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“Renovation & Refurbishment is one of the most exciting tax deduction available in 2020/2021. We are looking at RM 300,000. That’s a big sum to claim 
. There are many many speculations on how liberal it would be?
No more guessing required. the gazette order has been published [PU(A) 381/2020] just before the new year. There is some bad news to this:
- Auditor need to certify;
- List of expenditure not allowed for deduction (eg. Design Fee ) – The list of item in Second Schedule of the gazette Order
- List of expenditure can be included for deduction (eg. surau, children play area, recreational area for staff) – listed in First Schedule of the gazette order.
The gazette order is now available with all the details required. During last Budget 2021 seminar, Dr Choong reminded participants the best practice is to create a new account code specifically for this special tax deduction : ease claiming and identification. Also do remember his advice on the timing component. Happy tax deducting (the more the merrier) !
If you are new to this, you will find the course on Budget 2021 online learning very helpful for your tax planning.
Gazette Order for Renovation & Refurnishment
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Tan Lee Ling
Tax Consultant by training in the Big Four and trained several years with Dr Choong. Being a Chartered Accountant with a law degree. Specialised in compliance, tax planning and tax investigation in her early years. Being in tax for 12 years, to her Tax is like a tree, it is the life force for the country, tax is dynamic, continuously changing and growing. Lee Ling is the conduit in charge of not just sharing these tax changes, also to bring Dr Choong's brilliant tax planning to the tax professionals and business community.
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Renovation and Refurbishment
“Renovation & Refurnishment is one of the most exciting tax deduction available in 2020/2021. We are looking at RM 300,000. That’s a big sum to claim 🥰. No more guessing required. the gazette order has been published [PU(A) 381/2020] just before the new year. There is some bad news to this.