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Getting The Job


5 tax exemptions you should know

It can be quite disheartening to look at your payslip and see a nice number for the gross income, but at the bottom of it all is the net income after all the statutory deductions and tax. There are, however, some tax exemptions that you should know of that you can file for tax relief at the end of the year–thereby lowering your tax payments! Check out these 5 tax exemptions you can get:


Self and Dependent

The self and dependent exemption automatically relieves RM9000 from your annual income. A dependent is someone who relies on you for basic monetary and living needs, such as parents who are starting families and raising their children, but in this case, it also involves your own personal expenses.


Parental Medical Expenses

If you’re taking care of your elderly parents, you can apply for a tax relief for medical expenses of up to RM5000 from your annual income for both parents. If the tax relief for medical expenses are not claimed, you can apply for a tax relief for parental expenses of up to RM1500 for one mother or one father.


Basic Supporting Equipment

If you must buy supporting equipment for your disabled self, a disabled spouse, children, or parent, you can apply for a tax relief of up to RM6000. This is for equipment that can support a disabled person, such as a wheelchair.


Education Fees for Self

If you’re supporting your own studies for a Master’s or Doctorate-level degree, then you can apply for a tax relief of up to RM7000. However, keep in mind that this is only applicable for studies that are not in acquiring law, accounting, Islamic financing, technical, vocational, industrial, scientific or technological skills or qualifications.


Lifestyle

You can also receive tax relief from the purchase of lifestyle items such as books, journals, magazines, printed newspapers, a personal computer, smartphone, tablet, sports equipment, and monthly bills for your internet subscription. The maximum amount you can receive as a relief is RM2500.


In partnership with CompareHero.my, Malaysia’s leading financial and credit card comparison portal.

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