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26 Tax Saving Moves
26 Tax Saving Moves
9) Get Sporty
You will get a deduction of RM 300 for each year of assessment for the purchase of sports and exercise equipment for any sports activities defined under the Sport Development Act 1997 Tax Deduction : RM 300 per individual For Mr A : By buying RM 300 worth of sports equipment , Mr A makes a saving of RM 71 ( RM 300@24%)
13) Medical
Claim a deduction of up to RM 500 per tax year for a full medical examination and RM 5000 for medical expenses for yourself, spouse or child for serious disease. If you have also spent money on full medical in the same year, your claim will be reduce the RM5000 available for serious disease. A separate tax reduction of up to RM5000 a year is given for necessary basic supporting equipment for disabilities suffered by yourself ,spouse, children or parent Tax Deduction : RM 500 per individual for full medical check-up. RM5000 for serious diseases or basic supporting equipment For Mr A : He claimed for a full medical check-up .The deduction give him of RM 120 ( RM 500@24%)