Make full use of the available tax reliefs will save you more taxes.
Below are the common tax deductions for resident individual:-
1.Medical Check-Up RM500
exclude newspapers or banned reading materials
any course of study up to tertiary level in any approved institution in Malaysia:
(i) up to tertiary level (other than a degree at Masters or Doctorate level), for the purpose of acquiring law, accounting, Islamic financing, technical, vocational, industrial, scientific or technological skills or qualifications; or (ii) any course of study for a degree at Masters or Doctorate level.
This qualification does not cover the purchase of equipment which is capable of computer operating functions such as tablet and mobile phones. The deduction is allowable only once in every 3 years.
Skim Simpanan Pendidikan Nasional (SSPN-i) is a savings scheme or instrument specially designed by the Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) for higher education. Tax relief is given on amount deposited in SSPN by an individual for his children’s education is deductible up to a maximum of RM6,000 (with effect from the year of assessment 2012 to 2017). The allowable deduction is limited to the net amount deposited in that basis year only.
Sports equipment includes equipment with short lifespan e.g. golf balls and shuttlecocks but excluding sports attire, e.g. swimsuits and sports shoes.
Private Retirement Scheme (PRS) is a voluntary long-term investment scheme designed to help individuals accumulate savings for retirement. (2012-2021)
In addition, Malaysia government giving PRS youth incentive of RM500 to contributors who participate in the PRS scheme with accumulated a minimum gross contribution amount of RM1,000 within a year. This incentive will be made available for a period of 5 years from 2014 to 2018.
8. EDUCATION AND MEDICAL INSURANCE – RM3,000
insurance premiums in respect of education or medical benefits for an individual, husband, wife, or child.
9. Child relief- RM2,000
Child below 18 years of age RM2,000. Child 18 years pursuing minimum diploma is entitle relief of RM8,000
9. Relief for parent care- RM3,000 (new 2016!)
Parent age 60 years or above, reside in Malaysia, with income not exceeding RM24,000 each.
10. Socso relief -RM250(new 2016!)
Contribution to PERKESO.
Please find the full list of individual tax relief here individual-tax-deduction-2016