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21 Tax Reliefs Malaysians Can Get Their Money Back For This 2019!

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Here Are The Tax Reliefs M'sians Can Get Their Money Back For This 2018! - WORLD OF BUZZ 9
Source: NST
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Tax season is here in Malaysia which is when individuals and companies who are liable get ready to declare their income to the Inland Revenue Board of Malaysia (LHDN) annually. During this period, many people will scramble to find the receipts of the items they purchased last year so that they can minimise the amount of tax they have to pay.

This year, there are 21 tax reliefs available for us to take advantage of. 

Yay, can save money!

It’s really simple too, all you need to do is key in the relevant claims when you are doing your e-Filing and the system will calculate it for you.

The new government has announced for Budget 2019 that there are three adjustments made to the list:

  • EPF contribution tax relief can be claimed up to RM4,000
  • Life insurance premiums and takaful relief claims up to RM3,000
  • National Education Savings Scheme (SSPN) relief can be claimed up to RM8,000

These are new as previously, the tax relief for EPF and life insurance/takaful are actually a combined total of RM6,000 but now, it has been separated.

This is the full list of tax reliefs that you can claim, so make sure you utilise it!

If - WORLD OF BUZZ

Source: LHDN

Here are some of the more common reliefs that you likely don’t wanna miss out:


1. Education fees (self)

You can make use of this if you are pursuing a Certificate/Diploma/Bachelor’s Degree in Law, Accounting, Islamic financing, Technical, Vocational, Industrial, Scientific or Technological skills or qualifications. Other tertiary education that is eligible includes any course of study for a Masters or Doctorate degree.

Claim up to: RM7,000

 

2. Complete medical examination for self, spouse, child

Here Are The Tax Reliefs M'sians Can Get Their Money Back For This 2018! - WORLD OF BUZZ 2

Source: Kabar Medan

This amount can be claimed when you undergo a thorough medical examination for yourself, your husband/wife or your child.

Claim up to: RM500

 

3. Lifestyle

Here Are The Tax Reliefs M'sians Can Get Their Money Back For This 2018! - WORLD OF BUZZ 3

Source: MMO

Now, this tax relief is probably one that we would use the most. Under this category, items that are applicable include books, magazines, printed newspapers, purchase of personal computer, smartphone or tablet, buying sports equipment or gym memberships and your monthly internet subscription. Wow, sounds like a lot of stuff! So do dig out your receipts!

Claim up to: RM2,500

 

4. Net saving in Skim Simpanan Pendidikan Nasional’s (SSPN) scheme

Here Are The Tax Reliefs M'sians Can Get Their Money Back For This 2018! - WORLD OF BUZZ 4

Source: Tootify

If you have deposited money into your SSPN account in 2018 then this amount can be claimed in your e-BE form as well! However, any amount that is withdrawn after your first deposit in 2018 is not counted. It should be calculated as total deposit in year 2018 MINUS total withdrawal in year 2018.

Claim up to: RM8,000

 

5. Life insurance and EPF INCLUDING not through salary deduction

Most of us have some sort of life insurance in place and this is where you key in your reliefs. Calculate the sum of your life insurance premium plus the total EPF contributions (Hint: Look at your EA form) you have paid in 2018 for the grand total.

Claim up to: RM6,000

 

6. Deferred Annuity and Private Retirement Scheme (PRS)

Here Are The Tax Reliefs M'sians Can Get Their Money Back For This 2018! - WORLD OF BUZZ 7

Source: MMO

Similar to the above, you will also need to calculate the total you have paid for PRS and the premiums for any deferred annuities as well.

Claim up to: RM3,000

 

7. Insurance premium for education or medical benefit INCLUDING not through salary deduction

Don’t forget to claim the tax reliefs for your education and medical insurance as well! Yes, it’s different from life insurance.

Claim up to: RM3,000

 

8. Contribution to the Social Security Organization (SOCSO)

Here Are The Tax Reliefs M'sians Can Get Their Money Back For This 2018! - WORLD OF BUZZ 5

Source: Facebook

Now, you need your EA form to fill in your e-BE form and you will find a category which mentions your SOCSO contributions. Key in the amount stated there to get your tax relief.

Claim up to: RM250

 

Remember to file your income tax before the due date on 30 April 2018!

 

Also read: Malaysia is Just 2 Years Away From Becoming a High-Income Nation

M'sia 2 Years Away from Achieving High-Income Status, Says World Trade Org Former Director - WORLD OF BUZZ 3

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