Ah, tax season—the time when you either sigh at your bank account or do a happy dance over a refund.
If you’re a Malaysian earning over RM34,000 a year, tax filing is a must. The process may not be the most enjoyable, but by claiming all the tax reliefs you’re eligible for, you lower your chargeable income, which could lead to a tax refund.
In short, tax reliefs can help you reduce what you owe or even get some of your hard-earned money back.
This guide from PwC Malaysia covers all the tax reliefs for YA 2024, breaking down the categories so you can maximise your savings and, hopefully, make tax season a little easier.
Tax relief for individuals & spouses
1. Automatic individual relief – RM9,000
Just by filing your taxes, you get an automatic deduction of RM9,000. No strings attached, no receipts needed.
2. Education expenses – RM7,000
Whether you’re brushing up on your coding skills or finally pursuing that Master’s degree, you can claim up to RM7,000. This includes:
- Any course of study up to the tertiary level, excluding Master’s or Doctorate degrees, pursued to obtain qualifications or skills in legal, accounting, Islamic financing, technical, vocational, industrial, scientific, or technological fields.
- Any Master’s or Doctorate degree programme aimed at acquiring qualifications or skills.
- Any course recognised by the Director General of Skills Development for upskilling and self-improvement, with a limit of RM2,000 (valid until YA 2026).
3. Spouse/Alimony relief – RM4,000
Do you have a spouse without an income or are you paying alimony? Here’s a little relief to help balance those bills.
4. Insurance reliefs
For life insurance premiums or voluntary contributions to Employee Provident Fund (EPF) or for both, you can claim up to RM3,000.
If you’re an employee who contributes to Social Security Organisation (SOCSO), you can claim RM350.
5. EPF contributions – RM4,000
This covers voluntary or mandatory contributions to the EPF or pension schemes by individuals or public sector employees.
Tax relief for children
1. Ordinary child relief
- Child under 18: RM2,000
- Child above 18 in full-time education such as diploma level or higher within Malaysia, or degree level or higher outside Malaysia, or undergoing training or apprenticeship in a trade or profession within Malaysia: RM8,000
2. Breastfeeding equipment– RM1,000
Claim this once every two years if you have a baby under two years old.
3. Childcare/Kindergarten fees – RM3,000
Keep those childcare receipts from registered centres. This is extended till YA 2027.
4. Skim Simpanan Pendidikan Nasional (SSPN) – RM8,000
This lets you invest in your child’s future and save on taxes.
Tax relief for parents
1. Medical expenses for parents – RM8,000
Covering the costs of their check-ups and medications can help you save on taxes. This includes medical and dental treatments, comprehensive medical examinations (including vaccinations, up to RM1,000), special needs care, or caregiver expenses, supported by medical certification.
Tax relief for your whole family
1. Education or medical insurance – RM3,000
Cover those premiums, and claim the relief—it’s like an incentive for responsible adulting.
2. Medical expenses for serious illnesses – RM10,000
From fertility treatments to vaccinations, this category covers a lot. Even dental work is eligible under the 2024 Budget update.
Here’s what’s included:
- Medical expenses for fertility treatment for self or spouse
- Complete medical examination, COVID-19 detection test (including the purchase of self-test kit) and mental health examinations or consultations for self, spouse or child limited to RM1,000
- Vaccination expenses which qualified for deduction for self, spouse or child up to RM 1,000
- Expenses for diagnostic assessments, early intervention programmes, or rehabilitation treatments for learning disabilities in children under 18 years old, are up to RM4,000
- Dental examination or treatment by dental practitioners registered with the Malaysian Dental Council for self, spouse or child, limited to RM1,000
3. Lifestyle expenses – RM2,500
- Purchase or subscription of reading materials, books, journals, magazines, newspapers or other similar publications (in print or digital formats) for knowledge enhancement
- Purchase of personal computer, smartphone or tablet
- Internet subscription expenses
- Fees for upskilling or self-improvement courses
For fitness buffs & EV enthusiasts
1. Sports equipment – RM1,000
This relief covers:
- Expenses for purchasing sports equipment, entry or rental fees for sports facilities, and registration fees for sports competitions
- Gym membership fees
- Sports training fees that are charged by registered sports clubs, societies, or companies
2. EV charging facilities – RM2,500
Going green gets a reward too. Claim this for EV-related expenses which include installation, rental, hire-purchase of equipment, or subscription fees.
Tax relief for the disabled
1. Disabled individuals or dependents
- Self: RM6,000
- Spouse: RM5,000
- Child: RM6,000
Caring for someone with disabilities or are one yourself? Reliefs like these can ease the financial burden.
2. Basic supporting equipment – RM6,000
Wheelchairs, hearing aids, and other essential tools are claimable too.
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As per tax regulations, you must keep records supporting your tax returns for up to seven years.
So, spend some time collecting receipts, statements, and invoices. This will help you prepare for any potential audits by tax authorities in the future.
- Read more about what we’ve written on taxes here.
Featured Image Credit: Vulcan Post
