With the last 10 days left in 2021, have you already started preparing for next year’s tax return? When you spend money on certain items in 2021, you can get a tax deduction on your tax return next year. Here’s a look at what you can expect.
1. Quality of life
You can get RM3000 tax deduction when you buy books, computers, cell phones, tablets, sign up for internet data, purchase sports equipment and fitness expenses. The RM500 tax credit can only be used for the purchase of sports equipment.
2. Health
Up to RM8,000 tax deduction for serious illnesses, medical expenses for rehabilitation and vaccination, full body checkups (including coronary testing). RM1,000 of this amount is for health check-ups (including taxpayer, spouse and children).
3. For the physically challenged
A tax deduction of up to RM6,000 is available for the purchase of assistive devices for the physically challenged (taxpayer, spouse, children and parents).
4. Electronic Products
A tax deduction of RM2500 on the purchase of computers, tablets and cell phones is available as an add-on to the Quality of Life program.
5. Local Travel
RM1,000 tax deduction for accommodation, travel packages, tourist attractions and entrance fees for local travel.
6. Breastfeeding Equipment
Working women with children under 2 years of age are entitled to a tax credit of RM1,000 for the purchase of breastfeeding equipment, which can be claimed once every two years.
7. Education Fees
Up to RM7,000 tax deduction for certificate, diploma, bachelor’s degree, master’s degree, doctorate, etc. (for taxpayers only).
8. SSPN
Tax relief of up to RM8,000 when depositing education savings funds (SSPN) for your child, the amount deposited must be reduced by the amount withdrawn.
9. PRS
Up to RM3,000 tax deduction when depositing money into a private retirement fund (PRS).
