Level Your Tax Game: Millennial's Guide to Debating Tax Relief (Assessment Year 2023)
Slash Your Taxes in Malaysia (2023 Assessment Year) Feeling lost in tax relief lingo? This guide breaks it down for young Malaysians! Learn how to claim for education, healthcare, gadgets, and even your phone bill! Knowledge is power (and tax deductions!). Level up your savings with our pro tips and dominate tax season! #taxes #malaysia #millennials #adulting #money #savings
FINANCES
Paying Taxes. Let's face it, it's not exactly exciting for most of us.
But hey, here's the good news:
You don't have to pay more than you owe!
A tax credit is your best friend when it comes to reducing your tax burden.
Think of it like finding hidden gems and extras in a game.
It helps you save money and invest it in the things you really want.
This guide breaks down Malaysia's tax incentives for young adults and working professionals (year of assessment 2023) in an easy-to-understand manner.
No confusing jargon, just clear explanations and practical tips.
So, grab a cup of tarik, sit back and get ready to be a tax-savvy ninja!
1. Basic Tax Free
Before we dive into the juicy details, let's understand the game.
A tax credit reduces your taxable income, which means you end up paying less tax.
Here's the key: keep all your receipts for seven years.
The LHDN (Inland Revenue Board) is like a tax authority and they need proof of your claims.
2. Boost through different types of incentives
Great tax credits now open:
Family first:
You can claim a tax credit for yourself, your spouse and even dependent relatives (think parents or siblings) - up to RM9,000!
Do you support your family?
The government appreciates it.
Education is key:
Have you invested in your or your children's education?
You can claim a discount on tuition fees, childcare expenses for young children (up to RM3,000) and even college expenses for unmarried children (up to RM8,000).
Knowledge is power and obviously tax benefits!
Health is wealth:
You can claim medical expenses for yourself, spouse or children (up to RM10,000 for serious illnesses).
Remember that taking care of yourself is an investment and the government wants to help!
Are you thinking of starting a family?
Fertility treatment costs are also reimbursed.
Regular check-ups are important, so good news - even basic health checks (up to RM500) are included.
Lifestyle Choices:
Pamper yourself! Buy books, magazines, a new phone (not for work!), gym memberships, or even a must-have internet subscription, all redeemable for up to RM2,500!
Remember these purchases are for you or your immediate family.
Saving for the future:
Do you pay into EPF (Employees Provident Fund) or approved pension plans?
You can apply for a refund of these fees (up to RM7,000).
Saving for retirement is essential and the government wants to encourage it.
Participation in private pension schemes or deferred pension payments (up to RM3,000) can also be claimed as tax relief (assessment year 2012-2025).
3. Pro Players for Extra Savings
Combine and save more: consider filing joint tax with your spouse (if their income is below RM34,000). It can get you additional tax credits!
Bonuses, not bonuses: Did you know that some bonuses your employer gives you can be taxable? Don't worry, you can get them back with proper documentation. It's like getting a bonus for being organized!
Zakat and Fitrah: As a Muslim taxpayer who pays zakat and fitrah, you can claim tax refunds (according to the tax rate). Basically, your good deeds can save you money - a plus!
Invest wisely: Explore lower tax investment options such as real estate investment trusts (REITs) or foreign stocks in countries with lower corporate taxes. Be aware that there are risks involved, so do your research!
Warning: Final Boss (Stay tuned for updates)
Tax exemption policies are subject to change, so be aware!
Follow LHDN announcements or trusted financial news sources.
Getting the information can make a big difference in your tax savings.
Congratulations! You've leveled up!
Now you're ready to navigate the world of tax credits like a pro.
Remember that you have the right to claim any tax that you are entitled to.
Use those savings to invest in yourself, your future or just something nice.
After all, you deserve it!
Adulting Made Easy: Slash Your Taxes(2023 Assessment Year)
Feeling lost in tax relief lingo? This guide breaks it down for young Malaysians! Learn how to claim for education, healthcare, gadgets, and even your phone bill! Knowledge is power (and tax deductions!). Level up your savings with our pro tips and dominate tax season! #taxes #malaysia #millennials #adulting #money #savings