectations. Risks to the inflation outlook remain highly subject to the degree of persistence in core inflation, changes to domestic policy on subsidies and price controls, as well as global commodity prices and financial market developments,” BNM further said.

BNM also added that some downside risks that may affect Malaysia’s economy moving forward include weaker-than-expected global growth, especially among major economies – thanks to factors such as persistent global core inflation and higher interest rates. For instance, China’s pace of recovery has slowed in recent months, after its economic reopening, and most central banks are projected to maintain a tight monetary policy stance. An escalation of geopolitical tensions, like the Russia-Ukraine war, will also cause a chain reaction that would impact Malaysia.

(Image: Malay Mail/Choo Choy May)

Finally, BNM reassured that the MPC will continue to ensure that Malaysia’s monetary policy stance remains conducive to sustainable economic growth amid price stability.

To chart Malaysia’s OPR cycle thus far in 2023, BNM had temporarily paused the rate hike in its
January
 and
March
 meeting earlier this year, after
raising the OPR to 2.75%
 via four consecutive hikes back in 2022. Subsequently, it raised the OPR by 25 basis points (bps) to
3.00% in its May meeting
. Many economists are of the opinion that BNM will likely set the OPR at a
peak of 3.25% or 3.50% within this year
.

(Source:
BNM
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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PM Expresses Concern Over High Number Of Bankrupts Among Youths

(Image: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has commented that the growing number of bankrupts among Malaysian youths is a major cause for concern for the nation.

“I am concerned when looking at the latest statistics on bankruptcy among youths, and I am also concerned that the numbers will rise further,” said Datuk Seri Ismail Sabri, referring to a recent report by the Malaysian Department of Insolvency (MDI). According to the report,
almost 60% of the 46,132 Malaysians who have been declared bankrupt
 from 2018 to May this year are between 25 and 44 years old.

In light of the situation, the prime minister said that he will discuss measures to address the issue with Bank Negara Malaysia governor, Tan Sri Nor Shamsiah Mohd Yunus. He will also hold discussions with the Minister in the Prime Minister’s Department (Parliament and Law), Datuk Seri Dr Wan Junaidi Tuanku Jaafar to review the relevant legislation.

(Image: Malay Mail/Shafwan Zaidon)

Datuk Seri Ismail Sabri further stated that the
government may also reintroduce its previous approach of increasing the bankruptcy threshold
 to assist with the matter. For context, the
MDI had previously raised the bankruptcy threshold in 2020
, from RM50,000 to RM100,000, to help the people cope with financial difficulties during the Covid-19 pandemic.

Aside from voicing his concerns regarding youth bankruptcies, the prime minister also noted that Malaysia’s unemployment rate has decreased following the country’s transition to the endemic phase since 1 April 2022. As indicated by the latest labour report by the Department of Statistics Malaysia (DOSM), the country’s unemployment rate has declined to
3.9% in April 2022
.

“This is the first time the unemployment rate has dropped below 4% since the Covid-19 pandemic, with the number of unemployed remaining on a downward trend for nine consecutive months,” the prime minister remarked.

(Source:
The Edge Markets
)

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Sarawak Pay Records 13 Million Transactions, Worth RM590M In Total

(Image: The Star)

Sarawak Pay, the Sarawak state government’s very own e-wallet app, has seen an uptick in usage as locals have begun to embrace the cashless lifestyle.

Since its implementation in November 2017, the Sarawak Pay app has recorded a total of 13,789,499 transactions worth RM588,252,980. As many as 443,396 people have signed up to use the app, with 64,254 registered traders in its current database.

“The enforcement of the Movement Control Order during the Covid-19 pandemic restricted movement and people had to stay at home. Seems that was the time that they began using Sarawak Pay,” said Chief Minister Datuk Patinggi Abang Johari Tun Openg.

The Sarawak chief minister stated that Sarawak Pay was one of the initiatives introduced by the state government to transform Sarawak towards the digital economy.

“Sarawak Pay facilitates purchases and payments without the need for too much cash in the wallet,” said Abang Johari. He added that the largest market in the state, Sibu’s central market, was also the place with the highest number of traders using Sarawak Pay.

(Source:
Malay Mail
)

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Boost Rolls Out BNPL Feature, Boost PayLater, For Premium Users

Boost has rolled out its buy-now-pay-later (BNPL) feature, Boost PayLater, allowing users to pay for their purchases either via an instalment plan or 30 days later. The feature is currently only available for mobile prepaid and postpaid bills, but will be extended to more services soon.

A
syariah-
compliant product, the new interest-free feature – which allows instant approvals with no collaterals required – comes in two payment plans: Boost PayLater Instalment Plan and Pay in 30 Days Plan.

The Boost PayLater Instalment Plan enables you to split your payment into instalments over a stipulated period of time. The Pay in 30 Days Plan, meanwhile, lets you pay your bills 30 days after making your purchases. Based on the
Boost PayLater ’s FAQ
, the latter plan also allows you to offset your bills with vouchers and Boost Stars, thus enabling you to enjoy more savings.

Users who wish to tap into either of the Boost PayLater plans will need to meet the following criteria:

A Malaysian residing in Malaysia with an active transaction history using Boost within the last three months; or
A foreigner residing in Malaysia with an active transaction history using a credit card within the last six months
Aged between 21 and 60
A Boost Premium user with either a Silver Sergeant or Gold General rank

Note that while the Boost PayLater Instalment Plan is available for any Boost Premium users, the Pay in 30 Days Plan is specifically limited to those with good credit history, who may need financial assistance to pay their mobile prepaid or postpaid bills. Additionally, users will be pre-scored based on their credit history, profile, and other relevant information to determine their eligibility and spend limit for the Boost PayLater plans.

Once you are enrolled in any of the Boost PayLater plans, you can make use of the payment methods for online as well as in-store payments. After selecting the items that you would like to purchase, simply choose Boost PayLater as your payment method, and select either the Boost PayLater Instalment Plan or the Pay in 30 Days Plan. Boost will then process your request for approval, following which you can proceed to meet your initial instalment obligation or pay up in 30 days, depending on your selected plan.

With regard to fees, you may be subject to sales and services tax (SST), as well as stamping, processing, and
wakalah
 fees. For the Pay in 30 Days Plan, 2% of
wakalah
 fee or a minimum of RM2.50 up to RM10 may be applicable.

(Image: Harian Metro)

As for repayment obligations, make sure to have your bank account set up with Boost as your outstanding balance will be automatically deducted from the selected account when the due date arrives. Ensure as well that you have sufficient balance in your account, or you may risk being charged a late payment compensation (
ta’widh
) or charges on the overdue amount if the payment does not go through. Aside from this repayment method, Boost is also planning to collect outstanding payments via the Boost e-wallet in the near future, allowing for greater convenience.

In conjunction with the rollout of the Boost PayLater feature, Boost is running a
wakalah
 fee waiver campaign
 until 30 June 2022, offering a waiver on the
wakalah
 fee for users who spend a minimum of RM5 on bill payment and prepaid top-ups using Boost PayLater. You can enjoy the waiver for multiple transactions throughout the campaign period.

