Q:
Mimi has purchased a handphone in Year 2020 but did not claim the lifestyle relief in Year of Assessment (YA) 2020, can she claim in YA 2021?
A:
She cannot claim the relief in YA 2021. She will need to revise the YA 2020's tax return if she wants to claim the relief.
Q:
I have bought a company car in Year 2018, but I did not report benefit-in-kind (BIK) in my income tax return for Years of Assessment (YAs) 2018 and 2019, can I declare the BIK amount in Year of Assessment 2020? What are the consequences of not reporting the BIK in YAs 2018 & 2019?
A:
The BIK should be declared for YAs 2018 and 2019 instead of YA 2020. If no BIK is declared, the Inland Revenue Board may disallow certain portion of the motorcar expenses at the company’s level for the personal usage portion.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!
P.P.S. If you're liking these little tips, you can't imagine how much you'll get out of my course! View the course here: bit.ly/youaskzenlah