Interviewing International Super Model Amber Chia

Finance Malaysia is very pleased to be able to interview Malaysia's Super Model Amber Chia, who had already making a name for herself in Modeling. When given the chance to interview, Amber Chia had always been Finance Malaysia's mind. In fact, Amber is an icon of the industry nowadays. She even forays into international scene, bringing Malaysia's image with her.

Amber's Story

From her small town roots in East Malaysia to her domination of the local modeling scene, Amber Chia embodies the classic fairy tale rise to fame. After moving to Kuala Lumpur at the early age of 17, Amber was quickly able to make a name for herself within the local modeling scene. Her charming personality and distinct look hastily ensured her place amongst the countries elite. Amber proved her international appeal by securing a contract with Guess Watches International in 2004 and has since used this as a platform to propel herself into other mediums such as movies and television. (AmberChia.com)

The Lovely Interview...

1. Being a Model, TV Host and Actress, which one do you think that is the most challenging task for you? And, why?
• Basically, everything new to me sometime would be challenging. If you really want me to select, I would say being a model. Why? This is because modeling is the first task that I faced the world, be it on the stage, in front of TV and camera. In fact, being a model had gained me different experiences which could then be useful for being a TV host and actress. Yes, modeling is my answer.
  
2. You had ventured into business and started Amber Creations and AmberChia Academy. What drives you to become a businesswoman?
• I am not young anymore. Haha. I wanted to plan for my future too. I love this entertainment industry, and before venturing into business, I had been in this industry for 14 years. I started Amber Creations (event management company) and AmberChia Academy, and these are not new to me either. These businesses closely related to what I am practicing all this while. And, this is the best of me.
  
   
  
• AmberChia Academy was set up with the aim of grooming the next top super model. I am very passionate about it, and hopes to nurture ones talent just like Amber Chia did.
  
3. The following questions touched on your personal money matters. What is your view on Insurance
• For me, insurance is something compulsory, it's not optional. My insurance plans includes everything ranging life, medical, accidental and retirement. You must be mindful of your loved ones when something unfortunate event happens to you. Insurance is very important to us, especially if a family was set up.
  
4. How about Investment?
• On investment, I had started planning, and started my baby education fund. I am investing in properties. As usual, location location location is the most important rule in property investing. All of my investment is in Malaysia. I don't invest in overseas because I only did what I knew best. For me, I am not confident in overseas investing.
  
5. Any words for our readers?
• Dear readers, we must save money for our future. We should save, invest and spend on essential items. Do not overspend. Learn and enhanced our skills and knowledge in personal money management is crucial. Good luck.

Finance Malaysia takes this opportunity to thanks Amber for her time spent on this interview, and wishes her good luck in her career and businesses. We hope that this article could inspire Malaysians to excel further in their future.

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Personal Income Tax: Child Relief

When we are having children, it's a gift from God. And, Malaysia is a blessed place to live, a place where no earthquake and volcano. Although we once hit by tsunami, but it brings minimal effect to us. Thank God.

In line with the effort to increase Malaysian workforce, in achieving self-sustainable economy with strong domestic consumption, Government has laid out several tax relief especially meant for child. Dubbed as one of the "major investment" of a family, raising up a child could easily cost a family few hundred thousands (if not millions). Let's take a look at some of the tax advantages of having a child.

Child Tax Relief

Married couple can claim child relief of maintaining any child. The children can be their own child, step child, or legally adopted child. Then, there are subdivided into 4 different categories.

Source: IRB, Finance Malaysia Blog

Generally, parents can claim tax relief of RM1,000 per unmarried child per year, until he or she turns 18. An unmarried child who is over 18 and continuing full-time education at a secondary school, he or she entitles the parent to a RM1,000 tax relief.

Meanwhile, parent may claim a tax relief of RM4,000 once the child is 18 and above, and pursuing full-time tertiary education (diplomas and above qualifications) locally or overseas. The said tertiary education must be a program and in Higher Education Institute that is accredited by related Government authorities.

For those unfortunate Disabled child, the tax relief is RM5,000 per year as long as he/she is unmarried. Other than that, an additional relief of RM4,000 will be granted if the disabled child pursues a full-time tertiary education just as an ordinary child mentioned earlier.

Frequently Asked Questions

1. Is there a limit to the number of child entitled for child relief?
• There is NO limit to the number of child, but please take note that relief will only be given to unmarried child.
  
2. Can husband and wife claim for the same child relief?
• NO. Instead, the child relief should be claimed by either spouse who has the highest taxable income in order to minimize the tax payable. It should never be divided between husband or wife.