(Source:
Boost
)

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Rejected BPN Applicants May Submit Appeals From Today Until 31 May 2020

(Image: The Sun Daily)

Bantuan Prihatin Nasional (BPN) applicants who have been rejected can submit their appeals to Lembaga Hasil Dalam Negeri (LHDN) starting from today until 31 May 2020, said the chief executive officer of LHDN, Dato’ Seri Dr Sabin Samitah.

Applicants who wish to appeal should provide relevant supporting documents that can prove their unemployment or the decrease in their latest income. Once ready, the appeals should be emailed to
[email protected]
. Alternatively, you can also visit the newly-reopened LHDN branches to submit your appeals.

Dato’ Seri Dr Sabin further said that applicants who were rejected due to their monthly salaries exceeding RM4,000 or RM8,000, but were subsequently affected or laid off as of March 2020, can make an appeal. Applicants whose spouses have passed away or who are newly divorced and married may appeal as well.

“For applications rejected for other reasons, including the applicant/spouse having a company registered with the Companies Commission of Malaysia (SSM), the applicant can also appeal by submitting supporting documents showing their latest income,” said Dato’ Seri Dr Sabin in a
statement
.

(Image: The Star)

According to Dato’ Seri Dr Sabin, LHDN used the latest information in its taxation database and previous information obtained on Bantuan Sara Hidup (BSH) applicants to process the applications received. “LHDN also cross-checks using data from agencies that it has appointed to ensure the aid reaches the target groups,” he said.

However, Dato’ Seri Dr Sabin also acknowledged that the available data comprised information that are accurate only as of 2019. As such, some information may not be up to date, excluding recent events or changes, such as the Covid-19 crisis.

The
BPN financial aid
 was announced during the reveal of the Prihatin Economic Stimulus Package, and is offered to individuals who belong to the B40 and M40 income groups. It is also open to
blacklisted and bankrupt individuals
.

Payments for approved BPN applications were already disbursed earlier via two phases – once in
April 2020
, and then in
May 2020
. IRB had also previously requested for approved BPN recipients who had yet to receive their aid to
update their bank account details
. Prime Minister Tan Sri Muhyiddin Yassin subsequently announced last week that the Ministry of Finance has agreed to
extend the appeal period for BPN applications
 to 31 May 2020.

(Source:
The Sun Daily
,
Malay Mail
)

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Alex Cheong Pui Yin

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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China’s GDP Grows 3.2% In Q2 2020, First Major Economy To Show Recovery

China’s economy showed a 3.2% growth in gross domestic product (GDP) in the second quarter of 2020, becoming the first major economy to record a return to growth since the start of the Covid-19 pandemic.

The recovery in the second quarter comes after the Chinese economy had previously shrunk by 6.8% in the first three months of the year, due to having effectively shut down all economic activities to contain the spread of the Covid-19 virus. By displaying a positive growth in Q2 2020, China has successfully managed to avoid slipping into a recession for the first half of this year. (A recession is usually defined as
two consecutive quarters of negative GDP growth.)

The recorded 6.8% growth rate has also surpassed the median forecast of analysts polled by Bloomberg that predicted a GDP growth of 2.4% for China’s second quarter. However, China’s economy still remains 1.6% smaller than it was at the same time a year ago. With consumer spending still weaker than expected, the rebound has been largely industry-driven; it also remains vulnerable to setbacks in foreign demands as lockdowns remain set in place in numerous countries overseas.

“The recovery in the second quarter is strong, but also highly uneven,” said Larry Hu, chief China economist at Macquarie Bank. Hu pointed out that supply recovery was stronger than demand, in addition to investment being a lot stronger than consumption. “Looking ahead, while the growth momentum would slow inevitably, GDP growth could rebound to around 5 per cent on year in the second half [of 2020].”

Meanwhile, a researcher with the Ministry of Commerce, Mei Xinyu, has said that given the downturn in the American economy, China’s economic output has “definitely” exceeded that of the largest economy in the world in the second quarter. “China’s whole-year GDP in 2020 could be slightly lower than that of the US,” said Mei. “But if the domestic chaos in the United States escalates, China’s whole-year GDP could exceed that of US this year.”

Indeed, China’s positive growth easily outstrips the performance of other economies in the world. Besides the United States, nations in the European Union and Asian countries such as Japan are also struggling to reopen their economies. Based on
Singapore’s Q2 figures
, the island nation has officially slid into a recession with a large decline of 41.2% in GDP posted in Q2; here on the home front, official statistics for Q2 have yet to be released but the Department of Statistics Malaysia (DOSM) has predicted that
Malaysia will slip into an economic recession this year.

(Source:
Bloomberg
,
SCMP
)

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Winds Of Change For Malaysian Investors

Times have certainly changed for Malaysian retail investors. In recent times, developments within the financial technology space has led to products that offer significantly greater access to investments that were previously only available to institutions and high net worth individuals.

At the same time, our cultural tendencies mean many Malaysians still prefer to rely on familiar or tried and trusted approaches that used to be the “best” in recent decades. There are signs though; Malaysians appear to be ready to ditch the deep-rooted mindset and embrace newer forms of investments that never existed in the previous generation.

Shifting Deep-Rooted Mindsets

A survey by Luno, Malaysia’s largest regulated cryptocurrency exchange, revealed that almost a third (31%) of Malaysian adults are more likely to be influenced by family members or peers when it comes to making investment decisions. Similarly, 34% of respondents also tend to seek advice from family members and peers for savings and investment strategies.

Hann Liew, CFP, CFA, Co-Founder & Director of Jirnexu, said: “Luno’s research highlights the typical Malaysian’s personal finance habits, especially on the over-reliance of informal forms of financial advice. The strong family-oriented culture prevalent within Malaysia means it is not unusual for Malaysians to first experience financial education through family members. Unfortunately, that’s where their financial literacy development stops.”

While traditional forms of investment have been proven to provide historically steady returns, the investment landscape today is vastly different from how it was decades ago. Where property investment used to be a safe and reliable way to generate passive income, the current overhang of unsold units
and
 the sky-high prices of properties today no longer makes it as viable as it used to be.

At the same time, products previously accessible only to high net worth individuals are now available to a much larger group of investors. Thanks to fintech, any retail investor can invest in the global equity markets, bonds, and alternative assets with just a few taps on their smartphones. Not to forget, the barriers have been lowered so much that anyone can invest from just RM1, where it used to be multiple zeroes more.

And of course, there’s the new kid on the block – cryptocurrencies. The concept of decentralised finance and the various tokens that power it is barely over a decade old, yet this alternative asset class has the potential to provide substantial returns to investors. Based on Luno’s survey findings, it appears many Malaysian adults are crypto-friendly, marking a huge shift in investment mindset.

Crypto’s Emerging Popularity

Already, the signs are prevalent that there is a considerable amount of Malaysians
already
invested in cryptocurrencies. With over 300,000 accounts, Luno is home to the largest group of local crypto traders and investors – and there’s data to suggest
even more
Malaysian adults would invest into crypto.

Luno’s survey results revealed that 37% of Malaysian adults believe that crypto is a viable long-term investment option, and 62% of respondents who are investors would consider cryptocurrencies to diversify their portfolios.

And, most tellingly, more than one in every three Malaysians who currently do not invest would likely start investing into cryptos if they have access to financial education on how to properly invest and trade in this asset class.

