Malaysia Income Tax: A quick guide to the tax reliefs you can claim for 2019
Get back some of your moolah
Filing your income tax might not be fun but we all have to do it anyway. If your yearly income is above RM34,000, you definitely can't escape it.
You can already start doing your taxes but the deadline for manual filing is 30 April 2019 while e-Filing is 15 May 2019.
What can make it fun is finding out the tax reliefs and rebates you can claim so you could potentially either pay less tax or get a refund. There are three main groups of Malaysians who can claim these tax reliefs/rebates:
1. Single individuals
2. Married couples with parents
3. Those with children.
From your SOCSO contributions to lifestyle purchases, here's how you can get money back from your income tax.
*Click on the image below to enlarge
Read on as we expand a bit more on the infographic above:
Despite the subcategories being far and wide, a total of RM2,500 worth of tax relief under 'Lifestyle' can truly make a difference. From books and magazines to a personal computer or smartphone to gym memberships and monthly internet bills, be sure to claim it all! Tip: Smartwatches don't count, apparently.
Still studying on the side? According to RinggitPlus, you can claim up to RM7,000 for "a Master's, Doctorate, or a non-degree at Master's or Doctorate level for acquiring law, accounting, Islamic financing, technical, vocational, industrial, scientific or technological skills or qualifications (CLP, ACCA, etc)"
Tip: Education and medical insurance are different from life insurance. So claim those too!
Your contribution to the Social Security Organisation is eligible for tax relief too. You'll need your EA form for this (ask your HR for this if you haven't received it yet). Enter the amount stated under it on your form. You can claim up to RM250 for this.
Made a donation to the greater cause of our country's monetary issues? Finance Minister, Lim Guan Eng did announce that any donation made to Tabung Harapan is entitled to receive a tax deduction—ringgit for ringgit with no cap. Hope you kept the receipts!
This is more of a tip. For all the things mentioned above or included in the infographic, ensure you've kept all the receipts—even after you've filed for your income tax. You never know if you'll be picked for auditing by the Inland Revenue Board so at least, having these receipts will help back your claims and avoid having to pay a penalty. The general rule is to keep them for at least seven years from the year of filing.
For more info, visit the Lembaga Hasil Dalam Negeri website.