Beginner’s Guide To Maximising Your Income Tax Relief This 2020
Filing for your income tax relief can be a pain in the ass – especially if you’re easily daunted by numbers. It’s never too early to be prepared for things like that, since when the tax filing period comes by next year, you’ll be good and ready to go. For the Malaysians – here’s a handy comprehensive guide to get you started on maximising your income tax relief. By the end of it, you’ll be a tax expert!
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List of Tax Reliefs
1. Common Tax Reliefs
There are lots of income taxes you can claim, but there are a few important ones that you are most likely eligible for.
Lifestyle and Domestic Travel are the most important expenditures that can help maximise your tax relief. Haven’t made enough purchases yet this year? Check out the Year End Sale for the best deals all around town!
EPF (KWSP) contribution
Contribution to SOCSO (Social Security Organisation)
2. Tax Reliefs For Parents
For those taking care of your parents, you can also claim the following expenses.
Medical Expenses (Parents)
3. Tax Reliefs For Children
For those with little ones at home – there are multiple tax reliefs you might be eligible for. Here are some of the most common types for your reference.
Education for unmarried Child
Common child expenditures
Other child expenditures
Child care expenditures
Maximise Your Income Tax Relief With The Year-End Sale
2020 is coming to an end real soon. However, this last stretch is also the best time for you to make any purchases you’ve been eyeing at – especially for lifestyle and domestic travel. Look out for ShopBack’s Year End Sale and snag the best deals for more savings!
No idea what to buy, or where to go for your next local getaway? Here are some ideas you get you inspired!
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