Another 2 more months, we are going to say Bye Bye to 2016.
Did you done anything yet to maximize your tax relief???
What is 2016 tax relief??
You are entitle for tax relief for the items in the table below. (red colour means start from 2016 onwards)
|No.||Individual Relief Types||Amount (RM)|
|1||Self and DependentSpecial relief of RM2,000 will be given to tax payers earning on income of up to RM8,000 per month (aggregate income of up to RM96,000 annually). This relief is applicable for Year2013 only.||9,000|
|2||Medical expenses for parents||5,000 (Limited)|
|3||Basic supporting equipment||6,000 (Limited) – with effect from year of assessment 2015|
|5||Education Fees (Individual)||7,000 (Limited)|
|6||Medical expenses for serious diseases||6,000 (Limited) – with effect from year of assessment 2015|
|7||Complete medical examination||500 (Limited)|
|8||Purchase of books, journals, magazines and publications||1,000 (Limited)|
|9||Purchase of personal(once in every 3 years)||3,000 (Limited)|
|10||Tax relief for parental care||1,500 (Limited)|
|Net saving in SSPN’s scheme (with effect from yearassessment 2012 until year assessment 2017)|
|12||Purchase of sport equipment for sport activities||300 (Limited)|
|14||Interest expended to finance purchase of residential property. Relief of up to RM10,000 a year for three consecutive years from the first year the interest is paid.Subject to the following conditions:(i) the taxpayer is a Malaysian citizen and a resident;(ii) limited to one residential unit;(iii) the sale and purchase agreement is signed between 10th March 2009and 31st December 2010; and(iv) the residential property is not rented out.Where:(a) 2 or more individuals are eligible to claim relief for the same property ; and|
(b) total interest expended by those individuals exceeds the allowable amount for that year. Each individual is allowed an amount of relief for each year based on the following formula:
A x B
A = total interest allowable in the relevant year;
B = total interest expended by the relevant individual in the relevant year;
C = total interest expended by all the individuals.
|15||Husband/Wife/Alimony Payments||4,000 (Limited)|
|17||Ordinary Child relief||2,000|
|18||Each unmarried child of 18 years and above who is receiving full-time education (“A-Level”, certificate, matriculation or preparatory).||2,000|
|19||Each unmarried child of 18 years and above that:(i) receiving further education in Malaysia in respect of an award of diploma or higher (excluding matriculation/preparatorycourses).(ii) receiving further education outside Malaysia in respect of an award of degree or its equivalent (including Master or Doctorate).(iii) theand educational establishment shall be approved by the relevant government authority.||8000|
|20||Disabled childAdditional exemption of RM4,000 disable child age 18 years old and above, not married and pursuing diplomas or abovein Malaysia @ bachelor degree or above outside Malaysia in and in Higher Education Institute that is accredited by related Government authoritiesWith effect from year of assessment 2013 additional exemption is RM6,000||6,000 – with effect from year of assessment 2015|
|21||Life insurance dan EPF||6,000 (Limited)|
|Deferred Annuity and Private Retirement Scheme (PRS) – with effect from year assessment 2012 until year assessment2021|
|23||Insurance premium for education or medical benefit||3,000 (Limited)|