Speaking about the findings, Aaron Tang, Luno Malaysia Country Manager, said, “Our research clearly demonstrates that more work needs to be done, by both regulators and the industry, to better prepare retail investors for the cryptocurrency market. While it is a welcome sight to see that most understand the risks associated with cryptocurrency trading and try to mitigate them as best as they can, we still feel the number of investors who actually undergo such prudent measures is low.”

“As interest in digital assets becomes increasingly mainstream, it is now more important than ever to focus efforts in promoting financial literacy initiatives to better educate the general public on the potential benefits and use cases of cryptocurrencies, as well as the strategies that can be employed to minimize exposure to risk,” he added.

Do Crypto Investments Fit Into Every Investor’s Portfolio?

Despite the bullish perspectives among Malaysian investors on crypto, the Luno survey also found that a large majority of investors practice good risk management. For example, 57% of respondents stated that they would only invest what they can afford to lose, while 43% answered that they make sure to conduct thorough research prior to investing. Similarly, 42% of respondents also revealed that they only invest in cryptocurrencies from reputable and trusted exchanges.

According to Hann, a small allocation of crypto within an investment portfolio has the benefit of potentially increasing returns without increasing volatility – and even reduce it. “Having a little bit (of cryptocurrencies) actually reduces your portfolio volatility…because it is negatively correlated into things like stocks, bonds, property, etc.”

As to the ideal crypto allocation, Aaron believes it is impossible to recommend a single value or percentage for everyone because a licensed financial planner would be better equipped to provide a personalised investment portfolio. He did, however, share the observation that investors are increasingly using crypto to supplement their existing portfolios to make it perform better.

*****

Despite the deep-rooted cultural attachments, Malaysian investors are slowly finding their own rhythm in the investing world. They have demonstrated a willingness to embrace new technologies, while still being prudent and responsible investors – resulting in a unique generation of savvy investors that challenges the norm and ultimately, shifting traditional mindsets.

About the Luno survey:

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1015 Malaysian adults. Fieldwork was undertaken between 27th – 31st August 2021. The survey was carried out online. The figures have been weighted and are representative of all Malaysian adults (aged 18+).

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A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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    previousCPA

    1 year ago

Invest in crypto in your own peril! i would rather just save money in your Maybank savings account for 0.1% PA.

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How to Get Rewarded for Staying Healthy

Did you know that in Malaysia, high cholesterol alongside obesity are two of the most commonly diagnosed preventable diseases that have affected the young and old? Research has even revealed that 1 in 3 Malaysians aged 18 years old and above are now classified as pre-obese. [
National Health and Morbidity Survey 2011, Institute for Public Health, Ministry of Health
].

On top of this, the costs for medical treatment that can help treat these issues have also been steadily increasing with an
annual medical inflation rate of 11% in 2014
, putting even greater financial pressure on those who are affected.

It’s no wonder that more Malaysians are paying better attention to their well-being by allocating more of their finances towards health coverage. While insurance is a good preventative measure in case one becomes unhealthy, wouldn’t it be good to also get rewarded for remaining healthy?

That idea is what led Zurich Insurance Malaysia Berhad (ZIMB) to introduce
Zurich Omni Health
, a comprehensive medical plan that rewards you for staying fit and healthy whilst covering your medical bills.

This intelligent solution is the
first
 in the market to offer
10% cash back
 on premiums paid from the 2nd policy year onwards if no medical claims were made in the preceding policy year.

On top of this, with the
Z Wellness Care
 feature, people with health setbacks such as high cholesterol or obesity during the time of purchasing the plan will be offered a place under the
Wellness Reward Programme
 where they will be given professional advice and guidance on healthy living.

Should their health condition improve by the end of the programme, their premiums will be reduced.

Modern Health Conveniences

Taking charge of your health is also more convenient with Zurich Omni Health as it offers a
Cashless Facility
 which makes hospital admission hassle-free. You can receive instant admission and medical attention in times of emergency at any Zurich panel hospital by flashing the medical card. Upon hospital discharge, you only need to settle your co-insurance charges, if any.

Adding to this, the
MiCare MyMed
 mobile application is a great on-the-go companion which you can use to purchase vaccination at discounted rates through the
Health Optimiser
 feature, track your progress under the Wellness Reward Programme and locate panel hospitals or clinics nearest to you.

With all that, Zurich Omni Health is not only is a preventative measure against being unhealthy, it also encourages and promotes health and well-being by incentivising you to stay fit! For more information on
Zurich
 Omni Health, ring them up at 1-300-888-622 or
visit their website
.

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Fulfill your Hajj Duty with Al-Rajhi Bank

Apply for any Al-Rajhi banking product; be it a loan, savings account or credit card and stand a chance to win a Hajj package.

The promotion applies to any of the following products and services:

Personal Financing-i of RM15,000 and above.

Home Financing-i of RM250,000 and above.

Auto Financing-i of RM25,000 and above.

Gold-i of RM10,000 and above.

Will Writing (Amanah Raya and As Salihin Will Writing Package).

Unit Trust subscription of RM10,000 and above.

Deposits Accounts under I-Zam Zam Promotion – Savings Mudharabah Account-i, Current Mudharabah Account-i, Fixed Term Investment & Wakalah Fixed Investment Account-i with a minimum deposit of RM1,000-00.

Debit Card purchases worth of minimum RM300 per purchase per month

Internet Banking transactions of any of the following services:-

Interbank Giro (“IBG”)

Bill payment

Mobile Top Up

alrajhi24/7

Banking Transactions through the Bank ATMs for cardholders of Al Rajhi Bank Debit-ATM

Cards

There are no forms required; contest entry is automatic. There are five Hajj packages worth RM20,000 up for grabs. The campaign period runs until 31 December 2013 and five winners will be selected at random. Should the winner be a non-Muslim or unable to perform the Hajj, the prize can be converted to cash of equal value.

For more information on this promotion or any Al-Rajhi banking product; please call Al-Rajhi’s 24-hour Customer Care Consultants at 1 300 82 6000, or email
[email protected]
.

For full terms and conditions,
please click through
.

Considering an Al-Rajhi credit card? Check our
handy comparison table
.

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Razer Pay e-Wallet Now In Malaysia

Popular gaming peripherals brand Razer has now officially ventured into the e-wallet space with the launch of the Razer Pay e-wallet in Malaysia. It currently supports a number of features, including QR-based payments as well as digital payments for wide range of merchants.

While it certainly sounds outlandish at first, Razer’s e-wallet isn’t as odd as it seems. In April this year, Razer announced
the acquisition of Malaysia-based MOL Global
, which operates the MOLPay e-payment network. In fact, Razer Pay appears to be more of a rebrand of MOL’s e-payment app,
One2Pay
 (which itself was formerly known as MOLwallet) that was released early this year.

As with other e-wallet apps, Razer Pay isn’t that much different in its offerings. There’s a QR-based payment option for offline transactions, but what’s unique here is an online payments portal to purchase digital virtual currencies and game credits from Steam, Garena, Sony PlayStation, and more. You can also buy prepaid top-ups from virtually all the telcos and MVNOs that operate in Malaysia.

