This is an optional module for CFP students who are pursuing full 4-module programme from 2015. However, it is a compulsory subject for CFP who enrolled under pre 2015 old course structure, and it is a mandatory subject for FIMM members who are granted Module 1 exemption. There is no examination for this workshop since 2015.
Tax planning is a critical component of financial planning. Tax planning is a necessary component in achieving almost all objectives of a client. Whether it is education, retirement or estate planning tax provisions have an impact on these major components of financial planning. Even general wealth accumulation goals will be better served with an understanding of the tax code.
Tax planning begins with an understanding the tax laws; how tax is computed and the various tax administrative procedures. It is however a vast subject and at the CFP certification level we only explore the basic principles which is enough to allow the student to expand and improve on this knowledge throughout his or her career. The ultimate goal is for the qualified financial planner to talk intelligently on the subject with the client and to coordinate any effort in introducing salient tax planning ideas to help the client achieve as many goals as possible.
With self-assessment all taxpayers must know how to compute their tax. Needless to say financial planners have to be well equipped with this knowledge to augment the value of their services to their clients.
As everyone would have noticed the Inland Revenue Return Form begins with the Statutory Income from all sources. The approach has been to compute the Statutory Income of all sources and then to bring it all together to compute the Chargeable Income and the tax payable.
Prerequisite: Module 1 unless exempted
Course Duration: 5 days, Intensive Mode
CFP Taxation Planning Workshop – Scheme of Work
|CFP Taxation Planning Workshop Facilitator: Chow Leong Choon|
|Day 1||AM: Introduction to Malaysian Taxation
PM: Computation of Statutory Income from Employment
|Day 2||AM: Computation of Statutory Income from Business
PM: Computation of Statutory Income from Investment
|Day 3||AM: Computation of Chargeable Income and Tax Payable
PM: Tax Treatment of Various Tax Entities, Real Property Gain Tax
|Day 4||AM: Tax Planning in Financial Planning
PM: The Employees Provident Fund and Retirement Planning
|Day 5||AM: Taxation Aspects of Business Succession Planning
PM: Tax Administration and Tax Audit, GST
Course Fee: RM1200 (Public), RM1100 (KMDC students), RM1000 (Youth 23 & below and Seniors above 51+, Malaysians only)
CFP 2018 Semester 2 Timetable:
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