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PERSONAL TAX RELIEF - HIGHLIGHTS

It’s that time of the year where everyone has to knuckle down and prepare their income tax submissions before the end of April 2018. Yes, there will be collective sighs and moans from society at large but it is indeed a fact of life that one cannot shirk away from.


Some may have the benefit of their employers preparing their tax returns for them while others, such as sole-proprietors or self-employed, may have to either engage a tax expert or work on it themselves,


However, there are a few tax reliefs and rebates offered by the government to ease the burden of the taxpayer and knowing what they are would be good as it may not help significantly but it does count when it comes to your final tax payable . With just over a month to go before the submission deadline dawns upon us, here are some highlights that you can benefit from:


Lifestyle Relief

We all need our share of devices, resources and reading materials to keep ourselves updated with current affairs and acquire new knowledge. Alongside this, keeping yourself fit and healthy is an essential need for people in todays highly charged day-to-day environment. Fret not! The reliefs are now available that covers the essential aspects of your lifestyle.

A lifestyle tax relief of a maximum amount of RM 2,500 will be given for expenses incurred on printed daily newspapers, the purchase of smartphones or tablets, payment for internet subscriptions and payment for gymnasium membership fees.

This new relief is a combination of reliefs given previously for the purchase of books, journals, magazines and other similar publications (excluding newspapers) for the purpose of enhancing knowledge and purchase of sporting goods.


Breast Feeding Equipment

It’s indeed challenging for working mothers to balance work and life, especially mothers with new-borns. Hence, the breastfeeding equipment relief is indeed a welcome addition.

Women taxpayers can now claim up to a maximum of RM 1,000 in tax reliefs on purchases of breastfeeding equipment, such as breast pumps, cooler bags, storage containers, etc. This relief that can be utilised once every two years, for a child aged two and below only. However, if a wife has no income, the husband does not qualify to claim the relief.


Spouse Relief

This relief addresses the income from foreign sources issues. If a spouse has income from foreign sources or overseas, which is not subject to tax in Malaysia and the spouse is elected to be a combined assessment, the taxpaying spouse is not qualified to claim this relief.


Childcare Centres / Kindergartens

With effect from 2017, relief up to RM 1,000 is given for individual taxpayers who enroll their children up to 6 years of age in child care centres or kindergartens registered with the Department of Social Welfare / Ministry of Education. This relief can be claimed by either parent.


Medical Expenses

It’s no secret that pharmaceuticals have seen a sharp rise in cost and with this, an increase in medical expenses. Many feel the pinch of dealing with these expenses especially concerning serious illness and disease.


Medical expenses reliefs that you can take advantage of for serious diseases (including complete medical Examination up to RM 500 for self, spouse or child) are the following:

· Cancer

· Heart Attack

· Pulmonary Hypertension

· Renal Failure

· Chronic Liver Disease

· Fulminant Viral Hepatitis

· Brain Tumour or Vascular Malformation

· Major Burns

· Major Organ Transplant

· Parkinson Disease

· HIV & AIDS

· Major Amputation of Limbs

· Head Trauma with Neorological

· Chronic Skin Disease

· Mental Illness

· Diabetes Mellitus

· Thalassemia Major

· Rheumotalogy

· Leukaemia


If you need any assistance in sorting your income tax, JS Partners is just a phone call away. Get in touch with us at +603-6250 1615 and let us help you do the numbers.


JS Partners – Where everything adds up & balances

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