(Image: Lowyat.NET)

Interestingly, Razer Pay also allows users to purchase subscriptions to selected streaming services, which include iflix, Spotify, and Astro’s NJOI. Finally, peer-to-peer funds transfer to other Razer Pay users is also available.

The Razer Pay e-wallet is now available for
Android
 and
iOS
. As an early bird sign up bonus, new sign-ups will get RM10 bonus credits in their wallet; this promotion ends 30 September 2018.

(Sources:
Razer
,
Lowyat.NET
)

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You Can Buy A House In Lazada This 12.12 2018

For the upcoming 12.12 sale on Lazada, Malaysians can look forward to purchasing properties on the e-commerce website, making it the largest items being sold on Lazada’s catalogue of 100 million products for sale on its platform

Lazada Malaysia
 and
Mah Sing Group Bhd
 will be working together to sell properties at specific locations including M Vertica in Cheras, M Aruna in Rawang, M Vista in Penang, and other properties. This collaboration is the first ever in the Southeast Asia region, allowing consumers to be able to purchase residential properties off an e-commerce platform.

CEO of Mah Sing Group Ho Hon Sang mentioned that it is aiming to reinvent the way shoppers purchase homes, as over half of the Malaysian are shopping online. Similarly, CEO of Lazada Malaysia, Christophe Lejeune plans to increase the variety of products showcased on the platform and is thrilled to be the first in the region to sell properties.

Interested home buyers will be able to preview properties on Lazada and “purchase” them from 10 December to 12 December. Lazada shoppers will pay a registration fee of RM3,000 to secure a unit on the platform, before proceeding to the rest of the purchasing process offline. Not to worry, the fee is fully refundable in case you changed your mind or if the your home loan application is not successful. To further sweeten the deal, Mah Sing will be including an exclusive 5% incentive on the properties listed on Lazada, which is worth between RM20,000 to RM30,000. This incentive, according to Mah Sing, is on top of all other discounts and rebates applicable to the property.

This isn’t the first time Lazada has offered unconventional products for sale. For 12.12 2017, Lazada partnered with VW Malaysia to offer
12 limited edition VW Beetle cars
 to be sold on its website. Buyers had to pay a RM5,000 booking fee before continuing the process offline. All 12 cars were sold out within 20 minutes.

(Source:
Free Malaysia Today
)

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PTPTN’s Annual Savings Campaign Exceeds Target By RM55 Million

The National Higher Education Fund Corporation (PTPTN) commented that it has exceeded its goal of RM110 million in deposits for the annual Simpan SSPN Savings Month (BMS 2021) campaign.

“The total SSPN Savings deposit received was RM155 million, or 141%, which was RM55 million more than the intended RM110 million,” said the chief executive officer of the PTPTN, Ahmad Dasuki Abdul Majid during the closing event of the campaign, who added that public response has been very positive, thereby contributing to the stellar result.

For context, the BMS 2021 campaign is PTPTN’s signature annual campaign that has been hosted in October every year since 2018, seeking to raise public awareness and to encourage the people to save for future educational purposes via the Skim Simpanan Pendidikan Nasional (SSPN). This year, the event was held in recognition of the World Savings Day on 31 October 2021, bearing the theme “Hold On To Your Financial Future”.

Ahmad Dasuki also shared that there are 315,984 new SSPN Save accounts as of September this year, whereas total deposits have reached up to RM1.78 billion during the same period of time. “This was very close to PTPTN’s total deposit target of RM1.8 billion with 400,000 new account openings,” he further commented.

Additionally, Ahmad Dasuki stressed that PTPTN will continue to empower the people in saving and planning for the future, particularly for the purpose of pursuing higher education. “We will not stop disseminating information on Simpan SSPN for parents to cultivate and practise financial planning so that they can boost life savings and ensure their children’s plans to pursue higher education can be a reality,” he emphasised.

Malaysians can save with SSPN via two products, namely the
Simpan SSPN Prime and Simpan SSPN Plus
. Both were recently rebranded in early September, and were previously known as SSPN-i and SSPN-i Plus, respectively.

(Source:
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Touch 'n Go To Allow TNG Card Reloads Via eWallet, Remove Parking Surcharge This Year

(Image: FintechNews Malaysia)

Touch n’ Go (TNG) has stated that it will allow TNG card users to conduct top-ups via the TNG eWallet some time this year. This is alongside the planned implementation of several other updates to its existing services, including the removal of reload fees for TNG cards and the 10% TNG parking surcharge.

Revealed in an interview between the chief executive officer of TNG Group, Effendy Shahul Hamid, and The Star, all the updates are expected to be rolled out some time in 2021.

Reloading TNG cards via TNG eWallet

At present, users do not have the ability to top up the credit of their physical TNG card via TNG eWallet. This is because the existing cards are smartcards with MIFARE chips, which only allow transactions when in contact with a card reader. As such, you can only reload your cards at selected locations and merchants – which makes things somewhat inconvenient for users.

To remedy this situation, Effendy said that TNG will soon roll out a new version of the card that allows credit top-ups via the TNG eWallet by the end of 2021. While not much information has been released as of yet, it seems likely that you may need to replace your existing TNG card to tap into this new feature.

On a side note, the TNG eWallet currently does have a PayDirect feature that lets users link their TNG cards to the eWallet, allowing them to use the eWallet as a payment source instead of deducting money from the card balance. However, this is only applicable for toll payments.

Removal of reload fee for TNG cards

(Image: Piston.my)

Aside from enabling the ability to top up TNG cards via the eWallet app, TNG said that it is also looking to fully remove the reload fee that applies when customers top up their TNG cards with reload agents. Presently, TNG’s reload agents are allowed to charge a 50-sen reload fee when you top up your card with them, although TNG emphasised that “quite a number” of them have already removed the charge. Those who have removed the fee include Watsons, Guardian, Caring Pharmacy, and selected Petronas and Shell stations.

The company also clarified that it does not receive any amount of the reload fee. Instead, it is used by the reload agents to cover the specific cost of providing the reload service. On top of that, TNG also pays its reload agents to provide the reload service for its customers.

Removal of 10% TNG parking surcharge

(Image: The Star)

Lastly, Effendy said that TNG is working to remove its parking surcharges by the first quarter of 2021. The parking surcharge in question is a 10% fee that motorists need to pay when they use their TNG cards for parking fares, and this has long been a
matter of discontent among customers
.

“It [the removal] requires innovation and some sacrifice on our part, but I think it’s the right thing to do. Basically, we’ve been able to convince our parking operator partners and ensure the surcharge is removed by the end of the first quarter,” said Effendy.

For context, this
plan to remove the parking surcharge
 had been floated since November 2019 – confirmed by the previous deputy minister of Domestic Trade and Consumer Affairs Department, Chong Chieng Jen. However, he also commented back then that the removal will not be immediate as there are existing agreements that must be honoured; it will only take place when new agreements are signed.

***

Ultimately, Effendy said that TNG’s latest initiatives are spurred on by customer feedback. “We’re starting to listen to customer feedback in terms of what are the things that we can do, and we’re starting to engineer the company around that, on the transportation ecosystem company side, and also on the eWallet side,” he said.

Effendy also emphasised that although the solutions and updates can only be rolled out in stages, TNG will stand as a relevant solutions provider of multiple technology services to its customers by the end of 2021.

