🧾 How I Filed My Income Tax (YA 2024)
This is a detailed breakdown of how I, a Malaysian sole proprietor with rental income, filed my personal tax for Year of Assessment 2024.
I share:
- General Ledger and P&L
- Rental income reporting
- Personal reliefs claimed
- Final tax payable (RM 0!)
- Future improvements
🔍 Step 1: Income Sources
For YA 2024, I had:
-
✅ Sole Proprietorship: Optimiser Commercial Solutions
- No business income
- Bank balance kept at RM 1,000 by topping up every expense via owner deposit
-
✅ Residential Rental Income
- RM 970/month × 12 months = RM 11,640 total
📒 Step 2: General Ledger – Optimiser Commercial Solutions
All expenses were funded by Owner Deposits. I ensured the business bank balance remained RM 1,000 at all times.
📘 General Ledger (2024)
| Date | Description | Debit (RM) | Credit (RM) | Balance (RM) |
|---|---|---|---|---|
| 01-Jan-24 | Opening Balance | 1,000.00 | ||
| 15-Jan-24 | TNB Bill | 132.75 | 867.25 | |
| 15-Jan-24 | Owner Deposit (Kai) | 132.75 | 1,000.00 | |
| 07-Feb-24 | TNB Bill | 122.15 | 877.85 | |
| 07-Feb-24 | Owner Deposit (Kai) | 122.15 | 1,000.00 | |
| 11-Mar-24 | TNB Bill | 108.05 | 891.95 | |
| 11-Mar-24 | Owner Deposit (Kai) | 108.05 | 1,000.00 | |
| 14-Apr-24 | TNB Bill | 154.45 | 845.55 | |
| 14-Apr-24 | Owner Deposit (Kai) | 154.45 | 1,000.00 | |
| 01-May-24 | TNB Bill | 146.35 | 853.65 | |
| 01-May-24 | Owner Deposit (Kai) | 146.35 | 1,000.00 | |
| 14-Jun-24 | TNB Bill | 129.70 | 870.30 | |
| 14-Jun-24 | Owner Deposit (Kai) | 129.70 | 1,000.00 | |
| 14-Jul-24 | TNB Bill | 119.65 | 880.35 | |
| 14-Jul-24 | Owner Deposit (Kai) | 119.65 | 1,000.00 | |
| 12-Aug-24 | TNB Bill | 157.45 | 842.55 | |
| 12-Aug-24 | Owner Deposit (Kai) | 157.45 | 1,000.00 | |
| 15-Sep-24 | TNB Bill | 297.75 | 702.25 | |
| 15-Sep-24 | Owner Deposit (Kai) | 297.75 | 1,000.00 | |
| 09-Nov-24 | TNB Bill | 65.35 | 934.65 | |
| 09-Nov-24 | Owner Deposit (Kai) | 65.35 | 1,000.00 | |
| 15-Dec-24 | TNB Bill | 64.40 | 935.60 | |
| 15-Dec-24 | Owner Deposit (Kai) | 64.40 | 1,000.00 | |
| 07-Jan-24 | Shopee Neem Oil | 23.37 | 976.63 | |
| 07-Jan-24 | Owner Deposit (Kai) | 23.37 | 1,000.00 | |
| 28-Jun-24 | Indah Water | 72.00 | 928.00 | |
| 28-Jun-24 | Owner Deposit (Kai) | 72.00 | 1,000.00 |
📊 Step 3: Profit & Loss Statement (2024)
| Description | Amount (RM) |
|---|---|
| Revenue | 0.00 |
| Expenses | 1,492.47 |
| Net Loss | (1,492.47) |
📑 Step 4: Balance Sheet (as at 31 Dec 2024)
| Assets | RM |
|---|---|
| Cash at Bank | 1,000.00 |
| Liabilities & Equity | RM |
|---|---|
| Owner’s Capital Contribution | 1,000.00 |
| Retained Earnings (Loss) | (1,492.47) |
| Accumulated Owner Top-ups | 1,492.47 |
| Total Equity | 1,000.00 |
🏠 Step 5: Rental Income Summary
| Description | Amount (RM) |
|---|---|
| Rental Income (12 mo × RM 970) | 11,640.00 |
| Less: Deductible Expenses | 0.00 |
| Net Rental Income | 11,640.00 |
💳 Step 6: Tax Reliefs Claimed
| Category | Amount (RM) |
|---|---|
| Internet (Time Broadband) | 1,233.84 |
| Language App (Busuu) | 104.00 |
| Dental Treatment | 420.00 |
| Life Insurance Premium | 160.00 |
| Medical Insurance | 546.00 |
| Medical–Life Hybrid (claimed as Life) | 122.80 |
| Total Tax Reliefs | 2,586.64 |
| + Standard Individual Relief | 9,000.00 |
| Grand Total Reliefs | 11,586.64 |
🧮 Step 7: Tax Computation
| Description | Amount (RM) |
|---|---|
| Net Rental Income | 11,640.00 |
| Business Profit/Loss | (1,492.47) |
| Total Statutory Income | 10,147.53 |
| Less: Total Reliefs | (11,586.64) |
| Chargeable Income | RM 0.00 |
🧾 Step 8: e-Filing on MyTax
- Go to https://mytax.hasil.gov.my
- Log in with NRIC & password
- Select e-Filing > e-B (Form B) for YA 2024
- Fill in:
- Section 4(a): Business loss RM 1,492.47
- Section 4(d): Rental income RM 11,640
- Tax reliefs
- Submit before 30 June 2025
- Download and save the acknowledgment slip
📈 Future Improvements
Things I plan to improve for YA 2025:
- ✅ Separate business account for easier audit trail
- ✅ Claim deductible rental expenses (assessment tax, insurance, minor repairs)
- ✅ Use Notion or Excel to track monthly cash flow
- ✅ Automate tax estimate dashboard to monitor real-time liability
- ✅ Explore PRS, SSPN, and medical checkup reliefs
- ✅ Do quarterly accounting reviews instead of year-end rush
✅ Summary
| Item | Amount (RM) |
|---|---|
| Rental Income | 11,640.00 |
| Sole Prop Net Loss | (1,492.47) |
| Total Reliefs | 11,586.64 |
| Chargeable Income | 0.00 |
| Tax Payable | RM 0.00 |
Even with RM 11,640 in rental income, my total chargeable income dropped to zero after reliefs and loss offset. Filing was simple because I documented every expense and submitted Form B properly.
Filed on 18 June 2025 for YA 2024.