As 2023 draws to a close, the window to enjoy tax relief for YA2023 is narrowing. For those of us paying our yearly taxes, we have just about a month to take advantage of various exemptions available under this year's assessment before our tax filing in 2024.
So what are some of the “last-minute” purchases we can make now? Here’s a list of the 18 income tax reliefs you can still claim for 2023 in Malaysia.
Disabled Person: RM6,000
Study Fees: RM7,000*
Unmarried child under 18: RM2,000
Unmarried child over 18
Registered childcare/kindergarten fees: RM3,000
Disable child: RM6,000
Purchase or subscription of books, journals, magazines, newspaper and other similar publications (in the form of hardcopy or electronic) for the purpose of enhancing knowledge
Purchase of personal computer, smartphone or tablet
Purchase of sports equipment and gym memberships: RM500*
Self, spouse or child suffering from a serious disease
Expenses incurred on fertility treatment
Intervention program for learning-disabled child below 18 years old: RM4,000*
Breastfeeding equipment: RM1,000* (once in every 2 YAs)
Supporting equipment (if a disabled person): RM6,000*
Employee’s contribution to SOCSO and Employment Insurance System: RM350*
Life insurance and EPF: RM7,000*
Private Retirement Scheme (PRS) and medical and education insurance: RM3,000*
Deposit for a child into the Skim Simpanan Pendidikan Nasional (SSPN) account: RM8,000*
Electric vehicle charging facilities: RM2,500*
Tips for Income Tax Filing and Relief for 2023 in Malaysia
Now that you know all the things you can claim for income tax relief, here are some tips you can keep in mind when you’re filing your income tax next year for YA 2023 in Malaysia.
#1 Make your purchases before 31 December 2023
Usually, at this time of the year, most of us will be scurrying to make last-minute purchases to be eligible for tax relief in YA2023. So if you’re one of them, please remember to do it before 31 December 2023!
For example, if you’re planning to buy a new phone and you delay the purchase until January 2024, you will lose out on the claimable lifestyle relief for 2023 and only claim it inYA2024, which is in 2025.
#2 Keep your receipts and invoices
To make your tax filing smoother and just for documentation purposes, keep your receipts and invoices. You can print them out (if they’re e-invoices or e-receipts) and store them in a folder or you can just do this digitally.
#3 Be honest with your claims
It’s best not to overclaim or “max out” your tax relief if you didn’t actually make any purchases or contributions. Just be honest with your claims and make sure they’re backed by receipts/invoices because you’ll definitely not want to face the penalty by LHDN should they find out.
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