(Source:
The Star
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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The Debt Service Ratio Explained

If you are considering a loan, you may wonder just how much you can successfully borrow.

Well, this number is very much tied to your repayment capability; enter the Debt Service Ratio aka DSR, a formula to help banks decide if you can feasibly make repayments on the amount that you intend to borrow.

What is the Debt Service Ratio (DSR)?

The DSR essentially takes stock of your loan and credit commitments, and then compares this to your income. From here, they’ll be able to see just how much of your income is being utilised to pay off debt and if you can reasonably add on a new loan with respect to your earnings.

Lending banks however, will have their own internal algorithms as well as different ideas of what is an acceptable percentage. For the most part; the generally accepted number is to have your debt equal no more than 60% of your total net income.

Calculating Your Basic DSR

To find out for yourself what your borrowing chances are before heading to the bank; you can choose to calculate your own DSR for yourself.

Even though your estimation may not be exactly the same as the bank’s valuation; you can still have a good idea of where you stand.

To attempt this calculation for yourself; take the following steps.

1) Collate data on all income and expenditure

The income you include here must be easily proven to the bank via salary slips and EPF statements. Many banks are wary of accepting freelance work payments or rental yields that aren’t consistently documented.

You can attempt to include these via the supply of as many corroborating documents as possible but it’s best to keep within the straightforward income receipts to be safe

After that, you will have to list the total number of commitments you have and how much you are required to pay every month. This sum will be a total including minimum credit card payments and set monthly instalments.

2) Use the formula to calculate DSR

Whenever the word ‘ratio’ is thrown in the mix, you can be sure that fractions are involved and the DSR is no exception. However, the calculation is actually pretty simple.

DSR Formula

Total Financial Commitments per Month/ Total Financial Income per Month

Check out this example that illustrates how this works.

Assume that Jane has monthly financial commitments amounting to RM2,100 and a net income of RM4,000.

The example shows that Jane’s debt in relation to her income is at 52.5%, which is still acceptable, since banks in general tend to accept DSRs below 60% (lower income).

However, the loan she is subsequently approved for cannot take the total commitment higher than 60%. As such, Jane’s additional monthly instalment cannot be more than RM300.

Noting this sum; the bank will proceed to adjust Jane’s new loan amount and tenure to match the remaining DSR sum she is allowed.

3) Remember other factors matter

Do note however, additional factors like a huge net worth and professional employment status, could increase the maximum allowable DSR. If an applicant is in employment with the government or civil service; this will often assure the bank that her job is steady.

These considerations help push an applicant through but it similarly can hamper applications as well. If, for instance you have an income that isn’t so consistent, even if it is in large sums, the bank may hesitate to give you a loan.

Other factors such as paymaster history and job industry will also colour your application in the eyes of the bank. If you find your DSR is still in the green zone but your loan has been rejected –
there may be other reasons the bank turned you down
. It might be time to look into that.

4) If at first you don’t succeed…

Because not all banks use the same calculations nor afford the same weightage to the other contributing factors, don’t despair if you’ve been rejected at Bank no 1.

Try another bank or even a few. If you fail after a few tries – give the application process some breathing room (and yourself the leeway to pay off your outstanding debts) and apply when you’re not looking so unattractive money wise.

Check out our
home loan
,
personal loan
 and
car loan
 calculators for a peek at all the best deals and a shot at different banks depending on your needs. The right loan for you could be just around the corner.

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Everything You Should Claim As Income Tax Relief Malaysia 2020 (YA 2019)

NOTE:

This article pertains to income tax filing for the year of assessment 2019. If you are filing your taxes in 2021 for YA 2020, then head on over to our new article on
everything you should claim here.

If you earn more than RM34,000 a year, you’re not going to escape paying your taxes, but what you can do is try to get them back in your tax refund. When it comes to getting the biggest possible tax refund each year, the key lies in making the most of the tax reliefs, tax deductions, and tax rebates. And to do that, you have to know what they are and how to make use of them.

Generally, tax deductions, tax reliefs, and tax rebates help you reduce your aggregate income, chargeable income, and amount of tax charged respectively. Claiming these incentives can let you enjoy a lower tax rate and pay less in tax altogether. If you want to find out more about how exactly the different incentives work to lower your taxes, you can read our
article on it here
 – but for now, let’s see how you can use them to maximise your tax refund.

Malaysia Income Tax Relief YA 2019 Explained

Are you feeling a bit uncertain about which tax reliefs you’re actually eligible for? Here’s a more detailed look at the fine print behind each income tax relief you can claim in 2020 for YA 2019.

Individual and dependent relatives

Granted automatically to an individual for themselves and their dependents.

Claim allowed: RM9,000

Medical treatment, special needs, and carer expenses for parents

Includes care and treatment by a nursing home, and non-cosmetic dental treatment. Must be evidenced by a registered medical practitioner or written certification of a carer. Parents must reside and treatment must be provided in Malaysia.

Claim allowed: Up to RM 5,000

Parents

Those who did not make a claim for medical treatment for parents are entitled to this relief. Parents must be legitimate or legally adoptive parents (stepparents not included), aged 60 years and above, and each parent’s annual income from all sources must not exceed RM24,000 for that year of assessment. The allowable relief is RM1,500 for one mother and RM1,500 for one father; if more than one individual claims for this deduction, the amount has to be equally divided according to number of individuals claiming for that same parent.

Claim allowed: RM1,500 per parent (only allowed if no claims made under medical expenses for parents)

Husband/Wife/Alimony

You can claim this relief if your spouse has no source of income OR elects for joint assessment in your name. This deduction is not allowed if your spouse has a gross income exceeding RM4,000 derived from sources outside Malaysia.

For husbands paying alimony to a former wife, the deduction is allowed for the amount of alimony paid or up to a limit of RM4,000. The total deduction for a wife and alimony payments to a former life is restricted to RM4,000. Only formal alimony agreements qualify for this tax relief.

Claim allowed: Up to RM4,000

Education fees (self)

You can claim for fees expended on a course of study undertaken in a recognised institution or professional body in Malaysia. For Masters or Doctorate degrees, any course of study undertaken is eligible. For others, any course of study up to tertiary level undertaken for law, accounting, Islamic finance, technical, vocational, industrial, scientific or technological skills or qualifications will be eligible.

Claim allowed: Up to RM7,000

Medical expenses on serious diseases for self, spouse, or child

Receipt of the treatment and a certification by a registered medical practitioner must be kept for future reference. Includes treatment of AIDS, Parkinson’s disease, cancer, renal failure, leukemia, heart attack, pulmonary hypertension, chronic liver disease, fulminant viral hepatitis, head trauma with neurological deficit, tumour in brain or vascular malformation, major burns, major organ transplant, and major amputation of limbs.

Claim allowed: Up to RM6,000 in total for self, spouse, or child; the RM6,000 limit is inclusive of any claims made under complete medical examination below.

Complete medical examination for self, spouse, or child

Refers to a thorough examination as defined by the Malaysian Medical Council (MMC).

Claim allowed: Up to RM500 for self, spouse, or child, but the total deduction allowable for both this relief and the relief for medical expenses on serious diseases above is RM6,000.

