Mr. Amet (30 years old) is your client. You are hired as his financial planner, it is your responsibility to make his financial situation simple to understand and more meaningful than he could do on his own. Using the items given below, help him to calculate his personal income tax assessment for 2021. In addition to that, he also owns an apartment in Kuala Lumpur that he purchased in 2020 and has been rented for RM1,200 a month. As a Finance Manager at Single Max Corporation, he is currently enjoying a lucrative remuneration package for his position; a salary of RM10,000 per month. For retirement purposes he currently contribute 11% to EPF, while company contribute 12%.

Mr. Amet contribute RM500 per month to Insurance protection plan and entitled to coverage of RM1,000,000. He also covered by her employer, where the death benefit is at 3 times of her basic salary. For health coverage, he participated in a medical Insurance plan with annual contribution RM3,500. He also pays a premium of RM250 a month for his daughter medical takaful. His already married to Dr. Aida who currently on maternity leave for 3 months after give birth to a boy for their 2^nd children. The eldest daughter is 4 years old and are sending to Smart Kid Kindergarten. Mr. Amet has bought a breastfeeding equipment since his wife can breast feed the youngest.

Currently, Mr. Ahmet provide an allowance to his parents for their parent care expenses amounted RM300 a month. He also subscribes an internet wifi from Unifi with a payment of RM180 per month. He also contributes RM250 a month for SSPN saving for her daughter.

Advised Mr Amet on how to achieve his tax planning and calculate his tax assessment. Your suggestion and opinion on how Mr. Amet can reduced his tax payment is recommended. (assuming he choose to do a separate assessment for 2021)

Crowe 2020 Tax Reliefs for Malaysian Resident Individuals Self & dependent relatives Husband/wife/ payment of allmony to former wife Each unmarried child