As personal reliefs claim will reduce your chargeable income, it is a good time to check your qualifying tax expenses. If you have not maximised the claims, you still have until 31.12.2011. The clock is ticking but you still have some time:
1.Reading material expenses (maxRM1,000)
Purchase of books, journals, magazines and other similar publications (in form of hard copy or electronic) for enhancing the knowledge.
Books would include school textbooks, periodicals, and comics whether purchased locally or overseas but exclude newspapers or banned reading materials such as morally offensive magazines.
So why don't you buy some books as Christmas/year end gifts - you make someone happy and you get tax deductions
2.Purchase of computer. (max RM3,000 )
If you have been thinking about buying a computer, well now is the time.
Personal computer includes laptop and desktop but does not include palmtop, Personal Digital Assistant (PDA) and its equivalent.
It is claimable once in every three years. So, if you have claimed in 2010, your nextclaim is in 2013. So, plan your purchases and you will benefit from this tax deduction.
3.Sports equipment (max RM300)
Sports equipment includes equipment with short lifespan e.g. golf balls and shuttlecocks but excluding sports attire e.g. swimsuits and sports shoes.
May not be much but it helps to reduce your tax burden.
4.Complete medical check up (RM500 included in the claims for serious illness of RM5,000)
If you have been hesitating for whatever reason, please call your doctor and fix an appointment and have one before 31.12.2011.
You will be happy that you did it!! For tax's sake .
A social responsibility act of sharing and caring and at the same time enjoying tax deduction is donation made to an approved charitable organisation. Donate and get the tax exempt receipt by end of 2011 and you will get a tax deduction. Good cheers and the needy will thank you.
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