Now that the GST is going to be implemented in Malaysia, suddenly we see a rise in interest about tax. So, I shall share 5 simple moves to reduce the tax impact on our hard-earned money.
1. File separate tax returns - Each spouse earning taxable income can claim personal tax relief of RM8000 by filing separate tax returns.
2. Increase EPF contribution - To reduce taxable income, ask your employer to reduce EPF monthly salary but increase EPF contributions by the same amount.
3. Exercise - Deduction of RM300 for each year of assesment for purchase of sports and exercise equipment.
4. Read - Txpayers can claim personal tax deduction to RM1000 for purchase of books journals,etc. Consider buying books as gifts too!
5. Pay parents' medical bills - claim up to RM5000 for payments towards your parents' medical bills.
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