Lifestyle purchases for self, spouse, or child

You can claim for the purchase of:

Books, journals, magazines, printed newspapers, and other similar publications in both hardcopy and electronic forms; banned and offensive materials excluded

Personal computer, smartphone or table; additional charges for warranty or devices used for the purposes of own business excluded

Sports equipment for sports activities defined under the Sports Development Act 1997, including golf balls and shuttlecocks but excluding motorised bicycles, and payment for gym membership excluding club membership which provides gym facilities

Internet subscription paid through monthly bill registered under your own name

You can get up to RM2,500 worth of tax relief for lifestyle expenses under this category. Buying reading materials, a personal computer, smartphone or tablet, or sports equipment and gym memberships for yourself, spouse, or child allows you to claim for tax relief. You can also claim for your monthly home Internet subscription. Yes, you get tax relief for just paying your monthly Internet bills from Unifi, Streamyx, and so on! It’s also the only utility payment you can get a tax relief for, so make sure you don’t miss out on claiming for it.

Claim allowed: Up to RM2,500 for all lifestyle purchases for self, spouse, or child.

Breastfeeding equipment

You can make use of this relief if you are a breastfeeding mother and have purchased breastfeeding equipment for your own use to breastfeed your own child aged 2 years and below. Qualified breastfeeding equipment are: breast pump kit and ice pack; breast milk collection and storage equipment; and cooler set or cooler bag.

Claim allowed: Up to RM1,000 per mother, allowed once every 2 years.

Childcare fees

This tax relief is allowed for child care fees for a child aged 6 years and below, paid to a registered child care centre or registered kindergarten. The maximum claim for this relief is restricted to RM1,000 even if the number of children who are eligible for this care exceeds one. If a married couple are assessed separately, this relief can only be claimed by either the husband or the wife who makes the expenditure.

Claim allowed: Up to RM1,000 by husband or wife even if there is more than one child

Net deposit in SSPN

The Skim Simpanan Pendidikan Nasional (SSPN) or the National Educations Savings Scheme is a savings plan introduced by PTPTN to enable parents to invest for their children’s higher education. You can claim tax relief for the net deposit in SSPN up to the claim limitation if your total deposit for the year 2019 is higher than your total withdrawal.

Claim allowed: Up to RM8,000 per individual with children

Ordinary child relief

A deduction is allowed for every child who is unmarried and who is below the age of 18 years at any time during the year of assessment.

Claim allowed: RM2,000 per child

Child relief for child (18+) in full-time education

For those with children who are unmarried, 18 years of age and above, and receiving full-time education, a deduction of RM2,000 is allowed.

For those with children who are unmarried, 18 years of age and above, and satisfy any one of the following conditions, a claim of RM8,000 is allowed:

In full-time education (other than matriculation/pre-degree/A-Levels) at an educational establishment in Malaysia

Serving under articles or indentures to qualify in a trade or profession in Malaysia

Pursuing a full-time degree (or equivalent, including Masters or Doctorate) outside Malaysia

Claim allowed: RM2,000 per child or RM8,000 per child

Life insurance and EPF

Paying life insurance premiums on your own life or your spouse is deductible under this relief, as are contributions to approved schemes such as the Employees Provident Fund (EPF). Private retirement scheme contributions do not count under this relief.

While this relief covers contributions to both life insurance premiums and EPF, pensionable public servants who have opted for pensionable retirement and did not contribute to any approved schemes other than private retirement schemes will find that the EPF relief allocation does not apply to them here. Therefore, the claim limits for pensionable public servants and those who are not public servants differ accordingly.

Claim allowed: Up to RM7,000 for life insurance for pensionable public servants; Up to RM3,000 for life insurance and up to RM4,000 for EPF for non-public servants

Private retirement scheme (PRS) and deferred annuity

The total deduction under this relief is restricted to RM3,000 for an individual and RM3,000 for a spouse who has a source of income. If you elect for joint assessment, the deduction allowed is restricted to RM3,000. You can consider investing in a PRS or deferred annuity for your long-term goals to get this relief, which you wouldn’t be eligible for if you opted for a unit trust or mutual fund for example.

Claim allowed: Up to RM3,000

Education and medical insurance

This claim is allowed for insurance premiums that are related to education or medical benefits either for yourself, spouse, or child. The total deduction under this relief is restricted to RM3,000 for an individual and RM3,000 for a spouse who has a source of income. If you elect for joint assessment, the deduction allowed is restricted to RM3,000.

Claim allowed: Up to RM3,000 for self, spouse, or child

SOCSO contributions

Your contributions to the Social Security Organisation (SOCSO) can be claimed as relief during the year of assessment.

Claim allowed: Up to RM250

Equipment for disabled self, spouse, child, or parent

You can claim for expenses incurred for the purchase of any necessary basic supporting equipment for the use of yourself, spouse, child, or parent, if the individual concerned is disabled. This person must be registered with the Department of Social Welfare as a disabled person for the expenditure to qualify. Basic supporting equipment includes haemodialysis machine, wheelchair, artificial leg, and hearing aids, excluding spectacles and optical lenses.

Claim allowed: Up to RM6,000 for self, spouse, child, or parent

Disabled individual

Disabled individuals who have been certified in writing by the Department of Social Welfare as a disabled person are eligible for a further deduction under this relief.

Claim allowed: RM6,000

Disabled husband/wife

Those who have a disabled spouse are entitled to a further deduction under this relief.

Claim allowed: RM3,500

Disabled child

If you have a disabled child who is unmarried, you are entitled to a deduction under this relief.

Claim allowed: RM6,000

Disabled child in higher education

This is an additional relief that you can claim if you have a disabled child who is unmarried, 18 years of age and above, and in higher education under one of the following conditions:

In full-time education (other than matriculation/pre-degree/A-Levels) at an educational establishment in Malaysia

Serving under articles or indentures to qualify in a trade or profession in Malaysia

Pursuing a full-time degree (or equivalent, including Masters or Doctorate) outside Malaysia

Claim allowed: RM8,000

Malaysia Income Tax Deduction YA 2019 Explained

A tax deduction reduces the amount of your aggregate income – which the sum of your total income for the year put together. For income tax filing in the year 2020 (YA 2019), you can deduct the following contributions from your aggregate income.

Donations to charities, sports bodies, and approved projects

Donations that fall under these categories are restricted to 7% of your aggregate income:

Gift of money to approved institutions/organisations/funds

Gift of money for any approved sports activity

Gift of money or cost of contribution in kind for any approved project of national interest

Deduction allowed: Up to 7% of aggregate income

Other donations, gifts, and contributions

Donations under these categories are not restricted to the 7% limit:

Gift of money to the government/state government/local authority

Gift of artefacts, manuscripts, or paintings

Gift of money not exceeding RM20,000 for libraries

Gift of money or contribution in kind for disability facilities in public places

Gift of money or medical equipment not exceeding RM20,000 to approved healthcare facilities

Gift of paintings to the National Art Gallery or state art galleries

Deduction allowed: Up to value of gift unless otherwise stated

Subscriptions to professional bodies

The membership subscription paid to professional bodies for one’s profession, like medical or legal professional fees, can be claimed as a deduction.