Source: IRB

EPF i-Akaun

Since EPF go online years ago, many people are disappointed by the way the website was maintained and updated. However, as time goes by, EPF had done a face-lift to its website. If you noticed, I could say that EPF website nowadays is very informative, convenient, well-organized. 

I know, I know, maybe you are saying: “Is it really so goooood ???”
The fact is, I am not a EPF staff, then why I need to praise them?

From now onwards, there will be an EPF series written in this blog.
In this 1st series, I would like to touch on i-Akaun by EPF.

What is i-Akaun?

i-Akaun is a member’s or an employer’s personal account to be used on the Internet, specifically on myEPF portal. By having this account, users are able to access EPF services that are being offered online.

What are the online services offered?
For members:
- View and print account statement for current and previous year.
- View withdrawal status and history.
- View EPF transaction activities.
- Update mailing address and personal details.
- View eligible withdrawal amount for various approved purposes.

For employers:

- Checking and printing the current and previous account statements.
- Checking the EPF transaction activities.
- Access to Form A: Credited contribution archive.
- Checking employee’s EPF number.
- Checking contribution with incomplete information.
- Dividend share calculator for Government employers.
- Registration of new employees.

Wow… How to set up my EPF i-Akaun ?

For members:

1. Visit the Smart Kiosk or Counter to generate your own Activation Code.
2. Then, surf the EPF website to activate your i-Akaun before the expiry date.

For employers:

1. Register i-Akaun for Employer at the EPF website.
2. EPF will e-mail or mail you the details of your Activation Code for confirmation purposes.
3. Visit any EPF offices together with a copy of the e-mail/letter to collect the Activation Code. Please bring the required documents stated.
4. Activate your i-Akaun before the expiry date.

Since you may faced difficulties to locate EPF offices, I suggest you to get it done easily at any of the EPF kiosks which can be found in certain branches of the following bank:

- AmBank
- RHB Bank
- RHB Easy
- RHB Islamic
- CIMB Bank
- Public Bank
- HSBC Bank
- CitiBank
- National Heart Institute
- Permodalan Nasional Bhd

 It’s FREE + Hassle Free. What are you waiting for?

Source: EPF website (http://www.kwsp.gov.my/)

Tax Relief from Life Insurance YOU must know

Want to get more tax saving? Please read on…

Although this article is somewhat considered late for individual tax-payers this year, this could be useful next year anyway. When you buy insurance, besides getting the comprehensive protection and a worthwhile investment that will keep you financially stable should the unexpected happen, one more feature are very important for every tax payers.

Under Malaysian Income Tax Act 1967, you will also enjoy tax relief benefits provided. These tax incentives are given by Malaysia government to encourage us to own a protection plan, thus, inducing a better life planning among Malaysians.

Oppsss... actually this can and that one is cannot?

So, what are the tax relief?

• Premiums on life insurance and/or deferred annuities.
• Premiums on education or medical benefits.

How much tax relief?

- Up to Rm6,000 for life insurance premiums and EPF contributions.

- Up to Rm3,000 for medical and education policies premiums.

You may qualify for tax relief under Education policies if:

• Beneficiary is the child.
• The life assured is the parent and the child is the nominee.
• Maturity amount must be payable when your child is between the ages of 14 to 25 years.

Or,

• The life assured is the child.
• Parent is the proposer.
• Payer benefit is attached for the full term.
• Maturity amount must be payable when your child is between the ages of 14 to 25 years.

You may qualify for tax relief under Medical policies if:

• Expenses are related to medical treatment resulting from a disease, accident or disability.
• The policy must be for coverage of 12 months or more.
• Both standalone policies and riders qualify, but if it is a rider, only the rider premium qualifies for deduction.

Common Mis-understanding:

How do I know how much relief  can I deduct every year?

Every year, your insurer will send you a statement for tax relief purpose and you just need to fill in the entitlement amount according to different category of relief. You may request from your insurance company or agent, if you receive it by mail.

My premium is Rm2,400 . Why the statement only shows Rm1,800?

Tax deductible is based on the actual premiums paid for that particular year. In this case, you only paid Rm1,800 for that year of assessment.

My premium is Rm2,400. Why I can’t relief full amount?

This may due to administration fees, or certain riders which does not qualify for any relief.

If I buy insurance for my parents, can I get the relief?

NO. Your parents can get deductions if they bought insurance for their own. However, you may claim for your parents’ medical expenses of up to Rm5,000.

Not enough?

From 2010 onwards, premium on annuity scheme or additional premium paid on existing annuity scheme is qualify for another Rm1,000 relief. Amount exceeding Rm1,000 can be claimed together with life insurance premium category.

Since the above criteria may change from time to time by government, please seek advice from your own tax consultant if needed. Thanks.