Deduction allowed: Membership subscription paid

Malaysia Income Tax Rebate YA 2019 Explained

An income tax rebate is calculated at the end section of your BE form, after you’ve determined the amount of tax charged on your chargeable income. A tax rebate directly reduced your amount of tax charged and there are currently four types of tax rebates for income tax Malaysia YA 2019.

Tax rebate for self

If your chargeable income (after tax reliefs and deductions) does not exceed RM35,000, you will be granted a rebate of RM400 from your tax charged.

Rebate amount: RM400

Tax rebate for spouse

If your chargeable income (after tax reliefs and deductions) does not exceed RM35,000, and you have been allowed the tax relief of RM4,000 for your spouse, you can claim this rebate. To refresh your memory, the conditions for the tax relief for spouse are that your spouse has no source of income or elects for joint assessment in your name.

Rebate amount: RM400

Departure levy rebate for umrah or religious travel

This rebate is granted to anyone who leaves Malaysia by air to perform umrah or other kinds of religious pilgrimage, but not for the purpose of performing hajj. To claim this rebate, the evidence required is a copy of the visa issued by Saudi Arabia for the umrah and a written verification by a recognised religious body for any other religious pilgrimage.

Rebate amount: The amount of departure levy paid, limited to 2 trips per lifetime

Zakat/fitrah

The rebate is applied to the payment of obligatory zakat and fitrah during the basis of the assessment year.

Rebate amount: Zakat/fitrah paid

Don’t Miss Out On Maximising Your Income Tax Refund 2020

Now that you know about all the income tax reliefs, rebates, and deductions that are available for Malaysia personal income tax 2020 (YA 2019), make sure to get your tax filing in order so you don’t miss out on any claims. Remember, claiming for tax reliefs and the like are the key to maximising your tax refund for the year, so start listing down all the reliefs you’re eligible for and start filing!

Remember to refer to our
Income Tax Guide 2020 (YA 2020)
 and our other
income tax articles
 for more advice on filing your taxes this year!

(Source: LHDN)

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    Darren

    3 years ago

Good day

Regarding the below for Form BE:

Subscriptions to professional bodies

The membership subscription paid to professional bodies for one’s profession, like medical or legal professional fees, can be claimed as a deduction.

Deduction allowed: Membership subscription paid

May i know where can we insert the fees for taxable income deductions?

TQ

Darren

206

Reply

    Anonymous

    1 year ago

    Reply to

        Darren

Claim against the aggregate income

0

Reply

    Manju

    3 years ago

Can a foreigner claim his home country life insurance under Insurance tax relief?

7

Reply

    Jacie Tan

    3 years ago

    Reply to

        Manju

In the case of specific enquiries such as these, it’s better to call or email the Inland Revenue Board of Malaysia for further clarification.

15

Reply

    Liew

    3 years ago

Can we claim tax relief under smart phone purchase if I bought a used phone from direct owner, I also have the purchase receipt with the name of previous owner on it.

0

Reply

    Jacie Tan

    3 years ago

    Reply to

        Liew

It’s unlikely that you will be able to claim for this.

0

Reply

    DeXin Yume

    3 years ago

Hi, the explanation in hasil.gov.my for life insurance and provident fund is up to 6000, but you stated 7000.

0

Reply

    Jacie Tan

    3 years ago

    Reply to

        DeXin Yume

Hello! RM6,000 was the allowance for YA2018. Do check the new allowance for YA2019, also on the hasil.gov.my website.

2

Reply

    EL

    3 years ago

Can I claim my child insurance premium (under medical category) if the policy owner is under my husband’s name? He is not entitle to file Malaysian income tax

0

Reply

    Jacie Tan

    3 years ago

    Reply to

        EL

With case-specific questions like these, it’s always best to get the answer straight from the horse’s mouth itself – try emailing or calling LHDN with your query 🙂

9

Reply

    Kieron Teo

    3 years ago

is acca membership fee claimable?

132

Reply

    YanChuan Lim

    3 years ago

For Subscriptions to professional bodies, is there any eligible / approved professional bodies list for reference?

72

Reply

    Molly

    3 years ago

For the medical treatment, special needs, carer expenses for parents -> if I applied a maid to take care of my disabled mother, is this eligible to claim for deduction?

7

Reply

    Jacie Tan

    3 years ago

    Reply to

        Molly

According to the LHDN’s explanatory notes, the medical care and treatment must be provided by a nursing home. However, you can double check directly with LHDN for confirmation.

0

Reply

    Elamaran

    3 years ago

Please send the article for proofreading! Wrong info regarding disabled child!

0

Reply

    LohLC

    3 years ago

Under the lifestyle deduction, are sports shoes considered sports equipment and can be included?

0

Reply

    Jacie Tan

    3 years ago

    Reply to

        LohLC

Nope!

0

Reply

    joshua lazaroo

    3 years ago

I had purchased a handphone in 2017 but forgotten to include in my 2018 income tax relief.. can I submit the receipt this year for the 2020 income tax relief?i still have the original receipt in tact.hope to get some advise .tq

0

Reply

    Pang Tun Yau

    3 years ago

    Reply to

        joshua lazaroo

Unfortunately, you can’t – the relief only applies for purchases made for the year of assessment.

0

Reply

    Kong

    3 years ago

Hi

May i know is MLTA for house loan is considered life insurance and tax deductable?

Thanks

71

Reply

    HooyMei

    3 years ago

For the medical treatment, special needs, carer expenses for parents -> if my parents medical bill was RM18k and I did claimed RM5k in Year 2018, am I allow to claim the balance RM5k in Year 2019?

0

Reply

    Pang Tun Yau

    3 years ago

    Reply to

        HooyMei

Unfortunately not, as you can only claim for expenses made under the current Year of Assessment.

1

Reply

    Sahin

    3 years ago

Hi

Can i claim my wife education fee for her studying Phd from my tax?

23

Reply

    Ruvanthika Raman

    3 years ago

I bought cellphones for personal use last year and the receipts stated my name..can I claim them under lifestyles.. are personal loan claimable

29

Reply

    Siow Yoon Yee

    3 years ago

My daughter has attained the age 25 and started working in 2019 but she is a post liver transplanted patient. Because of her low income only about Rm2600 in Kl, she is definitely cannot support her huge medical expenses of about RM8000 like mycophenolate , levetiracetam, zonisamide and agomelatine. As such, I have to support her medical expenses.

Can I claim for tax medicate relief for serious disease?

Thank you

0

Reply

    Ben

    3 years ago

Hi, i want to know for Medical treatment, special needs, and carer expenses for parents. Is general doctor consultation and physiology treatment considered under this category?

0

Reply

    Joanne Lee

    3 years ago

For computer, can i buy every year and claim under lifestyle? Thanks

0

Reply

    lwl

    3 years ago

Under the lifestyle deduction, is optical can be included?

0

Reply

    Syed dana

    3 years ago

Hi,under the lifestyle tax relief,

1.does purchasing an ebook from google playstore counts or is it just from amazon?

2.does audiobook counts as ebook and get the tax relief?

2

Reply

    ken

    2 years ago

Hi all, Can i claim the parents section for the 1500 + 1500 , my dad is retired and my mom is below 60 and working with 1500rm per month . No medical bills cause they healthy . Do I have to have a record of transferring money to their bank accounts to be eligible ?

0

Reply

    Pang Tun Yau

    2 years ago

    Reply to

        ken

You can claim for both parents as long as your other siblings do not claim in their tax filings. No need for transaction history.

0

Reply

    Manasa Sanga

    2 years ago

Can a foreigner claim his home country life insurance and Medical insurance under Insurance tax relief?

0

Reply

    ANG TENG YEONG

    2 years ago

If spouse is not resident, can claim spouse relief?

0

Reply

    PJ

    2 years ago

Hi, can we claim tax relief for only blood check up from pathlab ?

0

Reply

    Shane

    2 years ago

Hi can i find out i brought a used desktop pc can i claim under personal computer?

0

Reply

    Eve Chong

    2 years ago

What about the rental income for the property that still under housing loan, can I deduct the interest paid to bank ? Where should I enter this tax deduction at e-filing YA 2020, I did not see that option

0

Reply

    Angela

    1 year ago

Hi i have a question, i’m filing BE form for yr 2021, can i know, the EPF claim is it only for those who self-contribute or also for those who deducted thru salary can claim ya?

0

Reply


CIMB’s special offer on Henry Cats & Friends

Are you a kitty person? More of a dog lover? Or maybe you adore both of them just as much?

Whichever you are, you’ll love CIMB Bank’s special offer on
super cute Henry Cats & Friends merchandise.

If you hold the bank’s debit MasterCard, you’ll enjoy up to a RM21 discount on those tote bags, cotton pouches, cell phone bags, travel mugs and more that are sure to put a big smile on your face as well as in your heart!

Promotion will run till 30 April.

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ClassPass Is Now Available In Kuala Lumpur

ClassPass was the first to pioneer a subscription-based fitness class in New York in 2015. It made its first foray into the Asian market recently by beginning its operations in Singapore and now, after weeks of teasing its Facebook followers with promises of free trials, it’s finally here in Kuala Lumpur.

For those who aren’t familiar, group fitness class subscriptions have been an ongoing trend over the past couple of years. Instead of subscribing to a single gym or fitness centre, ClassPass and its competitors run on a “book-a-class” basis, where members hold a monthly subscription which allows them to attend a fitness class from participating partner studios – which means they’re not tied to a single gym.

How ClassPass works

ClassPass features a range of classes at different studios that you can purchase with credits under your subscription package. Booking a class is as easy as scrolling through the available classes online and clicking “Join” – it takes less than a minute, and then all you have to do is turn up. However, there’s a RM20 penalty for class cancellations under 12 hours and a RM25 penalty for missed classes, so don’t book too thoughtlessly (even if the credit you used to book the class will be returned).

The classes offered by ClassPass include cycle, dance, martial arts, strength and interval training, as well as various types of yoga. Frequent fitness class-goers will recognise popular studios such as Urban Spring, FLYPROJECT, FIRE Station, and The Playground. ClassPass doesn’t limit the number of times you visit a certain studio in a month – which is different from its competitors – although it’s stated that the credit rates of that studio may go up as your visits there increase. You can even use ClassPass when you’re travelling to any of the participating cities at no extra cost, since transactions in ClassPass use its own credits.

ClassPass costs and credits

If you want to book a class on ClassPass, you need a monthly subscription – there isn’t an option to pay for classes individually. ClassPass offers two different packages catering to the frequent and not-so-frequent class-goer respectively. You can opt to pay RM249/month for 150 credits, which will give you about 25–37 classes a month (which works out to about RM8.35 per class) or you can pay RM99/month for 35 credits or 5 – 8 classes a month (about RM16.09 per class).

Credit costs for each class varies – a class can cost you as little as 2 credits or as many as 13, but most average around 3–6 credits per class. If you have leftover credits at the end of your subscription month, only a maximum of 10 credits will roll over to your next month. And if you run out of credits before your month is up, you can also purchase an additional 35 credits for a current price of RM79.

One of the main selling points of this subscription model is flexibility, so don’t worry about being tied down or losing out if you cancel your subscription. Just put in a request for cancellation at least three days before your next billing cycle, and the auto-renewal for the following month will be halted. It doesn’t cost you anything, and if you want to get back onto ClassPass at any time in future, there isn’t a registration fee.

You can try ClassPass for free

The best part about ClassPass opening its doors in KL is that it’s actually giving away a whole month of subscription for free! You get 150 credits for your first month, which is a pretty generous amount for a free trial. So if you’re interested, download the app or go to the
ClassPass website
 to give it a go.

ClassPass isn’t the first company to bring the monthly fitness class subscription model to our shores. It was first started here by Malaysian-based KFit in 2016, followed by Southeast Asian startup GuavaPass’s entry in 2017. It will be interesting to see how ClassPass measures up against its existing competitors, and how KFit and GuavaPass respond in turn.

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Budget 2019: Budget 2019 And You

The highly-anticipated Budget 2019 has finally been announced. At 4pm on Friday 2 November, Finance Minister Lim Guan Eng made history tabling the first ever Budget tabled by the Pakatan Harapan government. From housing to education to paying taxes, the national Budget is something that concerns us all in many aspects of our lives – which is why it’s important that we are aware of what’s in it.

So, what was announced in Budget 2019 and how does it affect you? We simplified the various aspects of the Budget and highlighted the key points that the Malaysian consumer should know.

How do you feel about Budget 2019 and how it affects you? Let us know in the comments and keep an eye out for more updates and analysis on all things Budget-related here at RinggitPlus.

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Final Chance To Win Apple AirPods In The Latest RinggitPlus Unbox This Week Campaign

Today marks the second month since we launched our Unbox This Week campaign all the way back in October, and we’ve got just a couple more weeks left to go! If you’re not yet familiar with our
campaign
, this is where we match our customers’ excitement for the end of the year with equally exciting weekly flash deals from different bank partners. It is slated to end by the last week of December 2020.

To briefly explain, this campaign is where our customers can win some pretty cool gifts when they apply for selected credit cards from the featured banks-of-the-week through us. And what do we mean by “pretty cool gifts”? Up until today, our customers have been able to win a range of prizes, from bundled gifts, such as the
Lenovo Tab M7 and Xiaomi Airdots
, the
Sony PS5, as well as a RM1,000 cash giveaway
.

In the latest Week 8 (14 to 17 December), we’re partnering with Citibank to give you a final chance to win this guaranteed gift set of Apple AirPods – valued at RM699 – when you apply for selected credit cards from the bank via our website. Upon the approval of your card, you’ll also need to activate and carry out a minimum of eight retail transactions on it within 60 days.

Once you’ve met the requirements and the bank has confirmed your eligibility, we will then send you the redemption codes needed to redeem your Apple AirPods within 28 days. Be sure to keep an eye out for a message from us!

That said, note that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to the campaign are not eligible for this promotion. Also, we’ll close this deal on 17 December at 6pm, so if you’ve been looking to apply for credit cards from Citibank for a while, do take advantage of our deal to win this exclusive gift.

Head on over here to apply your
new Citibank credit card
, and remember to start your application with our WhatsApp chatbot so that we can always be on hand to help you when needed. Alternatively, come back again in a week’s time to check out what else we’ve got in store for our customers via the Unbox This Week campaign! You can also keep yourself up to date by following us on our
Facebook page
.

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